Finding the Best Banks in Minneapolis
As one of the largest cities in Minnesota, Minneapolis offers its residents an extensive range of banks. Because the area offers so many, it’s sometimes difficult to find the best bank for you. Below, we’ve determined the top national and regional financial institutions the area has to offer to help you choose.
|Ally Bank Read More||2.10%||$0|| |
|U.S. Bank Read More||0.01%||$25|| |
|MidWestOne Bank Read More||0.05%||$100|| |
|CIT Bank Read More||1.00%||$100|| |
|BMO Harris Bank Read More||0.05%||$25|| |
|Associated Bank Read More||0.01%||$25|| |
|Bridgewater Bank Read More||0.10%||$1000|| |
|TCF Bank Read More||0.01%||$25|| |
How We Determined the Best Banks in Minneapolis
SmartAsset’s researchers compiled and analyzed data to ultimately determine the city’s top 15 banks. A key factor behind the study’s ranking is the number of branches each bank offers in Minneapolis. We then compared each bank’s annual percentage yield (APY), minimum deposit requirements and account features to determine the top banks.
Ally Bank: The Top Savings Account
Earning interest is attractive to consumers who want to boost their money more quickly, and Ally has some of the best rates on the market, especially when it comes to savings accounts. The Online Savings Account from Ally includes a 2.10% APY, which has the ability to tack on $866 to a $10,000 deposit over four years. Fees and minimums are completely nonexistent with this account, making it a feasible choice for just about anyone.
Ally Bank has many account options, most notably the Interest Checking Account. The prospect of earning interest on your checking balance is likely enticing to many, as your rate could jump as high as 0.25%. To be specific, accounts with a minimum daily balance at or above $15,000 get that APY, while accounts that don’t reach that mark are handed a 0.10% APY.
Ally does not operate any physical locations, which makes its online and mobile banking platforms incredibly important. To address this, Ally has made it so you can essentially do anything through the app that you could do in-person. In turn, you can deposit checks remotely, send money to friends and family through Zelle®, take a look through your account statements 24/7 and more.
Best National Bank With Branches in Minneapolis: U.S. Bank
With more than 100 branches in Minneapolis and 3,000 scattered across the country, U.S. Bank maintains a noticeably widespread physical presence in America. Also its extensive physical reach includes its numerous MoneyPass ATMs.
Like most banks, U.S. Bank offers checking and savings accounts, certificate of deposit accounts (CDs) and IRAs. When it comes to checking, it offers three tiers of accounts plus three additional specialty accounts. Its tiered accounts are the Silver, Gold and Platinum checking accounts. The remaining three are the Easy Checking, Premium Checking and Student Checking accounts. Furthermore, the bank provides several different savings accounts tailored toward each user’s needs.
Finally, U.S. Bank also allows you to perform a range of banking actions through its online and mobile banking services. So if you don't feel like making the trek to the bank, you can simply make deposits or transfers wherever you are.
Runner up: Wells Fargo
Best Regional Bank: MidWestOne Bank
Though headquartered in Iowa City, Iowa, MidWestOne also exhibits a far-reaching branch presence in the Minneapolis area. The bank currently operates around 15 branches and also offers a wide range of ATMs locally. However, Iowa and Minnesota aren’t the only states in which it functions. Specifically, MidWestOne operates 44 brick-and-mortar locations in Iowa, Minnesota, Wisconsin, Florida and Colorado.
MidWestOne’s primary products include CDs, checking and savings accounts and money market accounts (MMAs). In addition to its Consumer Savings and Kidz Club accounts, MidWestOne offers four different checking accounts. These include 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 waviable monthly fees.
You'll also have access to its online and mobile features, which allow you to transfer funds, make deposits and pay bills. The bank also provides an online live chat service in case you come across any questions while navigating its website.
Best Savings Account Rate: CIT Bank Savings Builder Account
If interest rates are what you’re after, there are few better choices than CIT Bank’s Savings Builder account. A 0.40% APY is its standard rate, but customers can fairly easily upgrade to a 1.00% APY. For this to become a reality, you’ll have to either deposit $100 monthly or keep your balance at or above $25,000. To get started, prospective customers need just a $100 starting deposit.
CIT is a haven for those looking to save money. Regardless of whether you have a Savings Builder account or not, you can open one or more of the following too:
- 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
CIT is an online- and mobile-only bank that’s based around its Apple and Android apps and website. In an effort to accommodate customers, the bank supports features like digital account statements, updated transaction histories, mobile check deposit and inter-account money transfers. Users apparently seem to enjoy the CIT mobile app, as it’s currently rated at 3.85 stars out of 5 across 2,500 reviews.
