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Picturesque landscapes and unique wildlife draw throngs of tourists to North Dakota. But it’s also a great place to live and work, with agriculture and energy attracting top employers to the state.
If you’re among the millions who call North Dakota home, finding a bank that fits your needs is likely a top priority. Whether you’re in the market for a new bank or you’re thinking about a new credit card or CD, we have a list of some of the top banks in North Dakota to help you narrow your options.
12 Best Banks in North Dakota
From brick-and-mortar banks to online banking options, North Dakota has a little something for everyone. The state has a larger share of small, local banks than we typically see, but there are also plenty of large banks with nationwide branches. Here’s our list of the 12 best banks in North Dakota to help you narrow down the options.
1. U.S. Bank
U.S. Bank is another option for North Dakota residents who travel often. You’ll find more than 2,000 branches in 26 states, including throughout North Dakota. The Bank Smartly Checking account has a $6.95 fee which is easily waived by having at least $1,000 in direct deposits each month, keeping an average balance of $1,500, having a U.S. Bank credit card, or joining Smart Rewards.
Military members and those under age 25 or over age 64 automatically qualify for a fee waiver. U.S. Bank’s interest rates on deposits are also worth a look. Savings accounts earn up to 4.50% APY, while CD rates go all the way up to 4.75% APY.
Fees:
- $6.95 monthly fee (waived with requirements)
- $36 overdraft fee
Balance requirements:
- $25 deposit to open
- No daily balance minimum
ATMs:
- Fee-free at U.S. Bank ATMs
- Fee-free at MoneyPass ATMs nationwide
- $2.50 out-of-network ATM fee
Interest on balance:
- Up to 4.50% APY on savings account
- Up to 4.75% APY on CDs
- Up to 4.50% APY on money market accounts
Additional perks:
- Smart Rewards offer perks like waived fees and discounts on mortgage loans
- Personal finance tips and insights come with Bank Smartly checking account
2. Gate City Bank
If you’re looking for that local bank experience, Gate City Bank is worth considering. You’ll find 44 locations in 23 communities across North Dakota and Central Minnesota. But one of the best things about Gate City Bank is its unlimited ATM fee refunds. You can use any ATM, anywhere around the world, and Gate City Bank will refund all third-party fees. There are multiple checking account options, including a fee-free account that requires only $50 to open.
Fees:
- No monthly maintenance fees
- $32 overdraft fee
Balance requirements:
- $50 minimum opening deposit
- No minimum balance requirements
ATMs:
- Fee-free at ATMs worldwide
- Unlimited refunds of all out-of-network ATM fees
Interest on balance:
- Up to 0.15% APY on savings accounts
- Up to 4.84% APY on CDs
- Up to 2.50% APY on money market accounts
Additional perks:
- Wide variety of loan options
- Free custom debit card options
3. Chime
Another online banking option is Chime, which offers a fee-free checking account and up to 2.00% APY on its savings account. While you won’t get a physical location, Chime does give you access to cash at ATMs, as well as cash deposits at partner retailers nationwide. You’ll need direct deposit to qualify for perks like a secured credit card that helps you build credit.
Fees:
- No monthly fees
- No fees for overdrafts
Balance requirements:
- No deposit to open
- No daily balance minimum
ATMs:
- Fee-free at 60,000+ ATMs nationwide
- $2.50 out-of-network ATM fee
Interest on balance:
- 2.00% APY on savings accounts
Additional perks:
- Cash deposits at 90,000+ retailers nationwide
- Secured credit card helps you build credit
4. American Express National Bank
As long as you don’t need local branches, an online bank like American Express National Bank could give you all the features you need. American Express Rewards Checking is fee-free, while also letting you earn 1.00% APY and rewards points on debit card purchases. Although there are no branch locations, you can get real-time customer support 24/7 via phone or chat.
Fees:
- No monthly maintenance fees
- No overdraft fees
Balance requirements:
- No minimum deposit to open
- No minimum balance requirements
ATMs:
- Fee-free at 37,000+ MoneyPass ATMs nationwide
Interest on balance:
- 1.00% APY on checking account balances
- 4.00% APY on savings accounts
- Up to 4.65% APY on CDs
Additional perks:
- Rewards on debit card purchases
- 24/7 customer support
5. Bell Bank
Not only is Bell Bank headquartered in Fargo, but you’ll find branch locations throughout North Dakota, as well as in Arizona and Minnesota. There are limited Bell Bank ATMs, but as an account holder, you’ll be able to use your debit card fee-free at any ATM in the country.
Bell Bank will refund the first four third-party fees each month, but you’ll be responsible for the rest. One thing that makes this bank stand out, though, is its competitive interest rates on CDs. Currently, Bell Bank has a promotional rate of 5.10% APY on 7-month CDs and 5.05% APY on 14-month CDs.
