There are 241 banks in Minneapolis regulated by the Minnesota Department of Commerce, according to banks.com. Most of these banks have been in operation for decades; a few offer online services, some are rich banks with many assets and consolidations, and others are struggling to survive.
In this article, we will focus on banks worthy of commendation for providing quality financial services, which we categorized as the best banks in Minneapolis. Whether you are looking to save up for your educational needs, finance a car, or even access a 24-hour banking service, you can also count on these top financial institutions.
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What are the Best Banks in Minneapolis?
When it comes to banks in Minneapolis, high annual percentage yield, good interest rates, a variety of account types, and few charges make a few banks stand out from among the hundreds of banks in the city.
According to the most recent J.D. Power U.S. Banking Satisfaction study. In order to rank the banks correctly, the study took into account factors such as “product offerings” and “fees.” These factors also led to the ranking of the best banks in Minneapolis, as seen in the list below.
Other key selection criteria include:
Account Type
This is the ongoing series of cash inflows and outflows on behalf of a customer. The most common account type is the checking account.
Interest Rate
This is the proportion of the loan amount the bank charges as interest to the customer or the rate a bank pays its customers for keeping money in an account. normally expressed as an annual percentage.
Minimum Deposit
Also known as the initial deposit, a Minimum Deposit is the min amount of money required to open an account with a bank.
- Ally Bank
- U.S. Bank
- MidWestOne Bank
- CIT Bank
- BMO Harris Bank
- Bridgewater Bank
- TCF Bank
- Associated Bank
#1. Ally Bank
Aly is a full-service online bank offering attractive earning interest to consumers who want to boost their money quickly. This bank offers some of the best rates on the market, especially regarding savings accounts.
Like other online banks, Ally suits customers comfortable banking from their smartphones or computers. The bank offers some incredible features like an Online Savings Account of 0.60% APY, which can tack on $242 to a $10,000 deposit over four years.
Ally also pays 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 daily balance and 0.25% APY for account balances of $15,000 or more. The 24/7 customer service via phone, live chat, or email is a plus.
Fees and minimums are completely nonexistent with this account, thereby making it a feasible option for anyone.
#2. U.S. Bank
U.S. Bank is the best National bank with Branches in Minneapolis. It is renowned for its sustainability in excellence providing easy access to customers. This bank features extensive physical reach, including numerous MoneyPass ATMs, and allows customers to perform various banking actions through its online and mobile banking services.
U.S. Bank features several account options tailored toward each user’s needs, as indicated below:
- Platinum Checking – Our top-tier account with the best rates and all the perks.
- Student Checking – Basic checking with features just for students.
- Easy Checking – A basic checking account with great standard features.
- Safe Debit Account – A bank account with no checks or overdraft fees.
If you prefer widespread bank and ATM access, US Bank will make a great option for you.
#3. MidWestOne Bank
MidWestOne Bank features a wide range of accounts and products with Nearly 15 branches in Minneapolis, giving customers an opportunity to build their money.
MidWestOne’s primary products include CDs, checking and savings accounts, and money market accounts (MMAs). MidWestOne also offers four different checking accounts: Power Checking, Connection Club Checking, Relationship Checking, and Free Checking. The minimum deposits for each account vary, but all come with nonexistent or waivable monthly fees.
In addition, MidWestOne offers a flexible online mobile banking feature enabling customers to transfer funds, make deposits, and pay bills wherever they are. The bank also provides an online live chat service if you have any questions while navigating its website.
#4. CIT Bank
If you want to save money, CIT will offer you a haven. CIT is an online bank that supports features like digital account statements, updated transaction histories, mobile check deposits, and inter-account money transfers.
CIT Bank offers one of the best APYs on the market, with 0.29% APY as its standard rate, but you can easily upgrade to a 0.45% APY. You can kick start with the following account types and grow your income:
- Money market account
- Premier High-Yield Savings account
- 6-month to 5-year term CDs
- 2-year to 5-year jumbo CDs
- No-Penalty/11-Month CD
- 1-year to 4-year “RampUp” CDs
#5. BMO Harris Bank
BMO Harris Bank is listed as one of the best banks in Minneapolis, specially created for customers looking to earn from money market savings accounts. This bank features a Platinum Money Market account (MMA), offering high-interest rates to local customers in Minneapolis.
With balances under $10,000, you can earn up to 0.05% APY. Interest rates and APYs offered within two or more consecutive tiers may be the same. However, Interest rates and Annual Percentage Yields (APYs) may change daily after the account is open.
#6. Bridgewater Bank
Bridgewater Bank features three checking account options: Checking, Interest Checking, and Bridgewater Investor Checking.
Customers can deposit a minimum of $100 into the basic checking account. For the Interest Checking account, you will require $1,000, while the Bridgewater Investor Checking account requires $10,000.
Bridgewater customers can access 24-hour online and offline banking. Additionally, there is a waivable monthly fee attached to each account.
#7. TCF Bank
TCF is among the list of banks in Minnesota offering incredible services to students and young adults. This bank features two separate and competitive, low-cost checking accounts for two different age groups. The first checking account, its TCF Teen Checking option, serves teens ages 14 to 17. The other checking account is for students between 18 and 24.
These checking accounts permit students to make free withdrawals at TCF ATMs and make phone payments through Apple Pay, Google Pay, and Samsung Pay with their parents as co-signers.
#8. Associated Bank
Associated Bank ranks among the best credit unions in mn. This bank has won the hearts of its customers by providing an efficient, secure, and reliable banking experience.
Associated Bank features an incredibly convenient 24/7 customer service hotline and security center to prevent account fraud, a branch, an ATM location finder, and many other exceptional services, all tailored to improve customer experience and ease transaction stress.
There are two different checking accounts: Associated Checking and Associated Elite Checking. Both accounts, while interest-earning, come with high monthly maintenance fees. If you’re a resident of Minneapolis and seeking a good customer experience, Associated Bank should be your first option.
Conclusion
The table below will serve as a reference point whenever you’re researching the best banks in Minneapolis that are right for you.
| Bank | Account Type | Interest Rate | Min Deposit |
|---|---|---|---|
| Ally Bank | Deposit | 0.60% | $0 |
| U.S. Bank | Checking and Savings accounts | N/A | $25 |
| MidWestOne Bank | Checking account | N/A | $100 |
| CIT Bank | eChecking account | N/A | $100 |
| BMO Harris Bank | Checking, Savings or Money Market accounts | N/A | $25 |
| Bridgewater Bank | Checking accounts | N/A | $1000 |
| TCF Bank | N/A | N/A | $25 |
| Associated Bank | Checking Accounts | N/A | $25 |
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