Choosing a banking institution is an important decision, but it doesn’t have to be a hard one. This is our list of the best banks in Minnesota.

For the best CD rates in Minnesota, click here.

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1) Wells Fargo

Savings APY: 0.01%

CD APY: 1-year – 0.01% with a minimum deposit of $2,500.

Monthly Fees: $10

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? It has 8,050 branches and 13,000 ATMs with a presence in over 35 countries all over the world. There are around 25 branches and 43 ATMs in the Florida state Wells Fargo Bank.

Pros:

  • Best customer service
  • Interest-bearing premium account
  • Waivable monthly fees on savings and checking accounts

Cons

  • Requires to add minimum deposit for opening an account
  • Low savings interest rate (APY).

First on our list of the best banks in Minnesota, Wells Fargo is one of the largest banks in the United States. It is headquartered in San Francisco, California. It was founded in 1852 and is the oldest and third-largest bank in America with 70 million customers globally.

The company provides a range of banking and financial services including retail banking, mortgage lending, credit cards, and auto loans. Wells Fargo also operates one of the largest retail banks in North America as well as a wholesale banking business.

It has assets of US$1.955 trillion as of 2021. It provides its customer with 24/7 customer service and mobile banking app that offers person-to-person payments, check deposits, and bill payments

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2) U.S. Bank

Savings APY: 0.01%

CD APY: 0.05% for 1 month CD term, with a minimum deposit amount of $500

Monthly Fees: $4 on Standard Savings account

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? U.S. Bank has a nationwide presence, with over 108 bank branches and ATMs in Colorado.

Pros:

  • Open an account with one of the best and most highly recognized banks in the U.S.
  • Monthly maintenance fees are waivable
  • A broad range of savings and checking account bundles

Cons

  • Below-average savings APY rates
  • Opening a bank account requires a minimum daily balance
  • Higher monthly maintenance fees

U.S. Bank, based in Minneapolis, is the 5th largest bank in the United States, both in terms of deposits and assets. It has a nationwide presence in 40 states and also offers an online banking platform that allows you to access your accounts, pay bills, and make payments & transfers online.  The bank also has a robust mobile app.

It offers an array of banking & financial solutions, including personal banking, wealth management, business banking, corporate & commercial solutions, and institutional banking services.

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3) Bank of America

Savings APY: 0.01% to 0.04%

CD APY: 1-year – 0.03%, 3-year – 0.03%, and 5-year – 0.03% with a minimum deposit of $1,000.

Monthly Fees: $12

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? The Bank of America has 4,100 retail banking branches and 16000 free ATMs across the United States.

Pros:

  • Waivable monthly fees
  • Multiple branches and free ATMs.
  • Convenient customer service channels

Cons

  • Low interest on savings and CDs

Bank of America is the second-largest bank in the United States by assets. It is also the second-largest bank in terms of market capitalization. It is also a multinational bank and financial services company that operates as a bank holding company.

Bank of America offers a range of financial services for both large and small businesses, as well as individual customers. It provides banking, investing, and other financial services to more than 20 million customers.

It is one of the Big Four banks, along with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America offers banking, investing, credit cards, mortgages, loans, and other financial services to individuals and businesses.

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4) Bremer Bank

Savings APY: 0.30% with a minimum deposit of $50 (under age 21, no minimum)

CD APY: 1-year – 1.30%, 3-year – 2.25%, and 5-year – 2.50% with a minimum deposit of $500.

Monthly Fees: $4

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? Currently, 53 branches are located in Minnesota and 20 of which are in the Twin Cities metro.

Pros:

  • Very user-friendly and detailed website
  • Online banking and mobile banking are available
  • The promising interest rate on certificates of deposit

Cons

  • The minimum balance requirement is very high

Bremer Bank was founded in 1943 and is one of the oldest banks in America. It is headquartered in Minnesota and offers banking and financing products and solutions in Minnesota, North Dakota, and Wisconsin.

The bank offers personal checking, savings accounts, business checking accounts, business and personal loans, money market accounts, certificates of deposit, mortgages, investments, insurance, business accounts, and wealth management. Bremer Bank currently hasĀ  $11.92 billion in assets and is one of the latest banks in Minnesota.

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BMO Harris Bank

5) BMO Harris Bank

Savings APY: 0.01% with a minimum deposit of $25

CD APY: 13-month – 4.00%, 35-month – 4.30%, and 59-month – 4.50% with a minimum deposit of $5,000

Monthly Fees: No Monthly Fees

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? They offer services through 600 physical branches and access to more than 40,000 ATMs across the U.S.

Pros:

  • A full slate of banking products is available
  • A high number of ATMs available nationwide
  • Branches available across the nation

Cons

  • Limited physical branches in America
  • Poor yield on savings account

Headquartered in Chicago, BMO Harris Bank started in 1882 and is the 8th largest Bank in America with $973 billion in assets. The Bank has a presence in several states in America including Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin.