Fees:
- No monthly maintenance fees
Balance requirements:
- No minimum opening deposit
- No minimum balance requirement
ATMs:
- Fee-free at Bell Bank ATMs
- Fee-free at non-Bell Bank ATMs nationwide
- First four third-party ATM fees refunded each month
Interest on balance:
- Up to 3.04% APY on savings accounts
- Up to 5.10% APY on CDs
Additional perks:
- Wealth management services available
- Competitive rates on auto and personal loans
6. Bremer Bank
For those who travel mostly within the upper Midwest region of the U.S., Bremer Bank could have everything you need. This regional bank has locations in North Dakota, Minnesota, and Wisconsin. The basic checking account comes with a $3 monthly fee, but you can avoid it by enrolling in free online statements, maintaining a $1,500 average balance, or being under age 21 or over age 64.
Fees:
- $3 monthly maintenance fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- $100 minimum deposit to open
- No minimum balance requirements
ATMs:
- Fee-free at Bremer Bank ATMs
- Fee-free at MoneyPass ATMs nationwide
- $2.75 for each out-of-network ATM transaction
Interest on balance:
- 0.30% APY on savings accounts
- Up to 3.00% APY on CDs
- Up to 3.30% APY on money market accounts
Additional perks:
- First order of checks is free
- Checking account comes with a complimentary financial plan
7. GO2bank
Online banks are all about the mobile banking experience, and GO2bank delivers in this area. You’ll get everything you need in the app, including the ability to deposit checks, transfer money, and pay bills. You’ll also get cash deposits at retailers nationwide, including Walgreens and Walmart.
Fees:
- $5 monthly service fee (waived with requirements)
- $15 overdraft fee
Balance requirements:
- No minimum initial deposit
- No minimum balance required
ATMs:
- Fee-free at Allpoint ATMs nationwide
- $3 for each out-of-network ATM transaction
Interest on balance:
- 4.50% APY on savings accounts
Additional perks:
- Deposit cash at 90,000+ retailers nationwide
- Up to 7% cash back on gift cards
8. Bravera Bank
Bravera Bank is a small local bank with branches in Bismark and Dickinson, North Dakota, as well as Great Falls and Billings, Montana. If you’re in the market for a loan, Bravera has plenty of options, including auto, boat, RV, and even snowmobile loans. Bravera also has a variety of solutions for small business owners, including loans and multiple business checking account options.
Fees:
- No monthly service fees
- $30 overdraft fee
Balance requirements:
- No minimum daily balance requirements
ATMs:
- Fee-free at Bravera Bank ATMs
Interest on balance:
- Rates not publicly disclosed
Additional perks:
- $1,000 bonus for new homeowners who refinance within two years
- Business loans and lines of credit available
9. First Community Credit Union
Credit unions bring VIP-style perks to those who qualify for membership. First Community Credit Union is open to those who live in the North Dakota and Minnesota communities within the FCCU service area. FCCU has three fee-free checking accounts, each with its own benefits. Two of the accounts offer rewards for purchases while the other issues 2.50% APY on your balance.
Fees:
- No maintenance fees
- $30 overdraft fee
Balance requirements:
- No minimum balance required
ATMs:
- Fee-free at First Community Credit Union ATMs
- Fee-free at 32,000+ MoneyPass ATMs nationwide
- Fee-free at 30,000+ CO-OP ATMs nationwide
- Fee-free at 6,700+ NYCE Network ATMs nationwide
Interest on balance:
- Up to 5.03% APY on CDs
Additional perks:
- Competitive rates on loans
- Competitive offerings for small business owners
10. Wells Fargo
Those who travel often might want to consider a national bank like Wells Fargo. You’ll find branches and ATMs in 37 states, including in locations across North Dakota. Currently, Wells Fargo is offering a $300 bonus if you open a new account with a $25 initial deposit and have at least $1,000 in direct deposit activity in the first 90 days.
One of the most popular choices is Everyday Checking, which has with no fees if you meet certain conditions. You must maintain a minimum daily balance of $500. Alternatively, you can receive $500 or more in qualifying electronic deposits. Another option is to be between the ages of 17 and 24. Lastly, you can also have a Wells Fargo Campus card linked to your checking account.
Fees:
- $10 monthly service fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- $25 minimum deposit to open
- No minimum daily balance required
ATMs:
- Fee-free at Wells Fargo ATMs
- $2.50 out-of-network ATM fee
Interest on balance:
- Up to 2.51% APY on savings accounts
- Up to 4.76% APY on CDs
Additional perks:
- $300 bonus for new checking accounts
- Generous rewards and bonuses on credit cards
11. VISIONBank
If you live in the Fargo area, VISIONBank is one of North Dakota’s best local banks. You’ll find three branches in South Fargo, West Fargo, and North Fargo, but you can access cash at any MoneyPass ATM across the country. If you run a small business, you might like VISIONBank’s business banking options, including great rates on loans.
Fees:
- No monthly fees
- $29.50 overdraft fee
Balance requirements:
- No daily balance minimum
ATMs:
- Fee-free at VISIONBank ATMs
- Fee-free at MoneyPass ATMs nationwide
Interest on balance:
- Up to 0.75% APY on savings accounts
- Up to 4.78% APY on CDs
Additional perks:
- Multiple business checking account options
- Robust mobile banking options
12. BNC National Bank
BNC National Bank is a smaller national bank with locations in North Dakota, Minnesota, and Arizona. You’ll get multiple locations across North Dakota, including branches throughout the Bismarck area. You’ll need a $50 deposit to open a checking account with BNC, but the basic account comes with no fees or balance requirements.
