When choosing a personal bank in Minnesota, find one that aligns with your financial goals and lifestyle. Minnesota offers a range of banks that cater to diverse needs, from high-tech online services to community-focused institutions with personalized customer support.
Whether you’re looking for competitive interest rates, robust mobile banking features, or a commitment to local investment, this guide will help you navigate the top options in personal banking across the state.
Let’s explore the best personal banks in Minnesota that combine convenience, security, and exceptional service.
>> Apply for an Axos Account Today! >>
7 Best Personal Banks in Minnesota
- Axos – Best Personal Minnesota Banks Overall
- Chime – Best User-Friendly Interface
- SoFi – Best for Saving Accounts
- Bank of America – Best for Opening a Checking Account
- Upgrade – Best for Personal Loans
- U.S. Bank – Best Customer Service
- Discover – Best CD Rates
Axos – Best Personal Minnesota Banks Overall
In Minnesota, Axos Bank shines as a premier choice with its digital-first approach to banking. It offers compelling APY rates on its high-yield savings accounts. It enhances convenience with free domestic ATM fee reimbursements and a selection of checking accounts that carry no monthly fees.
Axos is recognized among online business banks for its simplicity in cash deposits. Customers can deposit cash at any Allpoint or MoneyPass ATM without additional fees. Moreover, Axos promptly refunds any ATM fees charged across the U.S.
Pros
- No monthly fees or minimum deposit required to open an account
- Unlimited fee-free transactions and free incoming wire transfers
- Automatic reimbursement for all domestic ATM fees
Cons
- No APY offered on the Essential Checking account
- Sparse physical branch presence
- Lower APY on Money Market and CD accounts compared to competitors
>> Axos – Top Personal Bank Minnesota >>
Chime – Best User-Friendly Interface
For Minnesotans, Chime Bank is a top-notch option for personal banking, recognized for its easy-to-use platform, extensive ATM network, and forward-thinking financial tools. Particularly appealing to tech enthusiasts and those seeking to avoid traditional banking fees, Chime has carved out a strong presence among online banking options.
Chime’s early direct deposit feature stands out by enabling users to access their paychecks up to two days earlier than with standard banks, providing enhanced financial flexibility and quicker access to funds.
Minnesota residents benefit from over 60,000 fee-free ATMs within the Allpoint and MoneyPass networks, ensuring convenient and cost-free cash withdrawals nearly anywhere in the state.
Pros
- No fees for monthly maintenance, overdraft, or foreign transactions
- Access to paychecks up to two days earlier
- Competitive APY for better savings growth
Cons
- Entirely online, which might not suit all preferences
- Cash deposits need to be made at Green Dot locations, potentially incurring fees
>> Apply for a Chime Bank Account Today! >>
SoFi – Best for Saving Accounts
In Minnesota, SoFi shines with its high-yield savings accounts, offering interest rates often higher than those at traditional banks. This makes SoFi a compelling choice for Minnesotans looking to boost their savings efficiently and reach their financial goals more quickly.
SoFi goes beyond typical banking by providing member benefits to enhance its customers’ financial well-being. These benefits include career coaching, financial planning, and exclusive events, equipping SoFi members with the tools and support necessary for personal and professional success.
Pros
- Competitive interest rates on savings accounts to help grow your savings quickly
- No monthly maintenance fees, overdraft fees, or minimum balance requirements
- Offers student loan refinancing, personal loans, mortgages, and investment options
Cons
- Online-only, which may not suit those who prefer in-person banking
- Cash deposits are less convenient than with physical banks
- Reliable customer service, but no in-person support for complex issues
>> Apply for a SoFi Bank Account Today! >>
Bank of America – Best for Opening a Checking Account
Bank of America is a prime choice for personal banking in Minnesota. It’s renowned for its extensive reach and seasoned presence in the U.S. financial landscape. It offers many benefits catering to an array of banking needs.
For those who prefer the reliability and personal touch of brick-and-mortar banking, Bank of America stands out among national banks. The bank’s extensive network ensures that nearly every Minnesotan has easy access to an ATM or branch for in-person services.
Though its savings APY may need to catch up to some online banks, Bank of America compensates with various financial products like credit cards, home and auto loans, and investment options through Merrill.
Pros
- Easy access to a vast network of branches and ATMs across Minnesota
- A wide range of financial products, including accounts, credit, and investments
- User-friendly online and mobile platforms equipped with robust security features
Cons
- Monthly maintenance fees unless specific balance or activity requirements are met
- Savings and CD rates may not be as competitive as those offered by online banks
- Potential for multiple service fees, which can add up without careful management
>> Apply for a Bank of America Account Today! >>
Upgrade – Best for Personal Loans
Upgrade has emerged as a distinguished choice for personal banking in Minnesota. It blends innovative digital banking solutions with features that align with the needs of modern consumers. Its high-yield savings accounts stand out, offering interest rates much higher than traditional banks, making it an attractive option for those aiming to grow their savings more effectively.
