8 Best Banks for Small Businesses in Minnesota for 2026
The best banks for small businesses in Minnesota keep monthly fees low, take cash deposits without extra charges and pay interest on money that sits in the account. A bakery that needs small business banking in Minneapolis has different needs than a consultant in Duluth who never touches cash, so one bank will not fit everybody.
This list covers eight options, from national banks with branches across the state to online platforms with no monthly fee. We compared fees, minimum balances, interest rates, cash deposit rules and loan access. We also checked what each account costs after the first month, because that is where many owners get surprised.
Opening a business bank account in Minnesota takes a few minutes online with most of these banks. A $15 monthly fee adds up to $180 a year, so the choice matters even for a small shop. Fees and rates below were checked in October 2026 and can change, so confirm them with the bank before you apply. This page may contain partner links, and we may earn a commission if you open an account through them, at no extra cost to you.
Disclosure: some links on this page are affiliate links. We may earn a commission at no extra cost to you. It does not change how we evaluate options.
Quick List of the Best Banks for Small Businesses in Minnesota
Here is the ranked list with the main reason each bank made the cut. Full reviews follow right after it.
- Bluevine: best overall, with no monthly fee on the Standard plan and interest on checking
- Capital One: best for an easy-to-waive monthly fee and free overdraft protection
- Lili: best for tax and expense tools aimed at the self-employed
- U.S. Bank: best for loans and branch access, with headquarters in Minneapolis
- Relay: best for splitting money across many checking accounts
- Axos: best for online business checking with no monthly fee
- Bank of America: best for cash flow tracking and in-person help
- Chase: best for card payments, sign-up bonuses and business credit cards
Best Small Business Banks in Minnesota Reviewed
Each review uses the same layout: a short summary, the numbers that matter and the biggest pros and cons. Fees refer to the entry account unless noted.
1. Bluevine: Best Overall Bank for Small Businesses
Bluevine is an online platform, not a bank, and deposits sit at Coastal Community Bank, Member FDIC. The Standard plan has no monthly fee and pays 1.3% APY when you meet a monthly activity requirement. Plus pays 1.75% and Premier pays 3.0%, far above the 0.07% national average for business checking. That makes it a strong pick for free business checking in Minnesota, especially for consultants, contractors and medical or tech startups that get paid by ACH or card. Invoicing and bill pay are built in, and sub-accounts help you set money aside for taxes and payroll. Bluevine works as an online business bank in Minnesota and every other state, and it has no branches. Cash is the weak spot, so a shop that takes cash every day may want a second account at a local bank.
| Feature | Details |
|---|---|
| Monthly fee | $0 on Standard, $30 on Plus and $95 on Premier, both waivable |
| Interest (APY) | 1.3% on Standard, 1.75% on Plus, 3.0% on Premier |
| Cash deposits | $4.95 at Green Dot locations |
| FDIC coverage | Up to $3 million through program banks |
Pros
- No monthly fee on the Standard plan
- Interest on checking balances
- Invoicing and bill pay included
Cons
- Cash deposits carry fees
- No physical branches
2. Capital One: Best for an Easy-to-Waive Monthly Fee
Capital One has a small physical footprint, so most banking happens online or at an ATM. Its Basic Checking account is simple: the monthly fee is $15 and it disappears when your average balance over the past 30 or 90 days reaches $2,000. You get free overdraft protection when the account is linked to another Capital One business deposit account, and more than 70,000 ATMs are fee-free. Owners who send more wires can move up to Enhanced Checking, which costs $35 a month unless the balance stays at $25,000 or more. This is a good business checking account in Minnesota for people who keep a steady balance. A business savings account is available too, which helps when you want to build a tax or emergency fund. If you also run a second location in Maryland, compare it with our list of the best business banks in Maryland.