Fees:
- No monthly fees
- $32.98 overdraft fee
Balance requirements:
- $50 deposit to open
- No daily balance minimum
ATMs:
- Fee-free at BNC Bank ATMs
- Fee-free at MoneyPass ATMs nationwide
- Fee-free at Pulse ATMs nationwide
Interest on balance:
- Rates not publicly disclosed
Additional perks:
- Free checking for those aged 50 and over
- Multiple business loans for small business owners
How We Picked: Methodology
When it comes to banking services, there is no one size fits all solution. We looked at a variety of factors, while also trying to bring a combination of national, local, and regional banks. Here are some criteria considered while compiling this list.
Online Banks vs. Big Banks
Mobile banking is an important feature for most consumers. You’ll want to be able to pay bills, deposit checks, and manage your debit card through the mobile app. These days, though, even traditional banks offer robust mobile banking features, so the choice to go with an online-only bank is a personal one.
We chose plenty of traditional banks that offer in-person service for those who like that option. But we also considered that some local and regional banks don’t have the mobile features offered by online banks and national banks.
We included a credit union because even though membership is limited, the lower interest rates and increased community commitment can make it a great choice for a small business owner or a consumer who wants that personal touch.
Opening Deposit
Not all banks in North Dakota let you walk in the door and open an account. For many, you’ll need some cash in hand to get the account started. When making our list of financial institutions, we paid close attention to this opening deposit to make sure you know what’s required.
Many of the best checking accounts require a minimum deposit to open. This might be $25 or $50, but occasionally, you’ll see a $100 requirement. If you’re looking for a checking account that pays an interest rate, though, you may find that the requirement to open an account is $1,000 or more.
Cash Deposits
As convenient as the internet and mobile banking have made cash management, there is one thing an internet connection can’t get you. When you need to deposit or withdraw cash, your phone won’t be of much help.
That’s why we prioritized ATM access in our look at the best banks in North Dakota. You might assume that a traditional bank is necessary, but online banking is getting better at cash access. Many online banks now have partnerships with ATM networks like MoneyPass and Allpoint. With those, you can access cash at ATMs inside retailers like CVS and Walmart, whether you’re at home or traveling.
Interest Rates
Interest rates factor into our search in two ways. First, there’s the interest rate you’ll pay if you take a mortgage or auto loan. Typically, local banks and credit unions tend to be the most competitive, but you’ll also find some online banks advertise better-than-average rates to win your business.
But what we really focused on for this list was interest deposit account interest. Whether you’re opening a personal checking account or setting up banking for your small business, the more interest you can earn on your checking, savings, CD, and money market balances, the better.
Minimum Balance
Your checking account might come with a requirement that you maintain a certain balance. There’s a reason for that. Banks don’t want consumers to open accounts and abandon them with little to no money in them. If you see a free checking account in North Dakota, you’ll often find that you have to keep a certain amount in the bank for it to remain in place.
We focused on North Dakota banks that keep this requirement fairly low. The best checking accounts have little to no balance requirement, and there’s a reason for that as well. If you have thousands of dollars, it should be in an interest-earning account. We focused on lower-tier accounts that minimize fees, but if you keep a high balance, look into the higher tiers with monthly fees and stricter requirements that offer interest and other perks.
Frequently Asked Questions
There’s no shortage of bank accounts in North Dakota, so it’s important to narrow the options to those that work best for you. Here are some FAQs about finding banking services.
What bank has the most branches in North Dakota?
Coverage is an important factor, especially if the in-person banking experience is important to you. If you travel outside your immediate area often, you’ll want to make sure there are branches and ATMs wherever you go. Some also prefer bank accounts with banks that have numerous branches since that can be a sign of stability.
Gate City Bank is the bank with the most branches in North Dakota. You’ll get 44 branches across North Dakota and Central Minnesota. As far as national banks go, though, U.S. Bank has the most branches in the state, at 11.
How much do I need to deposit into a savings account in North Dakota?
Each savings account will come with different requirements, but many do require you to maintain a certain balance. In some cases, banks will set a minimum to earn interest. So, that $25 you have in the account might not be earning a dime of interest.
Taking two of the state’s top banks into consideration, Gate City requires $100 to earn interest, while Wells Fargo requires you to keep $300 in the account to avoid a $5 monthly service fee. In all cases, if you can keep a higher balance, look into the best interest for your money, whether that’s a high-yield savings account, a CD, or a retirement savings account.
If you’re in the market for a new bank account, there are plenty of financial institutions in North Dakota that can fill your needs. Whether you’re looking for an in-person banking experience or you want the convenience online banks offer, it’s important to shop around. The good news is, once you’ve found a good bank account in North Dakota, you can stick with that bank for a long time.
Source: crediful.com