Best banks in Minnesota range from long-standing regional names to national giants and high-yield online banks — and the right pick depends on whether you value local branches, the highest savings rate, or the biggest sign-up bonus. This guide rounds up the best banks in Minnesota, the top credit unions, the online banks Minnesota residents use most, and the bank bonuses worth grabbing in June 2026.
| Category | Good Options in Minnesota |
|---|---|
| Regional banks | Security Bank & Trust Co., Old National Bank (formerly Bremer Bank), Frandsen Bank & Trust, Associated Bank, Bridgewater Bank |
| National banks | U.S. Bank, Wells Fargo, Huntington Bank, BMO Bank |
| Online banks | Ally Bank, SoFi, Capital One 360, Discover |
| Credit unions | Wings Financial Credit Union, Affinity Plus Federal Credit Union, Magnifi Financial, TruStone Credit Union, Firefly Credit Union |
In This Guide:
Best Banks in Minnesota
Top regional banks serving Minnesota include:
- Security Bank & Trust Co.
- Old National Bank (formerly Bremer Bank)
- Frandsen Bank & Trust
- Associated Bank
- Bridgewater Bank
The largest bank by presence in Minnesota is U.S. Bank (headquartered in Minneapolis; largest by deposits statewide).
Best for checking: Huntington Bank — up to $600 bonus for new checking, 60 branches across the state
Best for savings: Affinity Plus Federal Credit Union — competitive savings rates for members, strong digital tools and statewide access
Regional banks often combine local branch access with competitive accounts, which is why they tend to score well with Minnesota customers. Top high-yield savings accounts available to Minnesota residents pay around 4.00% to 4.21% (online banks); local banks/CUs typically lower in June 2026.
National Banks Available in Minnesota
If you want a big branch and ATM network, the major national banks all operate in Minnesota:
- U.S. Bank
- Wells Fargo
- Huntington Bank
- BMO Bank
National banks are convenient but rarely pay the best savings rates — pair one with a high-yield online account for the best of both.
Best Credit Unions in Minnesota
Well-regarded Minnesota credit unions include:
- Wings Financial Credit Union
- Affinity Plus Federal Credit Union
- Magnifi Financial
- TruStone Credit Union
- Firefly Credit Union
Credit unions are member-owned and often beat banks on fees and savings rates, though membership may require living, working, or worshiping in a specific area.
Best Online Banks for Minnesota Residents
Online banks have no branches but pay far higher savings rates and charge fewer fees. Popular options for Minnesota residents:
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- Ally Bank
- SoFi
- Capital One 360
- Discover
Bank Sign-Up Bonuses in Minnesota
One bonus worth a look for Minnesota residents right now: Huntington Bank $400-$600 checking bonus; Associated Bank up to $600 checking bonus (through June 2026); BMO $400 checking bonus. Bonuses change often, so check our live list for the latest.
A sign-up bonus can be worth $100-$400 for opening an account and meeting a direct-deposit or balance requirement. Use our Bonus Yield Calculator to see the true annual return on any offer, and check that your paycheck qualifies with the Direct Deposit Checker.
How to Choose a Bank in Minnesota
- Fees: Look for no monthly maintenance fee or an easy waiver.
- Savings rate (APY): Online and credit-union accounts usually win here.
- Access: Want branches? Favor a regional or national bank in Minnesota.
- Bonus: A sign-up bonus is free money if you would open the account anyway.
- Insurance: Confirm FDIC (banks) or NCUA (credit unions) coverage.
Official Sources
- Minnesota Department of Commerce — Division of Financial Examinations: https://mn.gov/commerce/industries/financial-institutions/
- FDIC BankFind: fdic.gov
- NCUA (credit unions): ncua.gov
Other Minnesota notes: Minnesota has a strong credit union culture with 165+ credit unions statewide. U.S. Bank is headquartered in Minneapolis, making it the dominant banking presence. Wings Financial CU is one of the largest credit unions in the Upper Midwest with $8B+ in assets and 350,000+ members. The Bremer Bank brand merged into Old National Bank in 2025, consolidating a major regional presence. Community and regional banks remain popular, with many residents preferring local institutions over national chains.
Checking, Savings, and CDs Explained
Most Minnesota banks offer the same core accounts:
- Checking — for everyday spending and direct deposit. Look for no monthly fee.
- Savings — for your emergency fund. Online banks pay the highest rates.
- Money market — a savings account with limited check-writing.
- CDs — lock money for a set term in exchange for a higher fixed rate.
A common setup for Minnesota residents is a no-fee checking account at a local bank plus a high-yield savings account at an online bank.
How Bank Sign-Up Bonuses Work in Minnesota
Banks pay cash bonuses — often $100 to $400 — to win new customers. To earn one you typically open a new checking or savings account, then meet a requirement such as receiving a set amount of direct deposit or keeping a minimum balance for a few months. The bonus is usually paid within 90 days. As long as you would open the account anyway, it is essentially free money. We track current offers open to Minnesota residents on our listings page.
Best Banks in Minnesota: Frequently Asked Questions
What is the best bank in Minnesota? There is no single best bank — it depends on whether you value branches, the highest savings rate, or the biggest bonus. Compare a regional bank, a national bank, and an online bank before deciding.
Are credit unions better than banks in Minnesota? Credit unions are member-owned and often charge lower fees and pay better rates, but you must be eligible to join and may have fewer branches.
Which bank has the best sign-up bonus? Bonuses change monthly. National and online banks usually offer the largest ones open to Minnesota residents — check our live list.
Is my money safe? Yes — as long as your bank is FDIC-insured or your credit union is NCUA-insured, deposits are protected up to $250,000 per depositor.
Related Minnesota Guides
- Minnesota Crypto Laws Guide
- Minnesota Crypto Tax Guide
- Best Banks by State
- Browse all current bank & crypto bonuses
This best banks in Minnesota guide was last verified in June 2026.
Informational only — not financial, tax, or legal advice. Crypto and tax rules change frequently; verify current details with the official sources linked above or a licensed professional before acting.