BMO Harris Bank offers a full slate of banking, lending, and financing services and products including savings, checking, certificates of deposit, money market, loans, mortgages, and more, making it one of the best banks in Minnesota, simply for its versatility.

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6) Huntington Bank

Savings APY: 0.01% with a minimum deposit of $50

CD APY: 1-year – 0.10%, 3-year – 0.10%, and 5-year – 0.10% with a minimum deposit of $1,000.

Monthly Fees: No Monthly Fees

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? Huntington operates more than 1,000 branches in 11 states, 80 of which are in Minnesota.

Pros:

  • No fees on checking account
  • Easy terms to avoid overdraft and return fees through a grace period
  • Flexibility to choose CD terms

Cons

  • Low APY on savings and CDs
  • Minimum balance requirements are high
  • Presence in 10 states

Huntington Bank started in 1866 and is one of the largest banks in America in terms of physical presence and branch network. The Bank is headquartered in Columbus, Ohio, and is a full-service bank offering savings, checking loan, and other investment options for consumers and businesses

As of 2021, the Bank held $175 billion worth of assets under its name, making it clear that this is one of the best banks in Minnesota.

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7) Affinity Plus Credit Union

Savings APY: 0.100% with a minimum deposit of $10

CD APY: 1-year – 0.550%, 3-year – 0.900%, and 5-year – 1.750% with a minimum deposit of $500.

Monthly Fees: No Monthly Fees

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Currently, there are 30 branches located throughout Minnesota.

Pros:

  • No monthly fee to maintain the accounts
  • Minimum deposit requirement for savings is very low
  • Robust customer service infrastructure

Cons

  • Low APY on CD products

Affinity Plus Credit Union was founded in 1934 and is headquartered in Saint Paul, Minnesota. The Bank is the 3rd largest credit Union in Minnesota and the 106th largest credit union in the country. The not-for-profit financial cooperative has $1.7 billion in assets. The credit union deals in all types of investment and borrowing solutions including savings, checkings, certificates of deposit, money market, loans, mortgages, and more.

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8) SPIRE Credit Union

Savings APY: 0.00% with a minimum deposit of $10

CD APY: 1-year – 1.90%, 3-year – 2.30%, and 5-year – 2.90% with a minimum deposit of $500.

Monthly Fees: No Monthly Fees

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Today, with 22 branch locations in Minnesota, a network of ATMs across the country.

Pros:

  • No monthly fee for account maintenance
  • Relatively high-yield savings options
  • Full range of banking services

Cons

  • Limited physical presenced physical presence in the state

SPIRE Credit Union was founded in 1934 and is headquartered in Falcon Heights, Minnesota. The Bank holds assets worth $2.15 billion which makes it the 4th largest credit union in Minnesota and the 200th largest credit union in the country.

The product range of this credit union includes personal checking, savings accounts, business checking accounts, business and personal loans, money market accounts, certificates of deposit, mortgages, investments, insurance, business accounts, and wealth management.

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9) Minnesota Federal Credit Union

Savings APY: 0.05%

CD APY: 1-year – 1.40%, 2-year – 1.90%, and 3-year – 2.25% with a minimum deposit of $500.

Monthly Fees: No Monthly Fees

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? It has 5,900 branches nationwide in the Shared Branching Network and 30,000 ATMs.

Pros:

  • No  monthly service fee requirement
  • There are several branches of the bank in the nationwide
  • The CD option yields are good enough

Cons

  • The saving account yields are low
  • Withdrawals have a fee on it

Minnesota Federal Credit Union is headquartered in Baxter and is the 12th largest credit union in the state, as well as one of the best banks in Minnesota. It is also the 597th largest credit union in the nation. It was established in 1970 and as of September of 2022, it had grown to 169 employees and 57,153 members at 10 locations. Minnesota Federal Credit Union offers membership to those who live, work, worship, or attend school in the Minnesota counties of Becker, Cass, Crow Wing, Douglas, Morrison, Norman, Todd, and Wadena, and 18 townships in Aitkin County.

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10) Great River Federal Credit Union

Savings APY: a minimum deposit of $5

CD APY: 1-year – 1.51% and 3-year – 2.12%, and 3-year – 2.32% with a minimum deposit of $500.

Monthly Fees:

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? It has 5,600 shared branches.

Pros:

  • Low minimum balance requirement
  • High CD APY
  • Reliable customer service
  • A high number of physical branches

Cons

  • Low APY on savings

To conclude our list of the best banks in Minnesota we have Great River Federal Credit Union, chartered in 1948. The credit union became large after undergoing several mergers and acquisitions. With assets worth $300 million under its name, this is one of the largest credit union is one of the largest credit unions in the state as well as in the country.

The product range of the credit union includes savings, checkings, certificates of deposit, money market, loans, mortgages, and more.