The 5 Best Banks in Minnesota (2024)

The 5 Best Banks in Minnesota (1)

The 5 Best Banks in Minnesota (2)

Jarrod Suda


Mar 17, 2023

Advertiser disclosure

Whether you are looking for a bank in Saint Paul or Minneapolis, you will have national banks, regional banks, small business banking, and online accounts at your disposal.

Chime and Revolut are among the best and most trusted mobile checking account apps in the US. Chime focuses on domestic financial services while Revolut gives you access to cheap international transfers, multi-currency accounts, and perks for travel.

As licensed banks, Capital One in Minnesota and Bremer Bank will be able to issue loans, mortgages, and wealth management services to you. If you are a small business owner in Minnesota, then local-based banks like Bremer Bank or business checking accounts like Novo can help you streamline and scale your finances.

To find the best option for your needs, we detail the 5 best banks in Minnesota below —

The 5 Best Banks in Minnesota (3)

Trusted by 12 million Americans, Chime® stands out in Monito's ratings as a great all-around option for Minnesota residents looking for a checking account with no maintenance fees, fee-free overdraft, optional high-yield savings, and a sleek user experience.

Try Chime now

or read our review

The Top 5 Banks in Minnesota

  • 01. Chime scroll down
  • 02. Capital One scroll down
  • 03. Revolut scroll down
  • 04. Bremer Bank scroll down
  • 05. Novo scroll down
  • 06. FAQ about the best banks in Minnesota scroll down

How to Choose the Best Bank in Minnesota

To help you choose the right bank for you, we keep in mind the following factors:

  • Safety: We look for companies that partner with FDIC-member banks, which means your deposits are insured up to $250,000 per depositor, per bank, for each account ownership category. This insurance is provided by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the United States government.
  • Account Services: Most providers offer checking, savings, certificates of deposits, and money market accounts. Fully-fledged banks offer loans, credit cards, retirement accounts, and investments.
  • Fees: Be aware of banks that charge monthly maintenance fees or fees for performing transactions like ATM withdrawals, wire transfers, late payments, overdrafts, or dipping below the minimum balance.
  • Interest Rates: According to the FDIC, traditional banks generally offer the national average savings rate (0.35% as of Feb 2023). Credit unions and online banks tend to provide better rates to maximize your savings efforts.
  • Convenience: For in-person support, a regional bank or credit union may suit you well. Mobile banking apps and online accounts provide 24/7 access to your funds — directly with your smartphone.
  • Customer Service: Brick-and-mortar banks may be useful for personalized wealth management, such as loans, retirement accounts, and investments. Other providers have user-friendly platforms with phone and chat support, private messaging, and virtual assistants.

Now let's dive into your best options for banks in 2022 as a resident of the North Star State:

Best Mobile Checking Account App: Chime

Chime is one of the most widely trusted mobile checking account apps in the United States. It offers a range of useful financial services with no minimum deposit requirement, no credit check to apply, and no monthly maintenance fees.


Monito Score 2024

  • Customer Satisfaction 8.2

Try Chime now

Chime's main offering is its Chime Checking Account and debit card, which gives you access to over 60,000 fee-free ATMs at Walgreens, Target, and others stores in Minnesota and across the country. You can set up a direct deposit and get your paycheck up to 2 days earlier than some traditional banks too.

When you open the checking account, you have the option of opening Chime's High Yield Savings Account. Its Annual Percentage Yield (APY) is 2.00% — effective as of August 25, 2022. You can set up the 'Round Up' feature to round transactions to the nearest dollar and automatically place the difference into your savings. The 'Save When I Get Paid' feature automatically puts 10% of a $500+ direct deposit into the account too.

Chime's Credit Builder Visa® Credit Card, a secured credit card, even allows you to build credit history and can have a positive impact on your credit score. You will need a Chime Checking Account first to apply, along with a qualifying direct deposit of $200 or more. As long as you keep on the 'Safer Credit Building' option, your Chime balance will be automatically paid on time, every month.

  • Account name:Chime Checking Account
  • Monthly fee:$0
  • Opening deposit:$0
  • Transfer fees: None
  • Outgoing int'l wire cost:Not supported
  • Foreign transaction fee:0%
  • FDIC insurance: Partners with The Bancorp Bank and Stride Bank, Members FDIC
  • More info:See our fullChime review.

Go to Chime's website

or read our in-depth review

Best Traditional Checking: Capital One

Capital One is a solid option among large American banks thanks to its fee transparency and high-quality banking apps. Unlike Chase or Bank of America, which often have minimum deposit limits and monthly maintenance fees, Capital One has neither. There are no Capital One branches in Minnesota, but you can simply apply for an account online.


