But, with so many great options, choosing the right one can feel overwhelming. U.S. Bank is headquartered in Minneapolis, Minnesota, and offers its services to customers across the West and Midwest. Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area. They also offer various lines of credit cards including Business, Secured, Low-interest, Cashback, and General Travel credit cards. Capital One’s business accounts come with a $15 monthly fee that can be hefty for a small business.
Bank of America Advantage Banking – $300 Bonus Offer
Citizens Bank Minnesota is a local community bank headquartered in New Ulm, Minnesota. Customers have access to 6 local brick-and-mortar branches and online banking services. Customers can access personal, business, and agricultural banking services – and 37,000 Moneypass network ATMs. Any business with at least one employee requires an EIN for tax purposes, and banks will use this when registering your account.
Mobile Banking Features
You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month. You don’t need to keep a minimum balance with Capital One to keep your account open. It is in your best interest to maintain at least $2,000 in your checking to avoid the $15 monthly service fee. Keeping extra funds in your savings account allows you to generate some interest on money not currently in use.
You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to spend a lot of wire transfers, be aware of Axos’s $35 charge for each one. Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location.
The Top Frequently Asked Questions (FAQs) For Best Banks For Businesses In Minnesota
- However, the state is served by financial institutions across the board.
- You’ll also have access to its online and mobile features, which allow you to transfer funds, make deposits and pay bills.
- Higher-tier accounts do have waivable monthly fees to contend with as your company grows.
- And what better way to take advantage of these digital tools than by opening an Ally Online Savings Account?
Lili Bank has a no minimum balance requirement for its checking account, which means that you do not need to maintain a certain balance to avoid monthly fees. This makes it a good option if you are just starting your business or have a fluctuating income. Bridgewater’s basic account serves as a suitable choice for a low-cost checking account.
The bank currently operates around 15 branches and also offers a wide range of ATMs locally. However, Iowa and Minnesota aren’t the only states in which it functions. Specifically, MidWestOne operates 44 brick-and-mortar locations in Iowa, Minnesota, Wisconsin, Florida and Colorado.
Benefits and Features
Because the area offers so many, it’s sometimes difficult to find the best bank for you. Below, we’ve determined the top national and regional financial institutions the area has to offer to help you choose. In creating this list, we focused on FDIC-insured banks with branches in the state to emphasize convenience and community support. We also considered factors like locations, online banking, and service range. And what better way to take advantage of these digital tools than by opening an Ally Online Savings Account?
There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health. 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. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible. Axos Bank Basic Business Checking does personal and business banking twin cities not charge a monthly maintenance fee or impose requirements on keeping your account open.
Their mobile banking app includes a virtual banking assistant, budgeting tools, a home equity calculator, and mobile check deposit features. Bank of America customers also have access to Zelle for instant payments, bill pay, and loan and home equity calculators. Bank of America also offers credit cards, small business and corporate banking products. Oxygen Bank has no minimum balance requirements for its checking and savings accounts.
Here are the top banks in credit unions in Minnesota that you can open an account with today. It is possible to open a bank account without a Social Security Number (SSN) in Minnesota. However, it may depend on the bank’s policies and what alternative identification and documentation you have available. You may be asked to provide an Individual Taxpayer Identification Number (ITIN), a passport, or other government-issued identification.
Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way. If interest rates are what you’re after, there are few better choices than CIT Bank’s Savings Builder account. A 0.40% APY is its standard rate, but customers can fairly easily upgrade to a 1.00% APY. For this to become a reality, you’ll have to either deposit $100 monthly or keep your balance at or above $25,000. To get started, prospective customers need just a $100 starting deposit. Regional banksRegional banks, on the other hand, serve specific geographic areas such as a state or region.
- We make money from affiliate relationships with companies that we personally believe in.
- We are not financial advisors and we recommend you consult with a financial professional before making any serious financial decisions.
- Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.
- Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.
- A few accounts are also interest-bearing but rely on tiered rates.
None of the bank’s checking accounts offer any interest, making free digital transfers that much sweeter. Bluevine is our best overall bank for small business owners because they have just about every banking service small business owners will need. This goes from offering zero minimum balance requirements, zero monthly maintenance fees, and high-interest rates to multiple transaction methods and fully-online banking solutions. Lili Bank offers a mobile banking app that is specifically designed for freelancers and small business owners.
BMO also offers money markets, CDs, and HSAs to help with your savings goals. Many of Wings Financial Credit Union’s checking and savings accounts come with no monthly maintenance fees or minimum balance requirements. MidWestOne’s primary products include CDs, checking and savings accounts and money market accounts (MMAs). In addition to its Consumer Savings and Kidz Club accounts, MidWestOne offers four different checking accounts.
While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn. Although Bluevine doesn’t have any bonus reward yet, unlike any other bank, they offer the highest business checking account interest rate of a whopping 2.0% APY. BMO Harris’ Premier Money Market account (MMA) is a feasible option if you’re looking to earn solid interest rates in the Minneapolis area. You only need $25 to open an account, but there is a $10 monthly fee.
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