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

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

Banking in Minnesota offers a variety of options tailored for residents and non-residents alike. Understanding the different types of banks, account options, associated fees, and onboarding requirements is crucial for making informed financial decisions. This comprehensive guide aims to provide practical insights into the banking landscape in Minnesota as of 2025.

Available Bank Types

National BanksNational banks operate across the United States and are often characterized by a wide range of services and extensive ATM networks. Some prominent national banks available in Minnesota include:

- Wells Fargo
- Chase
- Bank of America
- Citibank

These institutions typically provide robust digital banking features, making it easier for customers to manage their accounts online.

Regional BanksMinnesota also has several regional banks that focus on local markets. Examples include:

- U.S. Bank
- Bremer Bank
- Northwest Bank

These banks often offer personalized customer service and may have lower fees than larger national banks.

Digital BanksDigital banks have gained popularity due to their user-friendly apps and lower fees. Some notable digital banks accessible to Minnesota residents are:

- Chime
- Ally Bank
- Marcus by Goldman Sachs

These banks operate primarily online, which can lead to reduced operational costs and often more favorable terms for customers.

Account Types

Checking AccountsChecking accounts are essential for day-to-day transactions. Minnesota banks typically offer various checking account options, including:

- Standard Checking: Offers basic features like debit cards and online banking.
- Interest-Bearing Checking: Provides interest on deposits, but may require a higher minimum balance.
- Student Checking: Tailored for students, often with no monthly fees.

Savings AccountsSavings accounts allow customers to save money while earning interest. Common types include:

- Regular Savings: Standard savings accounts with lower minimum balance requirements.
- High-Yield Savings: Offers a higher interest rate but may require a higher minimum balance.
- Money Market Accounts: Combines features of checking and savings accounts, often with limited check-writing capabilities.

Typical Fees and Minimums

FeesFees vary significantly across banks and account types. Common fees to watch out for include:

- Monthly Maintenance Fees: Ranges from $0 to $15, depending on the account type.
- ATM Fees: Can be $2 to $5 per transaction at non-network ATMs.
- Overdraft Fees: Typically around $30 to $35 per transaction.
- Wire Transfer Fees: Domestic transfers can cost between $25 and $30.

Minimum Balance RequirementsMany checking and savings accounts have minimum balance requirements to avoid monthly fees. These can range from $0 to $1,500, depending on the bank and account type.

Onboarding Steps (KYC/SSN/ITIN/EIN)

Opening a bank account in Minnesota typically involves the following Know Your Customer (KYC) steps:

For Residents1. Identification: A valid government-issued ID (e.g., driver’s license, passport) is required.2. Social Security Number (SSN): Most banks require an SSN for account opening.3. Proof of Address: A utility bill or lease agreement may be needed to verify your address.4. Initial Deposit: Some banks require an initial deposit, which can range from $25 to $100.

For Non-Residents1. Identification: Non-residents can use a passport or other government-issued ID.2. Individual Taxpayer Identification Number (ITIN): Non-residents may need an ITIN if they do not have an SSN.3. Employer Identification Number (EIN): If opening a business account, an EIN may be necessary.4. Proof of Address: Non-residents may need to provide a foreign address or another form of documentation.

Note:Some banks may have specific policies regarding the opening of accounts for non-residents, including additional documentation or higher minimum deposit requirements.

Resident vs. Non-Resident Notes

ResidentsResidents of Minnesota have access to a full range of banking services, including loans, credit cards, and investment options. They can benefit from local branch services and personalized customer support.

Non-ResidentsNon-residents can open accounts in Minnesota but may face additional hurdles. Some banks may require more documentation, and non-residents might have limited access to certain services. Additionally, currency conversion fees may apply for international transactions.

FAQs

1. What types of accounts can I open in Minnesota?
You can open checking and savings accounts, as well as money market accounts and certificates of deposit (CDs).

2. Are there any fees associated with bank accounts in Minnesota?
Yes, common fees include monthly maintenance fees, ATM fees, overdraft fees, and wire transfer fees.

3. What is the minimum deposit required to open an account?
Minimum deposits vary by bank and account type, typically ranging from $0 to $1,500.

4. Can a non-resident open a bank account in Minnesota?
Yes, non-residents can open accounts, but they may need to provide additional documentation and may face specific bank policies.

5. What identification do I need to open a bank account?
Residents typically need a government-issued ID and SSN, while non-residents need a passport and may require an ITIN.

6. How can I avoid monthly maintenance fees on my account?
You can often avoid fees by maintaining a minimum balance or by qualifying for specific account types, like student accounts.

7. What are the advantages of digital banks in Minnesota?
Digital banks often offer lower fees, higher interest rates on savings, and convenient mobile banking features.

In conclusion, banking in Minnesota provides diverse options tailored to meet the needs of both residents and non-residents. Understanding the types of accounts, fees, and onboarding steps will help you make informed financial decisions in 2025.

About the Author

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