| Feature | Details |
|---|---|
| Monthly fee | $15 on Basic, waived at a $2,000 average balance |
| Cash deposits | First $5,000 a month free, then $1 per $1,000 |
| ATMs | More than 70,000 fee-free |
| Overdraft | Free protection with a linked business deposit account |
Pros
- Fee is easy to waive
- Large fee-free ATM network
- Free overdraft protection when linked
Cons
- Monthly fee applies below a $2,000 average balance
- Few branches for in-person service
3. Lili: Best for Tax and Expense Tools
Lili is a financial technology company that works with Sunrise Banks, N.A., Member FDIC, and it is built for freelancers and sole proprietors. The entry plan has no monthly fee and no opening deposit. Paid plans start at $15 a month and add overdraft cover of up to $200. The app sorts expenses by tax category, lets you attach receipts and helps you set money aside for taxes, which saves time when filing season arrives. It is one more route to free business checking in Minnesota without a trip to a branch. Cash works through Green Dot retailers at up to $4.95 per deposit, and ATMs do not accept cash deposits.
| Feature | Details |
|---|---|
| Monthly fee | $0 on the entry plan, paid plans from $15 |
| Minimum opening deposit | $0 |
| Cash deposits | Green Dot retailers, fee up to $4.95 |
| Partner bank | Sunrise Banks, N.A. |
Pros
- No monthly fee or opening deposit
- Tax and expense tools built in
Cons
- Cash deposits cost up to $4.95 and cannot be made at ATMs
- Overdraft cover sits behind a paid plan
4. U.S. Bank: Best for Loans and Branch Access
U.S. Bank is headquartered in Minneapolis and counts more than 100 branches in the state, which gives it the largest local footprint among the national names here. The Business Essentials account has no monthly maintenance fee, needs a $25 opening deposit and allows unlimited digital transactions. An owner who wants small business banking in Minneapolis or Saint Paul can deposit in person, then move to Gold or Platinum as volume grows. Those tiers carry fees of $20 and $30 a month, and both can be waived. U.S. Bank is also an SBA Preferred Lender in Minnesota, with lines of credit and term loans, so one bank can handle the account and the financing. Checking earns no interest, so keep idle cash elsewhere.
| Feature | Details |
|---|---|
| Monthly fee | $0 on Business Essentials |
| Minimum opening deposit | $25 |
| Transactions | Unlimited digital |
| Interest | None on checking |
Pros
- No monthly fee on Business Essentials
- Many branches plus SBA lending
Cons
- No interest on checking
- Higher tiers add monthly fees unless waived
5. Relay: Best for Splitting Money Across Checking Accounts
Relay lets you open up to 20 checking accounts on the free Starter plan, each with its own account and routing number. Many owners use them as envelopes for taxes, payroll, rent and profit, so spending stays visible. Starter costs $0 a month, Grow costs $30 and Scale starts at $90. It syncs with QuickBooks and Xero and supports virtual debit cards for the team. Deposits are held at Thread Bank, Member FDIC, and a sweep network extends coverage up to $3 million. Checking earns no interest, but linked savings pays 1.11% on Starter, 1.75% on Grow and 3.00% on Scale, based on May 2026 rates. It is one of the best bank accounts for freelancers and sole proprietors in Minnesota who want tax money set aside by rule. A business that deposits a lot of cash or paper checks will struggle here.
| Feature | Details |
|---|---|
| Monthly fee | $0 on Starter, $30 on Grow, from $90 on Scale |
| Checking accounts | Up to 20 |
| Savings APY | 1.11%, 1.75% or 3.00% depending on plan |
| FDIC coverage | Up to $3 million through a sweep network |
Pros
- 20 checking accounts on the free plan
- QuickBooks and Xero sync
Cons
- No interest on checking
- Cash deposits are hard to make
6. Axos: Best for Online Business Checking
Axos Bank is a full online bank, so there are no branches, yet its Basic Business Checking has no monthly fee, no opening deposit and unlimited transactions. Incoming wires are free. If you want interest, Business Interest Checking pays 1.01% APY on balances below $50,000 as of September 2026, and the $10 monthly fee goes away with a $5,000 average daily balance. Axos also lists SBA loans and treasury management, so growing companies do not have to change banks. It suits owners who want a real bank account with fees close to zero and no need for a branch. Cash deposits go through partner ATMs and retailers, and those can carry fees.
