Minnesota is popular for its many lakes. In the same vein, banks have swarmed this state, but we will streamline our research and focus on these financial institutions to only the best banks in Minnesota.
According to Forbes, Minnesota may be the “Land of 10,000 Lakes,” but Alaska is the state of more than 3 million lakes. But lakes don’t bring the boost that banks give to the economy, and residents of Minnesota understand this very well.
So, a lot of this article will outline the best banks in Minnesota and the rest will talk a little about the banking system in Minnesota.
What Makes Banks in Minnesota Unique?
Minnesota has a lot of lakes and it is one state that holds over 1,000 branch locations of the banks in the state.
According to MN Compass, in 2018, Minnesota produced $331.4 billion in goods and services, representing nine straight years of growth in economic output. At 15%, the manufacturing industry handles the largest share of Minnesota’s economic output, or Gross Domestic Product (GDP).
With a stable economy, sizeable population, and enormous lakes that attract tourists, banks in Minnesota are in their best economic times as they experience significant growth as well.
What are the Black-Owned Banks in Minnesota?
The banking industry is highly competitive and controlling a powerful position takes a lot of time, effort, and patience. With discrimination still pulling support in some parts of the country, black people have to build their own support system.
Building a bank as a black person is not an easy run, as only a few of the banks in the U.S belong to them. In fact, the percentage they own is negligible.
According to Investopedia, OneUnited Bank is the only black-owned bank in the U.S. And other states such as Delaware, New Hampshire, New Mexico share this same result.
How Many Banks are in Minnesota?
Numbers don’t mean a bank is doing well; however, it’s perfect for business. With numbers, the conversion rate of your products will do better.
According to UpSize Mag, there are 45 banks in Minnesota that are solving the problem of financial transactions while delivering a delightful banking experience.
Best Banks in Minnesota in 2022 | Rates, Account Types, Min. Deposit
Minnesota has a lot of banks, and if I listed them all in this article, it will be a weary read. So, I simply conducted my research around the banks with exceptional customer experience and comfortable interest rates.
Hence, the best banks in Minnesota include:
1. TCF Bank
TCF Bank wholly seeks to build and support your financial wellness. With a range of outstanding products and services, you would get to see why they’re a top-choice financial institution in the state.
You need a minimum of $25 to open an account at this bank with interest rates starting at 0.10%. You can open a certificate of deposit account, money market account, or a premier checking account on the savings menu.
2. Wells Fargo
Wells Fargo is one of the best banks in Minnesota. They boast to be one of the biggest employers among other financial institutions in the U.S. With easy access to loans and other services, banking is made easy at Wells Fargo.
All savings accounts in this bank demand a minimum opening deposit of $25 with an interest rate of 0.01% and 0.02% on the Way2Save savings account and the Platinum savings account, respectively.
3. American Bank of the North
American Bank of the North is a great financial institution that helps cater to your personal, business and financial planning needs. In America, they offer one of the lowest interest rates on loans within an extended period.
With personal savings, you get access to a lot of savings account options tailored to your different needs. Whether you’re saving for a project or an investment, there’s an available plan.
However, you need a minimum of $50 to open an account and you get an interest rate of 0.05%.
4. Minnwest Bank
Getting a business loan has never been easier with Minnwest Bank. They have a wide range of options that will help you get loans to build your business at subsidized interest rates. And if you’re in the agricultural sector, your seeds are about to blossom with this bank.
Minnwest Bank’s savings account has a lot of options to help you get the best value on your savings. However, despite their noble offers, their interest rate of 0.10% is way below the rates of other banks in Minnesota.
5. Citizens Independent Bank
Citizens Independent Bank has been involved in community building as they push to make financial transactions easy in Minnesota. So, you see why they’re among the best banks in Minnesota.
On the regular savings account, you get quarterly compounds and you must have a minimum of $100 in the account during this period. If you have below $100 in the account, CIB will charge you $3 each month as a service fee.
6. Beacon Bank
Beacon Community Bank introduces a high-level service and advanced banking technology to the local community. With their technology, they’ve been able to grow and nurture an effective banking system.
On their different accounts, you get 0.70% APY interest rates on no minimum balance. However, you need a minim of $100 to open any of these accounts. Free bills and e-statements are some perks you get from opening this account.
7. US Bank
US Bank gives a new definition to personal banking. With their refined and well-structured application, you can access your banking details, perform transactions all over the world and even make investments.
US Bank understands that people like you save money for different reasons, hence, they have different savings plans. With the Standard Savings Account, you need to have a minimum of $25 to open the account as interest rates accrue at 0.01%.
8. American Bank of St. Paul
Formerly known as American Bank of St. Paul and Western Bank, American National Bank continues to find simpler ways to build bankings systems that make overall transactions easy. Even with their change of name, they remain committed to customer growth.
On the savings aspect of this bank, you need a minimum of $50 to help you open an account. With an average of $50 in your account balance, you will earn daily interest. American National Bank is one of the best banks in Minnesota because of its quality service.
9. Associated Bank
Associated Bank offers one of the best mortgages, personal money management strategies, and online banking experiences compared to other financial institutions in Minnesota and the United States as a whole.
On the savings accounts, you need to have an initial deposit of $1,000 with $100 additional savings. You will receive a comfortable interest rate amounting to 0.03% APY.
BankCherokee is immersed in community development as they engage in volunteering on a large scale. Their impact on the local community has restored the faith people were losing in the banking system.
The minimum balance for any of their savings account is $25 with no monthly maintenance, access fees, activity charges, and large access to ATMs that charge no money on their transactions.
We have created this table below that clearly summarizes this article on the best banks in Minnesota.
|Bank||Account Type||Interest Rate||Min Deposit|
|1. TCF Bank||All||0.10%||$20|
|2. Wells Fargo||All||0.01%||$25|
|3. American Bank of the North||All||0.05%||$50|
|4. Miniwest Bank||All||0.01%||None|
|5. Citizens Independent Bank||All||N/A||$100|
|6. Beacon Bank||All||0.70%||$100|
|7. US Bank||All||0.01%||$25|
|8. American Bank of St. Paul||All||N/A||$50|
|9. Associated Bank||All||$0.03%||$1,000|