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Best Savings Accounts in Minnesota of October 2022

Victoria Daniel

Are you in search of a savings account?

Minnesota has hundreds of banks that operate within the state. These banks offer a wide variety of online and in-person high-yield savings account options.

No two options are the same, starting with the interest. Different banks offer different annual percentage yield (APY) depending on their operating costs. For example, online banks tend to provide high APY since they have no physical branches to maintain. Apart from the APY, the high-yield savings accounts vary in terms of features such as account minimums, service charges and ease of access.

When choosing an account that is right for you, first consider your needs and preferences. Knowing what you need will help you focus your search on accounts that have features that are important to you. For example, if you prefer using your mobile phone to do all your banking, search for accounts with a robust mobile banking application.

We understand that choosing the right account can be a process. We looked into the interest rates, account fees, minimum requirements, and features of some of Minnesota’s best savings accounts.

Use our comprehensive review to compare the options and find the most suitable match for you today.

FDIC insured with check writing capabilities

$0

Min. To Earn APY

3.01%

Est. APY

Overview

UFB Direct Rewards Savings comes with check-writing capabilities and a free ATM card with a national network of fee-free ATMs.

What we like

  • Competitive interest rates
  • No minimum deposit
  • No recurring maintenance fees
  • Nationwide fee-free ATMs
  • Check writing capabilities
  • FDIC insured

What we don't

  • No physical branches
  • Account options are limited

Online banking with no monthly fees

$0

Min. To Earn APY

2.70%

Est. APY

Overview

This savings account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account. If you don't do either, you won't receive the higher end APY.

What we like

  • No monthly fees
  • FDIC Insured
  • No minimum balance fees
  • Online banking

What we don't

  • Minimum opening deposit
  • No ATM access
  • Tiered APY

Track your savings through online banking or the mobile app

$0

Min. To Earn APY

2.15%

Est. APY

Overview

Quontic Bank high yield savings account provides you with the opportunity to accrue interest at a rate 15x higher than the national average. Interest compounds daily and is paid into your account every month.

What we like

  • Mobile and online banking
  • Competitive interest rate
  • No monthly service fees
  • Interest compounded daily

What we don't

  • Limited access to physical branches
  • No sign up bonus
  • $100 minimum deposit requirement

No monthly, minimum, and overdraft fees

$0

Min. To Earn APY

0.61%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus

Provides access to money management tools

$0

Min. To Earn APY

0.03%

Est. APY

Overview

First Citizen Bank savings account is an online account that charges no monthly fees, but you need to make a minimum deposit of $50 to open this account.

What we like

  • Mobile and online banking
  • Money management tools
  • No monthly service fees
  • ATM card available
  • FDIC Insured

What we don't

  • Limited no-fee withdrawals
  • High wire transfer fee