| Feature | Details |
|---|---|
| Monthly fee | $0 on Basic, $10 on Interest Checking unless $5,000 average daily balance |
| Minimum opening deposit | $0 |
| Interest | 1.01% APY on Interest Checking below $50,000 |
| Incoming wires | Free |
Pros
- No monthly fee and unlimited transactions on Basic
- Interest-bearing option at the same bank
Cons
- No branches
- Cash deposits depend on partner ATMs
7. Bank of America: Best for Cash Flow Tools
Bank of America has about 20 financial centers in Minnesota, fewer than U.S. Bank or Chase, but its Business Advantage Fundamentals account is flexible. The monthly fee is $16 and the first 12 statement cycles are free. After that you avoid it with a $5,000 combined average balance, $500 in net debit card purchases or membership in Preferred Rewards for Business. The first $5,000 in cash deposits each cycle is free, and so are the first 20 paper transactions. Cash Flow Monitor and links to QuickBooks and Expensify show money coming in and going out, and business specialists answer by phone or at a financial center. A shop in the Twin Cities that handles both cash and checks can often cover both here. Bank of America is headquartered in Charlotte, so a business with a second site in North Carolina can compare local options in our guide to the best business banks in North Carolina.
| Feature | Details |
|---|---|
| Monthly fee | $16, free for the first 12 statement cycles |
| How to waive | $5,000 balance, $500 in debit purchases or Preferred Rewards |
| Cash deposits | First $5,000 each cycle free |
| Minimum opening deposit | $100 |
Pros
- Three ways to waive the monthly fee
- Cash flow tools with QuickBooks link
Cons
- No interest on checking
- Cash and paper item limits are tight for busy shops
8. Chase: Best for Card Payments and Bonuses
Chase counts more than 35 branches in Minnesota, most of them in and around Minneapolis. Business Complete Banking costs $15 a month, and you can waive the fee with a $2,000 daily balance, $2,000 in QuickAccept deposits or spending on a Chase Ink card. QuickAccept takes card payments and deposits them the same day, so a restaurant, retail shop or service company does not need a separate merchant account. Invoicing is built in. Chase business credit cards pay cash back or travel rewards, and new accounts often come with a sign-up bonus, so read the current terms before you apply. Wire fees and low interest are the weak points. Chase also has branches in Michigan, which helps if you run a second location there, and our guide to the best business banks in Michigan covers the other choices.
| Feature | Details |
|---|---|
| Monthly fee | $15, waived with a $2,000 daily balance or other activity |
| Card payments | QuickAccept with same-day deposit |
| Branches in Minnesota | More than 35 |
Pros
- Card acceptance and invoicing built in
- Large branch and ATM network
Cons
- Wire fees add up
- Very low interest on balances
Best Business Banks in Minnesota Compared
The table puts the entry fee and the best use of each pick side by side. Small business banks in Minnesota differ a lot on fees, so check the tier you plan to open.
| Bank | Monthly Fee | Best For |
|---|---|---|
| Bluevine | $0 on Standard | Interest and invoicing |
| Capital One | $15, waived at $2,000 | Easy fee waiver |
| Lili | $0 on entry plan | Tax tools |
| U.S. Bank | $0 on Business Essentials | Loans and branches |
| Relay | $0 on Starter | Many checking accounts |
| Axos | $0 on Basic | Online checking |
| Bank of America | $16, first 12 months free | Cash flow tools |
| Chase | $15, waived at $2,000 | Card payments |
How to Choose a Business Bank Account in Minnesota
The best banks for small businesses in Minnesota differ mostly on four points: fees, cash handling, software and credit. Answer these four first and the shortlist shrinks fast.