Monito Score 2022

  • Customer Satisfaction 8.7

Go to Capital One

Capital One's flagship 360 Checking Account offers 24/7 mobile banking and access to 70,000 fee-free ATMs across the United States. In addition to no monthly fees, Capital One will auto-decline transactions that overdraw your balance for free and will allow you to transfer money over to your savings account for free. They even offer fee-free overdrafts (you need to opt-in first though).

Perhaps the most attractive about Capital One is its 360 Performance Savings account, which offers a 3.00% APY savings rate — effective November 29th, 2022. You can move your excess cash from your checking, which has an APY rate of around 0.1%, to your savings without a fee. Capital One also charges no monthly maintenance fee nor requires a minimum balance for this account.

Be aware that you will be charged for domestic outgoing wires, Cashier's Check transactions, and all international wires. International wires with Capital One are very expensive, which is why we recommend you run a search on our international money transfer comparison engine instead.

  • Account name:360 Checking Account
  • Monthly fee:$0
  • Opening deposit:$0
  • Transfer fees: None with Zelle
  • Outgoing int'l wire cost:$40 + FX markup. Find cheap alternatives.
  • Foreign transaction fee:0%
  • FDIC insurance: Yes, FDIC member
  • More info: See our Capital One review

Go to Capital One

or read our in-depth review

Best for Foreign Currency: Revolut

Revolut is a UK-based all-in-one finance app that provides Americans in Minnesota with powerful international banking capabilities. By signing up, you will get a checking account in US dollars plus balances in over 30 foreign currencies. The finance app is ideal for international money transfers, plus its multi-currency debit card is among the best for travel overseas.


Monito Score 2024

  • Customer Satisfaction 9.3

Go to Revolut now

Revolut is not a bank in the United States, but its checking account and debit card are offered in partnership with Metropolitan Commercial Bank and its savings and APY with Sutton Bank, making your deposits fully FDIC-insured. On top ofdirect deposit, you can also make free ATM withdrawals from over 55,000 ATMs in Revolut's partner network and open an interest-earning savings account.

Revolut also offers many internationally-oriented features, like ten free foreign transfers a month and the ability to buy and hold balances in over 30 different foreign currencies. This allows you to spend like a local on your adventures overseas, saving money on foreign transaction costs. The app allows free foreign exchange up to $1,000 a month — you can increase your allowance if you upgrade to a paid plan.

  • Account name:Standard Free Plan
  • Monthly fee:$0
  • Opening deposit:$0
  • Transfer fees: None
  • Outgoing int'l wire cost:~0.2% to 1% withRevolut Money Transfer
  • Foreign transaction fee:0%
  • FDIC insurance: Partners with Metropolitan Commercial Bank, Member FDIC
  • More info:See our fullRevolut review.

Go to Revolut

or read our in-depth review

Best Local Bank: Bremer Bank

Headquartered in Minnesota, Bremer Bank is the state's largest regional bank with $10.1 billion deposits in-state, according to the Federal Deposit Insurance Corporation.

Aaron Burden on Unsplash The 5 Best Banks in Minnesota (11)

Unlike nationwide institutional banks, regional and community banks tend to have $10 billion or lower in deposits and only open branches in a few states. They are typically owned and operated locally, emphasizing the specific needs of the families, businesses, and farmers in the area. This is why Bremer Bank may a good choice for personalized banking with in-person service in Minnesota.

In addition to checking and savings, Bremer Bank can help you take out a mortgage and manage your wealth. You can open investment and retirement accounts, as well as trusts, endowments, estate planning, and more. For small business owners in Minnesota , Bremer Bank offers business loans and lines of credit, and business credit cards too.

  • Account name:Bremer Select Banking
  • Monthly fee:$3
  • Opening deposit:$100
  • Transfer fees: None with Bill Pay
  • Outgoing int'l wire cost:Undisclosed. Find cheap alternatives.
  • Foreign transaction fee:~3%-5%.
  • FDIC insurance: Yes, FDIC member

Best Small Business Account: Novo

Novooffers one of theall-around best online checking accounts for small businessesin the United States. It has some great app integrations and one of the lowest fee schedules we've seen yet from an online business account. You can apply online in as little as ten minutes.

The 5 Best Banks in Minnesota (12)

Novo charges no monthly or hidden fees and has no minimum deposit requirement. This includes free incoming and outgoing ACH payments, incoming domestic wires, and out-of-network ATM withdrawals (they even refund international withdrawals).

