Best Banks In Minneapolis in 2022 | Rates, Account Types, Min. Deposit

Best-Banks-In-Minneapolis

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 a lot of assets and consolidations, and the others struggling to survive.

In this article, we will focus on banks that are worthy of commendation for providing quality financial services of 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 hours banking service, you can also count on these top financial institutions.

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 an amount loaned which 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 more quickly. This bank offers some of the best rates on the market, especially when it comes to savings accounts.

Like other online banks, Ally is suitable for customers who are comfortable banking from their smartphones or computers. The bank offers some really incredible features like an Online Savings Account of 0.60% APY, which has the ability to 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 also allows customers to perform a range of 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 and no 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 cutomers an opportunity 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 including the Power Checking, Connection Club Checking, Relationship Checking, and Free Checking accounts. 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 in case you come across any questions while navigating its website. 

#4. CIT Bank

If you’re looking to save money, CIT will offer you a safe haven. CIT is an online bank that supports features like digital account statements, updated transaction histories, mobile check deposit, 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 the ages of 18 and 24.

These checking accounts permit students to make free withdrawals at TCF ATMs and also make payments by phone 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, ATM location finder, and many other exceptional services all tailored to improve customer experience in addition to easing 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 residents in 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 is right for you.

BankAccount TypeInterest RateMin Deposit
Ally BankDeposit 0.60%$0
U.S. BankChecking and Savings accountsN/A$25
MidWestOne BankChecking accountN/A$100
CIT BankeChecking accountN/A$100
BMO Harris BankChecking, Savings or Money Market accounts N/A$25
Bridgewater BankChecking accountsN/A$1000
TCF BankN/AN/A$25
Associated BankChecking AccountsN/A$25

References

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