Affinity Plus Credit Union offers great checking options for those looking to manage their funds. With the Better Than Free Checking account, you can enjoy no minimum balance, no monthly fees, and no ATM fees at partner ATMs—ensuring a hassle-free banking experience. Huntington Bank offers extensive online and mobile banking services.
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There are many financial institutions to choose from, so I’ve narrowed down the best banks in Minnesota to make your choice easier. They make it convenient to open various types of banking accounts such as Savings, Checking, Money Markets, and CDs accounts. Like Bank of America, Lili Bank offers tons of built-in tools for managing and tracking financial activities both manually and automatically. On March 14, the St. Paul Department of Safety and Inspections announced that the Alliance Bank Center skyway will close at 9 p.m. With Madison Equities no longer supporting electricity, trash pick-up or security, it’s unclear what building access will look like moving forward. Unlike an obituary, Memoriam submissions are remembrances of a loved one who has passed.
Best Banks for Small Businesses in Minnesota in 2024
We want to help you make personal finance decisions with confidence by providing you with free interactive tools, helpful data points, and by publishing original and objective content. Huntington Bank is a regional bank, and a subsidiary of Huntington Bancshares incorporated. They operate over 1,000 branches across the Midwest, 80 of which are in Minnesota.
A key factor behind the study’s ranking is the number of branches each bank offers in Minneapolis. We then compared each bank’s annual percentage yield (APY), minimum deposit requirements and account features to determine the top banks. Online banksOnline banks offer financial services without physical locations.
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Luckily, you can waive this fee by keeping an average balance of $2,000 over a 30 or 90-day window. There’s no charge for using one of Capital One’s 70,000 ATMs nationwide. The rate is 50 times the current national average and applicable on balances up to $100,000.
Huntington Bank: Best Regional Bank
Talking about Lili Financial Management features, they have tools that help business owners create, send and receive invoices, track expenses and automate tax savings. And they stand out because of their zero monthly maintenance fee, zero minimum deposit requirement, and high-interest APY of 1.5%. Though headquartered in Iowa City, Iowa, MidWestOne also exhibits a far-reaching branch presence in the Minneapolis area.
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However, only the Advantage Relationship account pays interest, and you need a personal and business banking twin cities $20,000 balance to waive the $25 monthly fee. Rated A+ by the Better Business Bureau (BBB), Axos has a reputation for offering numerous special benefits to business account owners. Huntington Bank offers a handful of checking accounts, many with no monthly maintenance fees. A few accounts are also interest-bearing but rely on tiered rates.
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- There’s no charge for using one of Capital One’s 70,000 ATMs nationwide.
- You can deposit checks, make a bill payment, and generate your account statement.
- You can do away with this charge by maintaining a $2,000 daily balance, and making deposits through Chase QuickAccept, or Chase Ink Business Card purchases.
Now it’s up to you to choose which is best for your business and start enjoying their amazing features with your fellow Minnesota entrepreneurs. In addition, Axos Business Checking accounts attract a high-interest rate of 1.01% APY, while other business accounts enjoy a 0.20% high-yield APY. They also offer treasury management for helping business owners conveniently execute high-volume transactions. Although they charge the industry standard out-of-network ATM fee, they make up for that with a competitive high-yield API interest rate of 0.2%.
Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all. Overall, Bridgewater users will be able to select among its three checking accounts. While all accounts require varying minimum deposits, the Interest Checking account will help you secure the best rates.
Just remember, it requires a $100 opening deposit and has a $9 monthly fee, which can be waived. We offer a range of personal banking accounts so you can take advantage of the same trust, comfort and convenience you enjoy with your business bank. The BankBonus team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews.
- But choosing one doesn’t have to be hard—discover your ideal bank below.
- Bank Business Essentials, Silver, or Platinum Business Checking account.
- There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.
- Online banksOnline banks offer financial services without physical locations.
Since you won’t find many physical Capital One locations, the bank’s top-rated mobile app comes to the rescue. With it, you can do all your transfers, make digital payments, and deposit money with your device’s camera. The app also gives you access to Capital One’s CreditWise service to monitor your credit score and hear cool tips. Whichever checking account you choose, you’ll get a debit card that you can use at over 37,000 ATMs nationwide.
This makes Axos an attractive option for you if you do not have a large amount of money to keep in your account. Opening up Capital One’s business savings accounts unlocks interest rates of up to 0.20% for your first year. This amount applies to balances up to $5 million, giving small businesses plenty of wiggle room.
Keep reading to learn the best banks to consider, their pros and cons, and discover how they work. Choosing the best banking relationship is a crucial part of growing your business and avoiding transaction errors in the future. It’s wise to hide away at least six months’ worth of operating expenses in case you hit a snag with your business operations.