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Best Banks In Minneapolis

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by Rickie Houston Updated

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.

Bank APY Minimum Deposit Highlights
U.S. Bank U.S. Bank logo Read More 0.01% $25
  • Best national bank
  • Offers a variety of accounts and banking services 
MidWestOne Bank MidWestOne Bank logo Read More 0.05% $100
  • Best regional bank
  • Numerous physical locations in the Minneapolis area
Associated Bank Associated Bank logo Read More 0.05% $25
  • Best bank for customer service 
  • Offers customers easily accesible banking resources 
Bridgewater Bank Bridgewater Bank logo Read More 0.10% $1000
  • Best low-cost and high yield checking accounts
  • Competitive rates 
BMO Harris Bank National Association BMO Harris Bank National Association logo Read More 0.05% $100
  • Best savings account
  • Competitive APYs
TCF Bank TCF Bank logo Read More 0.01% $25
  • Best bank for students
  • Numerous account perks for checking accounts 

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 APY, minimum deposit requirements and account features to determine the top six banks.  

Best National Bank: U.S. Bank

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

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 Customer Service: Associated Bank

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

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.

Account APY Starting At Ending At
Interest Checking 0.10 $1,000  
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 Savings Account: BMO Harris Bank

BMO Harris Bank

BMO Harris’ Platinum Money Market account (MMA) is a feasible option if you’re looking to earn at high interest rates in the Minneapolis area. While balances under $9,000 will only earn you a 0.05% APY, balances above that will earn you a rate of at least 0.30% APY. One plus about BMO Harris’ MMA is that it requires an opening deposit of only $25. In addition, withdrawals or transfers from its MMA are unlimited.

APY Starting At  Ending At
0.05% $0.01 $9,999.99
0.30% $10,000.00 $24,999.99
0.50%  $25,000.00 $49,999.99
0.65% $50,000.00 $99,999.99
0.80% $100,000.00 $249,999.99
1.00% $249,999.99 $499,999.99
1.00% $500,000.00 $999,999.99
1.00% $1,000,000.00  

In addition to its MMA, BMO Harris also offers its Statement Savings account. The account, which comes with a low minimum deposit, can also be used to avoid overdraft fees. All you'll have to do is link your personal checking account to your Statement Savings account. One downside about opening a Statement Savings account, however, is that you won't earn at competitive rates. Plus, higher account balances won't generate higher rates. In other words, you'll only earn at a 0.05% rate no matter what your balance is.

Best for Students: TCF Bank

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

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study