Minnesota’s thriving small business landscape calls for financial partners that understand the unique needs of entrepreneurs across the state. Whether you’re launching a startup in Minneapolis or managing a family-run shop in Duluth, choosing the right bank can make a big difference in how you handle everyday operations and plan for growth.
From low-fee checking accounts to tailored lending solutions, Minnesota offers a wide variety of banking options for small businesses. In this guide, we’ve identified the 8 best banks that combine value, service, and flexibility to support your business in 2025.
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In our review of various banks in Minnesota, we evaluated them based on criteria essential to small business owners. This included the range of banking services, the simplicity of account setup, and key features such as transaction fees, monthly maintenance costs, and interest rates.
We assessed each bank for advantages like competitive interest rates, bonus rewards, and availability of business loans.
Here’s a detailed overview of the criteria we used to select the top banks for our list, focusing on the needs of small businesses:
To open a business account in Minnesota, you must supply several key documents, including your business entity papers, an Employer Identification Number (EIN), a business address, personal ID documents, previous banking records, financial statements, and potentially a business plan.
Yes, opening a bank account with an EIN is advisable. Any business with employees needs an EIN for tax purposes, and banks typically require it to register your account. If you’re running the show solo, use your Social Security Number (SSN) instead. However, using your SSN might mix your personal and business finances, which is generally best avoided.
You can open a bank account in Minnesota without a Social Security Number (SSN), although the possibility depends on the specific bank’s policies and the alternative identification you can provide. Banks may accept an Individual Taxpayer Identification Number (ITIN), a passport, or another form of government-issued ID as substitutes.
Setting aside at least six months of operating expenses as a financial safety net for your business is smart. This reserve can support you during unexpected downturns or operational challenges. Aim to gradually save 10% of your monthly profits to increase this emergency fund if feasible.
Choosing the right bank is a crucial step in building a solid financial foundation for your small business in Minnesota. The banks featured in this guide offer a strong mix of local expertise, competitive products, and dependable services tailored to the needs of entrepreneurs.
Whether you prioritize digital tools, access to small business loans, or personal support, there’s a banking partner here that fits. Take the time to evaluate your options and select the institution that aligns best with your long-term goals.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.