The bank’s commitment to customer service further bolsters its appeal. Upgrade strongly focuses on exceptional support, providing various channels for customer help to ensure help is always accessible. Moreover, Upgrade’s transparent approach to financial products makes it easy for users to understand terms and avoid unexpected fees and complicated agreements.
In Minnesota, Upgrade is an exemplary personal banking solution that delivers high returns on savings, comprehensive credit solutions, and superior customer service. It aligns well with contemporary financial requirements.
Pros
- High interest rates on savings accounts enable quicker funds growth than traditional banks
- No monthly maintenance fees or minimum balance requirements
- Offers personal loans and the Upgrade Card, combining loan features with credit card flexibility
Cons
- It’s an online entity, which might deter those preferring face-to-face banking
- Challenges in cash deposits due to the need for a dedicated ATM network
>> Apply for an Upgrade Bank Account Today! >>
U.S. Bank – Best Customer Service
U.S. Bank has been a leader in customer satisfaction in Minnesota, maintaining the top position in the J.D. Power rankings for three consecutive years. It offers the lowest monthly fees among national banks, which customers can easily avoid. U.S. Bank’s digital tools, including its mobile app, which Keynova Group ranked highest for three years, enhance user experience significantly.
The 2017 J.D. Power U.S. Retail Banking Satisfaction Study placed U.S. Bank in the second position, assessing factors like issue resolution, branch accessibility, fee structures, and product range. This high ranking underscores U.S. Bank’s strong customer service performance.
U.S. Bank provides a comforting breadth of financial services. In addition to traditional banking accounts, it offers money market accounts, credit cards, and various loan options.
Pros
- No monthly service fees on the Silver Business Checking account
- Welcome bonus for newcomers (specific terms apply)
- Access to 4,700 U.S. Bank ATMs and 2,900 branches without fees
- No overdraft fees on deficits of $50 or less
Cons
- Low limits on cash deposits
- Lack of clear terms and fees on the bank's website
- Cap of 125 fee-free transactions each month
>> Apply for a U.S. Bank Account Today! >>
Discover Bank emerges as a standout option for personal banking in Minnesota, especially for those prioritizing the convenience of online banking and superior interest rates. Its high-yield savings account is notable, offering rates well above the national average, which appeals to savers looking to maximize their returns.
Discover also offers competitive rates on Certificates of Deposit (CDs), enabling customers to lock in higher interest for set periods. Focusing on providing top-tier returns on savings vehicles sets Discover apart from many conventional banks.
Pros
- Offers above-average savings interest rates for faster growth
- No fees or minimum balance, simplifying account management
- High-return CDs for long-term savings
Cons
- It operates online, which may not suit those who prefer in-person banking
- Cash deposits can be challenging due to a limited ATM network
>> Apply for a Discover Bank Account Today! >>
Best Personal Banks in Minnesota – Buyers Guide
Tips on Banking in Minnesota
Banking in Minnesota offers diverse financial services catering to urban and rural populations. Whether you’re new to the state or a resident looking to optimize your banking experience, there are several key considerations to remember.
Minnesota offers various banking options, including large national banks and a strong network of regional banks and credit unions. Many residents prefer local banks and credit unions for their community focus and personalized service.
Credit unions often offer lower fees, better loan rates, and a more community-centered approach. They also provide better customer service, as they’re owned by members, making them a popular choice among Minnesotans.
Most Minnesota banks offer comprehensive online and mobile banking platforms for those interested in digital banking, allowing customers to manage their finances from anywhere. Features like mobile check deposits, online bill pay, and digital account monitoring are standard offerings, ensuring convenience and flexibility.
Minnesota is known for its progressive banking policies, with many institutions actively supporting environmental sustainability and community reinvestment programs, making it a good place for those seeking socially responsible banking options.
You’re looking to buy a home in Minnesota. Many local banks and credit unions offer competitive mortgage rates, and some have specific programs for first-time homebuyers, such as down payment help and lower interest rates. With the state’s robust housing market, exploring these options can be crucial for saving money and securing a home.
Consider your financial goals and banking needs when choosing an institution. For business owners, Minnesota has a strong focus on supporting small businesses through specialized loans and business banking services. Whether you’re an individual looking for a basic checking account or a business owner seeking customized financial products, Minnesota’s banking industry has something to offer for everyone.
