Best Banks and Credit Unions in South Dakota
Finding a new bank doesn’t have to be a stressful experience with us. This is our list of the best banks in South Dakota.
Find the best CD rates in South Dakota here.
1) Black Hills Federal Credit Union
Savings APY: 0.25%
CD APY: 12-Month CD: 2.25% , 24-Month CD: 2.25%, 36-Month CD: 2.25%, 48-Month CD: 2.25%, 18 -Month CD: 2.25%
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Black Hills Federal Credit Union has 15 branches in South Dakota.
Featured Product Offerings: Black Hills Federal Credit Union offers savings accounts, Money market accounts, checking accounts, certificates of deposit, IRAs, and a wide variety of loans.
Pros:
- High APY on CDs
- Branches across South Dakota
- Retirement planning and savings options
Cons
- Member only access
- No joint account option
First on our list of the best banks in South Dakota, Black Hills Federal Credit Union is headquartered in Rapid City and is the largest credit union in the state of South Dakota. It is also one of the largest credit union in the nation. It was established in 1941 and as of September of 2022, it had grown to 351 employees and 86,987 members at 15 locations.
2) Dakotaland Federal Credit Union
Savings APY: 0.10%
CD APY: 6 month CD;0.40% , 12 month CD;.55% , 18 month CD;.75% , 24 month CD;.90% , 36 MONTH cd: 1.05% 48 month CD; 1.15% , 60 month CD; 1.25%
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Dakotaland Federal Credit Union has 13 branches in the state of South Dakota.
Featured Product Offerings: The credit union offers checking accounts, savings accounts, loans and visa cards, business loans, business savings and business checking solutions along with loans and mortgage options.
Pros:
- Strong mobile app
- eStatements and eTeller services
- Low interest rates on Loans
Cons
- Low interest rates ion savings and certificates of deposit
Dakotaland Federal Credit Union is a locally owned, not-for-profit financial cooperative which is owned and operated by its members. We are a full-service financial institution, taking pride in serving our members.
Dakotaland Federal Credit Union came from humble beginnings in Huron as Armour Federal Credit Union with a mere 10 members in 1935. The Credit Union was formed to provide savings and loans to its meat packing members. At that time, the average annual salary was $1500, the maximum credit union savings account was $500 and the maximum credit union loan was $25 dollars.
In 1983, the Credit Union’s only sponsor group, Armour Meat Packing plant closed leaving 550 members wondering if they would lose their credit union permanently. The Board of Directors chose to expand the field of membership to include other employer groups in Huron and changed the Credit Union’s name to Dakotaland Federal Credit Union.
In 1997, another plant closing (Dakota Pork), gave way to community charter approval for Dakotaland. With nearly 6,000 existing members, the Credit Union opened its doors and services to anyone who lived or worked in Beadle County, making it one of the best banks in South Dakota for those in the area.
In 2010 the Credit Union obtained a 27 county rural community charter expansion.
3) Levo Federal Credit Union
Savings APY: 0.05%
CD APY: 6 month CD;0.30% , 12 month CD;0.45% , 18 month CD; 0.55% , 24 month CD;0.70% , 36 Month CD: 0.80% 48 month CD; 1.00% , 60 month CD; 1.16%
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Levo Federal Credit Union has only 5 branches in the state of South Dakota.
Featured Product Offerings: Levo Federal Credit Union offers checking accounts, savings accounts, loans and visa cards, business loans, business savings, business checking solutions and a full range of loan and mortgage products.
Pros:
- Complete range of banking products
- No monthly maintenance fee
- Low interest rates on student loans and frecreation loans
Cons
- Limited physical presence
- Low APY on savings
A full-service locally owned financial institution providing financial services in Minnehaha, Lincoln, Turner and McCook County, South Dakota. Sioux Falls FCU changes it’s name to Levo Credit Union entering into a new era. Levo is an expression of the uplift you get from working with a financial institution that understands your way of life, dedicates service in a wholly localized way and strives to help you live better. Not-for-profit, member-owned and benefiting the members before corporate interests.