Fees, Minimum Balance and Monthly Limits
The best business checking account in Minnesota for you starts with the monthly fee and the rule to waive it. Many banks ask for $2,000 to $5,000 in the account, which is easy in a busy month and harder in winter when a landscaping or construction company slows down. Seasonal owners should pick an account with no balance rule or with several ways to waive the fee. Maine businesses face the same swings, which is why our guide to the best business banks in Maine looks at that problem too. Next, read the limit on free transactions. Bank of America charges 45 cents per paper item after the first 20, while U.S. Bank and Axos allow unlimited digital activity.
Cash Deposits and Branch Access
Cash changes the answer more than anything else. A bar, bakery or salon that deposits cash every day should look at U.S. Bank, Chase or Bank of America, since they have branches and deposit ATMs. Online accounts usually route cash through retailers and charge up to $4.95 per deposit. Branches cluster in the Twin Cities, Rochester, Duluth and St. Cloud, and they thin out in Greater Minnesota, so check the nearest location before you commit. Farm suppliers and equipment sellers that ship into Kansas can compare banks there in our guide to the best business banks in Kansas.
Interest, Online Banking and Software Tools
Most business checking pays nothing. The FDIC publishes national deposit rates, and they show how low a typical rate is next to the 1.3% to 3.0% Bluevine pays. An interest-bearing business checking account in Minnesota usually needs a monthly activity goal or a higher plan. Check for QuickBooks or Xero sync, bill pay, invoicing and team cards, and ask how fast ACH transfers settle, since next-day settlement matters for payroll and vendor payments. Medical device and healthcare companies, which are a large part of the state economy, may work with partners in Massachusetts and need clean wire and ACH tools, so see our list of the best business banks in Massachusetts.
Loans and SBA Support
Banking with the lender can speed up an application. GoSBA data shows Minnesota businesses received $620.2 million in SBA loans across 1,370 businesses in 2025, at an average rate of 9.50%. Ask if the bank is an SBA Preferred Lender, which can approve and close loans without waiting for SBA review. The SBA explains terms and limits on its 7(a) loan page. Bluevine offers lines of credit up to $250,000, and U.S. Bank and Old National both write SBA loans.
Local Banks and Credit Unions Worth Checking in Minnesota
Most picks above are national or online. Community banks in Minnesota and credit unions can still beat them on loan decisions and personal contact, and the best banks for small businesses in Minnesota often include one local quote. The table lists institutions that came up in SBA data and local rankings. Use the same checklist on each: monthly fee, free transactions and cash deposit limit.
| Institution | Type | Why Check It |
|---|---|---|
| Old National Bank | Regional bank | Second by 2025 SBA 7(a) volume with 71 loans, and Bremer Bank joined it in May 2025 |
| Bell Bank | Regional bank | SBA lender with business lending and treasury services |
| Sunrise Banks | Community bank | Partner bank behind Lili, with small business lending |
| Security Bank & Trust | Community bank | 21 branches in 18 communities and a Gold award for Best Minnesota Business Bank in 2026 reader voting |
| Affinity Plus | Credit union | Free business checking and more than 30 branches, but no online business account opening |
Credit union business checking in Minnesota often costs less than a bank account, but digital tools can be thinner. Ask about SBA lenders in Minnesota that work with your industry, since loan officers who know your market can move faster.
How to Open a Business Bank Account in Minnesota
Most banks ask for the same papers. Gather them first and an online application can take a day or less.
- An EIN, or your Social Security number if you are a sole proprietor
- Formation papers, such as the articles of organization for an LLC
- A Minnesota Certificate of Assumed Name if you operate under a DBA
- Government ID for every owner
- Your operating agreement or ownership details
- An opening deposit, which runs from $0 at Bluevine, Lili, Relay and Axos to $100 at Bank of America
LLC owners should keep a separate account, because mixing personal and business money can weaken the liability protection the LLC gives you. A business bank account for an LLC in Minnesota also makes tax time easier. If your company is moving here from Georgia, our guide to the best business banks in Georgia shows how your current bank compares.
