Best Banks in Minnesota
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
Minnesota’s economic sectors of healthcare, finance and agriculture are supported by an influx of community banks and credit unions. Having several credit unions favors those who want competitive rates and lower fees. This bank guide looks at the top Minnesota banking options for checking, savings and certificate of deposit (CD) accounts — find out which one is right for you. 
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TOP MINNESOTA BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Highlights
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Detailed Reviews of the Best Banks in Minnesota
Here’s a close look at GOBankingRates’ top picks for best banks in Minnesota.
Gold Winner: Bremer Bank
As of May 2025, Bremer Bank is now a division of Old National Bank. Bremer Bank is known for its community and regional focus.
Bremer Bank has a wide variety of financial products including checking, savings, loans and mortgages. It’s best for those with high deposits and who live near the bank. 
Best For
Digital Banking
Low Monthly Fees
Loan Options
Interest-Earning Checking
Business Banking
Interest-Earning Checking Accounts and Small Business Banking
Bremer Bank stands out for its regional focus and community-centered approach. The bank offers three checking accounts, one savings account and two money market accounts. Bremer Bank also offers a wide variety of CDs with a low minimum deposit of $500. 
Total Branch Locations
350
Mobile App Rating
4.8 on the Apple App Store and 3.6 on Google Play
Other Products Offered
Checking, savings, money market, CDs, business banking
Pros
- Access to larger network 
- Strong local presence 
- Personal and business suite of products 
Cons
- Potential integration challenges with Old National Bank 
- APYs for savings are not the most competitive 
- Possible changes in customer service 
Why We Like Bremer Bank
Bremer Bank offers a variety of checking accounts, savings accounts and CDs. The bank also offers business banking services. Community-focused customer service is a key feature of Bremer Bank.
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Silver Winner: U.S. Bank
U.S. Bank has over 2,000 branches in 26 states. U.S. Bank has many options when it comes to CDs — standard CD, step-up CD, trade-up CD and high-yield CD. In addition, the bank offers savings and checking accounts with reward options. 
Best For
Investment Management
Personal Loans
Corporate and Commercial Banking
Home Loans
National Banks
$25 Minimum Deposit for Checking Accounts
U.S. Bank provides services for everyday banking and specialty services like loans, investments and commercial banking. The U.S. Bank app is user friendly and there are approximately 2,200 ATMs across 26 states.
Total Branch Locations
Over 2,200
Mobile App Rating
4.8 on the Apple App Store and 4.7 on Google Play
Other Products Offered
Everyday banking, investment management, corporate and commercial banking, home, vehicle and personal loans
Pros
- Diverse product offerings
- Extensive branch and ATM network
- 24/7 customer service
Cons
- Low interest rates on savings accounts
- Monthly maintenance fees
- High overdraft fees
Why We Like U.S. Bank
U.S. Bank offers a wide range of banking products, including checking, savings, loans and investment services, making it a one-stop solution for financial needs. It has an extensive branch and ATM network and a user-friendly app.
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Bronze Winner: Security Bank & Trust Company
As a locally owned regional bank, Security Bank & Trust is focused on putting the customer first. Product offerings include interest-bearing checking accounts, money market accounts and CDs. Even though it is a regional bank, the app is ranked high in the Apple Store and on Google Play. 
Best For
Mobile Banking
Low Monthly Fees
Credit Cards
Loan Options
Business Banking
High-Interest CDs and Interest-Earning Checking Accounts
Security Bank & Trust Company operates 20 branches across Minnesota and is locally headquartered in the state. It serves both business and personal banking needs while focusing on building strong customer relationships.
Total Branch Locations
20
Mobile App Rating
4.8 on the Apple App Store and 4.4 on Google Play
Other Products Offered
Checking, savings, personal loans, mortgages and business banking 
Pros
- Community focused
- Highly-rated mobile app
- Leader in business lending  
Cons
- Limited geographic reach
- Less competitive rates
- May not have as many complex financial products
Why We Like Security Bank & Trust Company
Security Bank & Trust has a community-focused feel, but a wide variety of financial products. You get the best of both worlds with Security Bank & Trust since the mobile app is also highly rated.
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Best Banks
Best Checking Accounts
Best Savings Accounts
CD Account Rates
Best Money Market Accounts
Research Methodology
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 22, 2025.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
How To Choose the Right Bank in Minnesota 
Banking in Minnesota has a community-centric approach. Those who value in-person service will appreciate the availability of physical branches. Credit unions are also a key focus of Minnesota banking, and members can take advantage of better rates on CDs and not pay as many fees. 
Having a regional presence can be an advantage, but can also be limiting. Those who travel may want wide access to ATMs and a large, nationwide network. Mobile apps may not be as developed as a national bank’s app. 
Here are some key factors you may want to consider when picking a new bank: 
- Location: Local Minnesota banks tend not to have a nationwide presence. If you want accessibility, you may want to lean toward a national bank with wide access to ATMs as well as physical branches. 
- Digital banking availability: National and online banks will likely place a great deal of attention on developing their mobile and online banking sites. They want to make sure customers have access 24/7. If you’re someone who is tech-savvy, you may prefer to bank with a digitally forward financial institution. 
- Branch and ATM access: Check branch locations if you prefer banking in person. If ATM access is more important, a nationwide bank will likely have a main and a partner network. 
- Fee structures and waivers: If you’re looking for basic accounts with no minimum deposit or balance requirements, you’ll want to look over the fee structures. Credit unions and regional banks may offer more flexibility. Fee structures can also vary based on waiver eligibility, so find out if you qualify. 
- Community involvement: The mission of your bank may be an important factor for you. To find out how your bank supports the community, check the website or ask a customer service representative. 
Conclusion
Selecting the right bank depends on your banking needs — you may want a high-yield savings account or a checking account that earns interest. Explore the best banks in Minnesota to find the right fit and apply for your new account today. 
FAQs About Banking in Minnesota
Here's more information to help you find the best Minnesota bank for your needs.- What is the best bank for high-yield savings in Minnesota?
- From GOBankingRates' list of the best banks in Minnesota, U.S. Bank offers some of the most competitive savings rates.
- Which banks have the most ATMs in Minnesota?
- U.S. Bank has a large ATM network in Minnesota, with hundreds of machines across the state.
- Are there any banks in Minnesota with no monthly fees?
- Security Bank & Trust has accounts with no monthly service fees.
More Resources for Banking
Best Banks
Best Checking Accounts
Best Savings Accounts
CD Account Rates
Best Money Market Accounts
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