You can send and track free and unlimited invoices from the Novo interface online, which is a major draw for small business owners. The business checking account allows multi-user access for your team and connects you to a library of thousands of your favorite apps. A few of the most well-known native Novo integrations include Stripe, Amazon, Etsy, Square, Shopify, Slack, Wise, eBay, Xero, and Quickbooks.

Trusted by over 175,000 small business owners across the country, Novo's banking services are provided by Middlesex Federal Savings F.A., a member of the FDIC.

  • Account name:Business Checking
  • Monthly fee:$0
  • Opening deposit:$0
  • Transfer fees: None
  • Outgoing int'l wire cost:0.35% to 2.85%, powered by Wise
  • Foreign transaction fee:0%
  • FDIC insurance: Partners with Middlesex Federal Savings, Member FDIC
  • More info:See our fullNovo review.

Go to Novo now

or read our in-depth review

The 5 Best Banks in Minnesota (13)

Compare Novo to Bluevine, Brex, and other top online US business checking accounts for small businesses with our dedicated comparison guide.

Frequently Asked Questions About the Best Banks in Minnesota

  • What is the best bank in Minnesota?

    Here are the best banks in Minnesota by category:

    • Best Mobile Checking Account App: Chime
    • Best Current Account: Capital One
    • Best for Foreign Currency: Revolut
    • Best Local Bank: Bremer Bank
    • Best Business Account: Novo
  • What is the best bank for small business in Minnesota?

    Novo is an excellent choice for small business owners in Minnesota. It was rated by Monito as one of the best business accounts in the US.

  • Which bank has the best CD rates in Minnesota?

    Bremer Bank is a regional bank that offers Certificate of Deposit accounts in Minnesota. Otherwise, Capital One is a good national option. Chime and Revolut are mobile apps (not banks) that offer interest yields.

  • Which is the best bank to open a savings account in Minnesota?

    Chime and Revolut are mobile apps that offer interest yields in Minnesota. Bremer Bank is a regional bank that offers savings accounts too.

  • Which bank has the best online banking accounts in Minnesota?

    Chime and Revolut are two powerful and user-friendly checking mobile apps that are powered by FDIC-insured banks. Novo is another financial platform that provides one of the best business checking accounts to small businesses in Minnesota.

  • What is the best bank in Saint Paul, Minnesota?

    Chime and Revolut are two excellent checking mobile apps available to residents in Saint Paul. They are banking apps powered by FDIC-insured banks.

  • Who has the best checking account in Minnesota?

    We think Chime has the best checking account overall in Minnesota. Novo is the best option for small business owners in Minnesota.

  • What is the best bank in Minnesota for doing international transactions?

    Revolut will be your best choice for accessing cheap international transactions thanks to its multi-currency debit card and cheap international money transfer service.

  • Which bank in Minnesota has the best online banking app?

    Chime is arguably the best mobile checking app on the market in the United States. Chime is not a bank and its accounts are powered by the Bancorp Bank, Member FDIC.

  • What bank in Minnesota has the best foreign currency exchange?

    You should never use a traditional bank for foreign currency exchange because they not only charge high commission fees. They also use weak exchange rates and pocket the margin at your expense. Instead, consider Revolut, which is designed for international use and offers an incredible multi-currency account for 30+ currencies. You get $1,000 of free foreign exchange a month.

  • What is a good regional bank near me in Minnesota?

    Bremer Bank is a solid option with years of local experience and expertise in Minnesota. If you are looking for an in-person banking experience, consider regional banks because they use a more community-based approach to banking.


Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

¹ Out-of-network ATM withdrawal andover-the-counter advance fees may apply. Seeherefor details.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change anytime. The disclosed APY is effective as of September 20, 2023. No minimum balance is required. Must have $0.01 in savings to earn interest.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ SpotMe® on Credit is an optional, no-interest/no-fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. SpotMe on Debit is an optional, no-fee overdraft service attached to the Chime Checking Account available to qualifying members after Visa debit card activation. Both SpotMe on Credit and SpotMe on Debit are sometimes collectively referred to as "SpotMe" or, if you have signed up to use SpotMe with only one account, "SpotMe" means the elected service. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account monthly. Qualifying members will be allowed to overdraw their Chime Checking Account and/or Secured Deposit Account (associated with your Chime Credit Builder credit card) up to $20 but may be later eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe DebitTerms and Conditionsand SpotMe on CreditTerms and Conditions.

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Below, you'll find all our guides helping you find the best bank and online accounts in the USA, categorized by U.S. Census Bureau region and then by State.

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The 5 Best Banks in Minnesota (2024)


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