How We Ranked the Best Banks for Small Businesses in Minnesota
We started with monthly fees and the ways to waive them, then looked at minimum balances, interest rates, cash deposit limits and mobile banking. Ease of opening mattered too, since most owners only need an EIN and a few documents. We also checked loan access and the number of branches in Minnesota, because cash and in-person help still matter outside the Twin Cities. Fees, rates and plan names came from bank websites and fee schedules, and where sources disagreed we used the bank. Rates move often, so treat them as a starting point. Some links on this page are partner links, and we may earn a commission if you open an account, at no extra cost to you.
Bottom Line
Bluevine is the best overall pick for owners who bank online and want no monthly fee plus interest on checking. U.S. Bank and Chase suit businesses that need branches and cash deposits. Capital One and Bank of America work well when you can keep a steady balance, and Lili, Relay and Axos cover the self-employed and digital-first owners. The best banks for small businesses in Minnesota are the ones that match how you get paid, so check your cash volume, your usual balance and your need for a loan first. A business bank account in Minnesota is easy to open, so pick one and move your business money out of personal checking.
FAQs About Business Banking in Minnesota
What Is the Best Bank for Small Business in Minnesota?
It depends on how you work. Bluevine ranks first among the best banks for small businesses in Minnesota on this list, thanks to online banking with no monthly fee and interest on checking, while U.S. Bank, headquartered in Minneapolis, suits owners who need branches and loans. Cash-heavy shops should lean toward a bank with deposit ATMs. Compare two or three accounts on fees, cash limits and tools before you decide.
Do I Need a Business Bank Account for an LLC in Minnesota?
You should have one. A separate account shows that personal and business money stay apart, which supports the liability protection an LLC gives you, and it keeps taxes simpler. Most banks ask for your EIN and formation papers. Check with an attorney or accountant for advice on your situation.
What Is the Best Bank for Freelancers and Sole Proprietors in Minnesota?
Lili and Relay fit most freelancers, since Lili handles tax and expense tracking and Relay splits income into separate accounts. Bluevine is a good choice if you want interest on checking and built-in invoicing. Sole proprietors can open accounts with a Social Security number or an EIN, though an EIN keeps business and personal records apart.
Which Minnesota Business Bank Account Has No Monthly Fee?
Bluevine Standard, the Lili entry plan, Relay Starter, Axos Basic Business Checking and U.S. Bank Business Essentials all have no monthly fee. Capital One, Bank of America and Chase charge $15 or $16 unless you meet a waiver rule, such as a minimum balance.
Can I Open a Business Bank Account Online in Minnesota?
Yes, with most online banks such as Bluevine, Lili, Relay and Axos, and with Capital One. Some local banks and credit unions, including Affinity Plus, may ask for a visit. Have your EIN, formation papers and ID ready before you start.
Can I Open a Business Bank Account With Bad Credit?
Banks generally do not run a credit check to open a checking account. They may review your ChexSystems report, so problems with a personal account in the past can still block you. If that applies to you, look for banks that do not use ChexSystems or try an online account.
How Much Money Do I Need to Open a Business Bank Account?
The amount ranges from $0 to $1,000 depending on the bank. Bluevine, Lili, Relay and Axos ask for nothing, U.S. Bank asks for $25 and Bank of America asks for $100. Opening deposits matter less than the balance needed to waive the monthly fee.
Is There a Nonprofit Bank Account in Minnesota?
Yes. U.S. Bank has Nonprofit Business Checking with no monthly fee, and SPIRE Credit Union says its business checking is built with small businesses and nonprofits in mind. A nonprofit bank account in Minnesota usually asks for your EIN and proof of nonprofit status.