Best Money Market Account: BMO Harris Bank
BMO Harris’ Premier Money Market account (MMA) is a feasible option if you’re looking to earn solid interest rates in the Minneapolis area. You only need $25 to open an account, but there is a $10 monthly fee. You can waive this, though, if your account's minimum daily balance is at least $10,000. BMO Harris also offers fee-free access to more than 40,000 ATMs around the country.
While balances under $25,000 will only earn you a 0.05% APY, you can earn higher rates as you increase the balances of all your accounts at the bank. More specifically, there are four separate rate tiers that BMO Harris offers: Base, Premier Gold, Premier Platinum and Premier Platinum Elite.
To qualify for anything above the base level, you'll need to meet predetermined balance requirements not only with your money market account, but also all of your other BMO Harris accounts. The bank refers to this as your "quarterly combined balance." In the table below, you'll find how to qualify for these higher rates.
|BMO Harris MMA APYs|
|Rate Tier||Deposit Rate|
|Base (no balance requirement)||0.05% APY|
|Premier Gold ($25,000 - $99,999.99)||0.08% APY (Base + 0.03% bonus)|
|Premier Platinum ($100,000 - $249,999.99)||0.10% APY (Base + 0.05% bonus)|
|Premier Platinum Elite ($250,000+)||0.12% APY (Base + 0.07% bonus)|
Best Customer Service: Associated Bank
Associated Bank ranks as the top banking experience for customers in Minneapolis, 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 led to Associated Bank’s ranking above Bank of America, Citibank and Chase.
In addition to its incredibly convenient 24/7 customer service hotline, Associated Bank also offers a branch and ATM location finder. All you'll have to do is enter in your address, city, state or zipcode and the feature will find the branch and ATM closest to you. The bank also offers helpful personal calculators. Whether they're retirement savings, taxes or personal finance calculators, the bank promotes several options for different financial matters.
When it comes to checking, Associated Bank offers two different accounts: Associated Checking and Associated Elite Checking. Both accounts, while interest-earning, come with high monthly maintenance fees. However, these are waivable. Furthermore, in addition to Associated's retirement savings accounts, it also offers its Associated Savings and its Associated Advantage Money Market accounts. The rates for both its checking and savings acconts are relatively low. Its money market account, however, will snag you higher rates with higher account balances.
Best Low-Cost & High-Yield Checking Accounts: Bridgewater Bank
Bridgewater Bank offers three different checking accounts: Checking, Interest Checking and Bridgewater Investor Checking. Its basic checking account requires a relatively high minimum deposit of $100. However, its Interest Checking account requires $1,000, while its Bridgewater Investor Checking account requires $10,000. All accounts, however, come with 24-hour access and online and 24-hour banking. In addition, each account comes with waivable monthly fees.
Bridgewater's basic account serves as a suitable choice for a low-cost checking account. However, you'll earn at higher rates with its Interest Checking and Bridgewater Investor accounts. Although the Interest Checking account requires a higher minimum deposit than its most basic checking account, you'll be able to snag better rates. For instance, the balances below generate the following APYs.
|Bridgewater Investor Checking||0.25%||$10,000|
Overall, Bridgewater users will be able to select among its three checking accounts. While all accounts require varying minimum deposits, the Interest Checking account will help you secure the best rates.
Best Bank for Students: TCF Bank
TCF offers 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. In addition, the account only requires $25 to open and charges no monthly maintenance fees. Your child also retains the privilege of making free withdrawals at TCF ATMS. For payments, teens will be able to pay by phone through Apple Pay, Google Pay and Samsung Pay. While parents must co-sign the account, both the parents and teens will have access to it through in-person, mobile and digital means.
Students ages 18 to 24 also benefit from a similarly competitive checking account. This is the bank’s TCF Free Student Checking account. Like the TCF Teen Checking, students will also only need a $25 minimum opening deposit. Account features also include free online and mobile banking and online bill pay. Furthermore, the account additionally requires no monthly fees or account balance minimums. Withdrawals, like the teen account, are unlimited at TCF ATMs.
Overall, TCF's youth and student-based checking accounts can be instrumental in transforming your child's savings. For low minimum deposits and nonexistent monthly fees, your child or student can begin working toward a stronger financial future. While for different age groups, both TCF checking accounts are worth considering.
Runner Up: Bremer Bank
Additional SmartAsset Bank Reviews in Minnesota
Didn't find the best bank for you? Consider the following banks in your area.