Banking in Minnesota, United States: Accounts, Fees and Openi

# Banking in Minnesota, United States: Accounts, Fees, and Opening Steps (2025 Roadmap)

Minnesota provides a diverse banking landscape that caters to residents and non-residents alike. With a mix of national and digital banks, as well as local credit unions, individuals and businesses can find the right financial institution to meet their needs. This article outlines the types of available accounts, typical fees, onboarding steps, and key considerations for both residents and non-residents.

Available Bank Types

National Banks

National banks operate throughout the United States, including Minnesota. Some well-known national banks include:

- Wells Fargo
- Chase
- Bank of America
- Citibank

These banks generally offer a wide range of products and services, including checking and savings accounts, loans, and credit cards.

Digital Banks

Digital banks are becoming increasingly popular due to their convenience and often lower fees. Some digital banks available in Minnesota include:

- Chime
- Ally Bank
- Marcus by Goldman Sachs

These banks typically operate without physical branches, allowing them to offer competitive interest rates and minimal fees.

Local Banks and Credit Unions

Minnesota is home to many local banks and credit unions that cater to the community's needs. Examples include:

- Bremer Bank
- Wings Financial Credit Union
- Affinity Plus Federal Credit Union

Local institutions often provide personalized service and may offer lower fees compared to larger banks.

Account Types

Checking Accounts

Checking accounts are essential for daily transactions. Features to look for include:

- No monthly maintenance fees: Many banks waive fees if certain conditions are met, such as maintaining a minimum balance or setting up direct deposit.
- ATM access: Look for banks with a broad ATM network to avoid fees.
- Overdraft protection options: Some banks offer overdraft services, which can be helpful but may come with fees.

Savings Accounts

Savings accounts are ideal for building an emergency fund or saving for future goals. Key features include:

- Interest rates: Compare rates, as they can vary significantly between banks.
- Withdrawal limits: Federal regulations limit certain types of withdrawals to six per statement cycle.
- Minimum deposit requirements: Some banks may require an initial deposit to open an account.

Typical Fees and Minimums

Understanding typical fees and minimums is crucial for managing your banking experience. Here are some common fees associated with checking and savings accounts in Minnesota:

- Monthly maintenance fees: Ranging from $0 to $15, depending on the bank and account features.
- ATM fees: Some banks charge fees for using out-of-network ATMs, typically around $2 to $3 per transaction.
- Overdraft fees: Fees for overdrawing an account can range from $30 to $40 per transaction.
- Minimum balance requirements: Some accounts may require a minimum balance, often between $100 and $1,500.

Onboarding Steps

Opening a bank account in Minnesota involves several steps, which can vary for residents and non-residents.

For Residents

1. Choose a Bank: Research banks based on account types, fees, and features.
2. Gather Documentation: Typically, you will need:
- A government-issued ID (driver's license, passport)
- Social Security Number (SSN)
- Proof of address (utility bill, lease agreement)
3. Complete Application: This can often be done online or in-person.
4. Fund Your Account: Make an initial deposit, if required.
5. Set Up Online Banking: Enroll in online banking services for easy account management.

For Non-Residents

Non-residents may face additional requirements when opening a bank account in Minnesota:

1. Choose a Bank: Look for banks that accept non-residents; some national banks are more open to this than others.
2. Gather Documentation: You will need:
- A passport or government-issued ID
- Individual Taxpayer Identification Number (ITIN) or Employer Identification Number (EIN), if applicable
- Proof of address (this can be a foreign address)
3. Complete Application: Many banks allow online applications, but some may require in-person verification.
4. Fund Your Account: Initial deposit requirements may vary.
5. Set Up Online Banking: Ensure you can access your account online for convenience.

Resident vs. Non-Resident Notes

For Residents

Residents generally have a smoother onboarding process, with banks requiring standard documentation like an SSN and proof of address. They may also have access to a wider range of financial products.

For Non-Residents

Non-residents may face more stringent requirements, including the need for an ITIN or EIN. Not all banks will accept non-residents, and those that do may have limited account options. Additionally, non-residents might be subject to international transaction fees.

FAQs

1. What types of accounts can I open in Minnesota?You can open checking accounts, savings accounts, and money market accounts at banks and credit unions.

2. Are there fees associated with checking and savings accounts?Yes, fees can include monthly maintenance fees, ATM fees, and overdraft fees. Always check the specific fee structure of your chosen bank.

3. What identification do I need to open an account?Residents typically need a government-issued ID and an SSN. Non-residents may need a passport and an ITIN or EIN.

4. Can non-residents open bank accounts in Minnesota?Yes, but it may be more challenging. Not all banks accept non-residents, so it's essential to research your options.

5. What is the minimum balance requirement for accounts?Minimum balance requirements vary by bank and account type, ranging from $0 to $1,500.

6. How can I avoid monthly maintenance fees?You can often avoid fees by maintaining a minimum balance, setting up direct deposit, or meeting other conditions set by the bank.

7. How do I set up online banking?Most banks allow you to enroll in online banking during the account opening process or afterward through their website or mobile app.

By understanding the banking landscape in Minnesota, you can make informed decisions about your financial needs. Whether you are a resident or a non-resident, knowing your options and the associated fees will help you choose the right banking partner.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles