Businesses Owners in Minneapolis find it a bit challenging to grow their businesses. This can be attributed to various problems ranging from economic and financial. The ideal solution for businesses in this city is to use a trusted bank that can help make their business successful. Here are our best picks on the best banks for Businesses in Minneapolis.
Best Business Checking Accounts In Minneapolis
Below are the best banks with the best checking accounts for businesses in Minneapolis :
- Ally Bank – Best Banks for businesses savings account
- U. S Bank – Best Bank with numerous branches in Minneapolis
- MidWestOne Bank – Best Bank that offers quality financial products and services
- CIT Bank – Best Bank for High APYs
Ally bank is a good choice for people who love online and mobile banking. Their business checking and savings account is one of the best in the country. Ally’s online savings account allows holders to enjoy a 3.40% APY. This low customer rake on savings up to 1,500 to a $12,000 deposit.
With their savings account, there are no deposit and maintenance fees, which makes it an ideal choice. Aside from their business checking account, there is also an interest checking account. This account allows you to earn interest as high as 0.26%.
Why we chose it: Ally is a Digital bank that appeals to many remote workers and small business owners. You can make all transfers online and send money to anyone via Zelle.
- High APY for everyone
- Quality Customer service
- Zero fees and balance requirement
- No physical location
U. S Bank has more than 4,500 branches in the country with Minneapolis having around 150. This has made them highly reliable as people see their physical presence in almost all districts. Asides from its physical bank branches, it also has extensive MoneyPass ATMs locations.
Like any top bank, U.S Bank provides savings and checking business accounts that business owners can key into. If you are interested in their checking accounts, you could open the U.S Bank Smartly Checking Account or the Safe Debit Account. The ones you should open will depend on your financial needs.
Why we chose it: U. S Banks allow account holders to perform numerous banking functions through their mobile app and website. Irrespective of its physical presence, it has one of the best mobile banking in Minneapolis. If you can walk around to their office, you can deposit and transfer anytime.
- Many Branches and ATM locations
- Perfect Mobile and online banking features
- Numerous Savings and checking business accounts
- Comes with some maintenance fees
MidWestOne Bank also has an immense presence in Minneapolis. They have about 20 branches and ATM locations in the state. If you seek a bank that provides extensive bank products and services.
These products include checking and savings accounts, CDs, and Money Market Accounts. Accounts you can open with them include a Power checking account, Relationship Checking, and Free checking accounts.
Minimum deposits for each account differ, however, most come with no or waivable Monthly fee. You can also use their mobile app to pay bills, monitor transfers and print out account statements.
Why we chose it: MidWestOne bank provides easy access to loans and offers a good mobile banking experience. The banking products offered by them include quick bill payments, transfer funds, and wire transfers.
- Have about 20 branches in Minneapolis
- Excellent mobile app and website
- Numerous banking products offered
- Low APY
CIT Bank offers individuals and Business owners high-interest rates and APYs. At 0.45%, there are very few banks that can match their APY rate. If your account balance is average, this can be upgraded to 1%. You will need to keep your balance minimum at $25,000 or deposit $100 monthly.
Why we chose it: CIT Bank is best for those seeking a bank where they can save money. Their charges are low or waivable, you can also enjoy a savings-building feature. This allows you to manage your transactions. CIT offers online features like digital bank statements and inter-account accounts amongst others.
- High APYs for customers
- No monthly fees
- Customers need to have at least $25,000 in their account or deposit $100 to earn a good APY.
Recommended Bank Account for Businesses in Minneapolis
The recommended banks for businesses in Minneapolis are CIT, MidWestOne, Ally, and U. S Bank. These banks are chosen because they provide features such as great customer service, easy access to loans, high APY, and numerous banking products. If you want a good bank partner for your business, open a business bank account with the above-mentioned banks today.