Business Banking for Barbers in Minnesota
Free business checking with 1.75% APY, built-in accounting, and unlimited sub-accounts for barbers in Minnesota.
Starting a Barbershop Business in Minnesota
Licensing
Minnesota Board of Barber ExaminersState Tax Rate
5.35%–9.85% (graduated)
LLC Filing Fee
$155 (LLC)
Major Markets
Minneapolis, St. Paul, Rochester, Duluth
Key Requirements in Minnesota
Best Banks for Barbers in Minnesota
Compare Minnesota's top business banking options for barbers.
Holdings
$0/mo · 1.75% APYFree business checking with built-in AI accounting, unlimited sub-accounts, and FDIC insurance up to $3M. Available nationwide including Minnesota.
Key Features
- •Free business checking
- •Built-in AI bookkeeping
- •Unlimited sub-accounts
- •1.75% APY on all balances
Pros
- ✓No fees, no minimums
- ✓Accounting included free
- ✓FDIC insured up to $3M
Cons
- ✗No physical branches
- ✗No cash deposit
Bremer Bank
Regional bankBest for: barbers wanting an established Minnesota bank
Pros
Upper Midwest focus, strong ag and commercial lending
Cons
Moderate fee structure
Bridgewater Bank
Community bankBest for: barbers in the Twin Cities
Pros
Twin Cities focused, business-first banking
Cons
Limited to Minneapolis/St. Paul metro
Alerus Financial
Regional bankBest for: barbers in northern Minnesota
Pros
Minnesota/North Dakota, strong business services
Cons
Smaller branch presence
Why Barbers in Minnesota Choose Holdings
Free Business Checking
No monthly fees, no minimums, no hidden costs. Every dollar stays in your business.
Built-In AI Bookkeeping
Automatic transaction categorization, real-time P&L and balance sheet. No QuickBooks needed.
1.75% APY on Every Dollar
Your operating funds earn interest while they sit. No tiered rates, no caps.
Unlimited Sub-Accounts
Organize funds by job, project, or purpose. Track payroll, taxes, and expenses separately.
Barbers Banking in Minnesota — FAQ
How do I get a barber license in Minnesota?
To become a licensed barber in Minnesota, you'll need to complete barber school (typically 1,000–1,500 hours), pass the state board exam, and apply for your license. To open a shop, you'll also need an establishment license and LLC registration ($155).
What's the best business structure for a barbershop in Minnesota?
Most barbershops in Minnesota operate as an LLC ($155 filing fee). If you rent chairs to independent barbers, the LLC structure is especially important for separating your personal liability from the business.
Do barbershops in Minnesota need a separate bank account?
Yes — especially if you have booth renters. A dedicated business account helps track chair rental income, product sales, tips, and supply purchases. AI bookkeeping automatically categorizes barber-specific expenses like clippers, products, and shop rent.
Thinking about switching banks?
Get the free switching checklist — every step, nothing forgotten.
Free PDF — no spam, unsubscribe anytime.
Ready to open your account?
Holdings offers free banking with 1.75% APY for barbers in Minnesota. Open your account in minutes.
Barbers in Other States
More Minnesota Business Banking Guides
Explore banking guides for other industries in Minnesota.