>> Start Banking With Axos >>
How to Choose the Right Bank in Minnesota
Choosing the right bank in Minnesota depends on your specific needs and preferences. Here’s a guide to help you make an informed decision:
1. Identify Your Banking Needs
- Personal or Business Banking: Determine whether you want personal or business banking services. Some banks specialize in one or the other, while others offer both.
- Types of Accounts: Do you need a checking account, savings account, or both? Will you need loans, mortgages, or investment services?
2. Research Banks in Minnesota
- Local vs. National Banks: National banks have branches in Minnesota, but regional banks and credit unions may offer more personalized service.
- Credit Unions: Consider a credit union for lower fees and more community-oriented service.
3. Consider Convenience
- Branch Locations: Check how close the branches are to your home or workplace. A bank with an extensive ATMs or national branch network may be beneficial if you travel frequently.
- Online and Mobile Banking: Ensure the bank offers robust digital services, including online banking, mobile apps, and easy access to customer support.
4. Compare Fees and Account Features
- Monthly Maintenance Fees: Some banks charge monthly fees for checking or savings accounts, but many will waive them if you meet specific criteria (like maintaining a minimum balance).
- ATM Fees: If you frequently use ATMs, check whether the bank offers free access to ATMs or reimburses ATM fees.
- Overdraft Protection: Understand the bank’s policy on overdraft fees, which can vary significantly.
5. Look at Interest Rates and Loan Options
- Interest Rates on Savings Accounts: If you’re opening a savings account, compare interest rates to maximize your earnings.
- Loan and Mortgage Options: Research the bank’s lending rates and terms if you expect to need a mortgage or personal loan.
6. Customer Service and Reviews
- Reputation: Check online reviews and ratings for customer service. Websites like Better Business Bureau can provide insight into how a bank treats its customers.
- Customer Support: Ensure the bank has accessible customer support, whether online, by phone, or in person.
7. Security and Stability
- FDIC Insurance: Ensure the bank is FDIC-insured (or NCUA-insured for credit unions), which protects your deposits up to $250,000.
- Financial Stability: Look into the bank’s economic health, especially if you’re considering a smaller local bank. Checking the bank’s financial ratings can give you peace of mind.
8. Special Offers and Incentives
- Promotions: Many banks offer sign-up bonuses, especially for new checking accounts. Compare these offers, but ensure they align with your long-term needs.
- Loyalty Programs: Some banks offer reward programs for maintaining higher balances or using certain services, which may be worth considering.
By weighing these factors and researching, choose the bank that best suits your needs in Minnesota.
>> Axos – Top Personal Bank Minnesota >>
Frequently asked questions
Personal banks in Minnesota typically provide services such as:
- Checking and savings accounts
- Personal loans and lines of credit
- Mortgages and home equity loans
- Credit cards
- Investment services
- Online and mobile banking
- Insurance products (at some banks)
Banks in Minnesota may charge various fees such as:
- Monthly maintenance fees for checking and savings accounts (sometimes waivable)
- ATM fees for out-of-network withdrawals
- Overdraft fees
- Fees for wire transfers or international transactions
- Minimum balance fees if account thresholds aren’t met
Yes, most banks in Minnesota offer robust online and mobile banking platforms. Services typically include:
- Viewing account balances and transaction history
- Transferring funds between accounts
- Mobile check deposits
- Bill pay and recurring payments
- Fraud monitoring and alerts
Personal banks in Minnesota offer a variety of loan products, including:
- Personal loans for home improvement, debt consolidation, or other major purchases
- Auto loans for new and used vehicles
- Home equity loans or lines of credit (HELOCs)
- Mortgages and refinancing options
To avoid standard banking fees:
- Opt for accounts without monthly maintenance fees or maintain the minimum required balance.
- Use ATMs within your bank’s network
- Set up overdraft protection to avoid fees from insufficient funds
- Enroll in direct deposit to waive account fees at many banks
- Review account statements regularly for fee waivers or errors
If you experience issues with your bank:
- Contact the bank’s customer service to resolve the issue
- Escalate the matter to a bank manager if needed
- If the issue remains unresolved, you can file a complaint with the Minnesota Department of Commerce or the Consumer Financial Protection Bureau (CFPB)
>> Open an Axos Account Now! >>
Bottom Line
Selecting the best personal bank in Minnesota depends on your financial needs and preferences. Whether you prioritize digital banking convenience, competitive loan rates, or personalized customer service, Minnesota offers a variety of institutions that can meet these requirements.
You can find the ideal banking partner supporting your financial well-being by evaluating fees, account offerings, and customer satisfaction. The right choice will provide security, reliability, and a positive banking experience tailored to your goals.
>> Axos – Top Personal Bank Minnesota >>
Aeron Rupar