4) Highmark Federal Credit Union
Savings APY: 0.01%
CD APY: 6 month CD;0.20% , 12 month CD;0.30% , 18 month CD; 0.40% , 24 month CD;0.50% , 36 Month CD: 0.65% 48 month CD; 0.75%% , 60 month CD; 0.85%
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Highmark Federal Credit Union has only 3 branches in South Dakota.
Featured Product Offerings: Highmark Federal Credit Union offers checking, savings, investment services, business services, mortgage loans, home equity loans, credit cards, automobile & truck loans, personal loans, and online banking solutions.
Pros:
- Wide range of loan products
- Online banking is strong
- High APY on savings
Cons
- Poor rates on CD products
- Limited branches in the country
Another one of the best banks in the South Dakota, Highmark Federal Credit Union is Rapid City’s first credit union. Originally chartered as Rapid City Teacher’s Federal Credit Union in 1940, a member-owned, not-for- profit financial cooperative with six locations serving anyone located across 11 counties in Western South Dakota and Eastern Wyoming.
Highmark Credit Union operates as an association of people coming together for a common purpose. Members pool deposits and then loan those deposits to other members. Dedicated to providing high quality financial services to help members to achieve their financial goals.
Highmark Federal Credit Union offers personal auto and home loans, insurance, commercial loans, construction loans, and checking/savings/credit card solutions from full service, family-focused credit union. With 6 branch offices located in the Black Hills and Gillette, they are here to meet your financial needs. Membership is open to members who live, work, worship or attend school in Butte, Custer, Fall River, Harding, Lawrence, Meade and Pennington Counties, South Dakota, and Campbell, Crook, Niobrara and Weston Counties, Wyoming.
5) Service First Federal Credit Union
Savings APY: 0.25%
CD APY: 3 month CD: 0.50%, 6 month CD: 0.55%, 12 month CD: 0.65%, 18 month CD: 3.25%, 24 month CD: 3.50%, 36 month CD: 3.75%, 48 month CD: 1.10%, 60 month CD: 1.15%
Monthly Fees: $0
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Service First Federal Credit Union has 11 branches in the state of South Dakota and America.
Pros:
- No minimum balance requirements
- $0 account maintenance fee
- FDIC insured to the max allowed by law
Cons
- Employer based membership program
Service First has been serving Sioux Falls and the surrounding communities since 1934. Service 1st Federal Credit Union is a full-service financial institution who puts the financial goals of members at the heart of everything. 12 branches located in Bloomsburg, Danville, Elysburg, Lewisburg, Loyalsock, Mifflinburg, Montandon, Shamokin Dam, Sunbury and Wilkes-Barre, or out-and-about in the community, the credit union team shares seven core values that ensure the focus is always to strengthen the financial lives of their members and community.
6) Reliabank
Savings APY: 0.10%
CD APY: 13 month or 22 month CD Special APY 3.38%
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Reliabank has 10 branches in the state of South Dakota.
Featured Product Offerings: Reliabank offers checking accounts, savings and CDs, card services, Money Market solutions, business checking, commercial loans, personal loans, insurance and wide range of mortgage solutions.
Pros:
- Wide range of investment options available
- Business financing solutions
Cons
- Only two CD options available
- Limited branches in the state
- Low APY on Savings
7) Minnwest Bank
Savings APY: NA
CD APY: 6 Month Digital CD: 2.01%, 12 Month Digital CD: 2.80%, 30 Month Digital CD: 3.10%
Monthly Fees: $0
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Minnwest Bank has 37 branches across South Dakota and america.
Featured Product Offerings: Minnwest Bank offers Personal banking, checking accounts, savings accounts, loans, mortages, insurance and wide range of business banking products.
Pros:
- High yield savings accounts
- No maintenance fees
- FDIC insured
Cons
- Only digital CDs available
Finishing up our list of the best banks in South Dakota, Minnwest is a family-owned business that keeps its long-term commitments. Minnwest Bank founded during the 1987 farm crisis because they recognized how important community banks are to thriving communities. Since that time, they’ve steadfastly served and supported the communities through good times and bad. Today, Minnwest is one of Minnesota’s largest banks-with 36 bank locations and more than $2 billion in assets-and one of Minnesota’s ag lending leaders.