Software your AI can run.
Bank shopping in Minnesota? Read this first.
You came here comparing business banks. That's the old question. Holdings built a new category — invoicing that AI can run — and it's what most of the businesses using this comparison table end up on.
Updated August 2026 · 8 banks compared below
A different answer
Holdings isn't a bank.
It's software your AI can run.
The flagship is agentic invoicing — connect Claude, ChatGPT, or Cursor to your Holdings account via MCP and direct your AI to draft invoices, chase payments, and reconcile entries in plain English. No monthly fee. Card processing is 3% + $0.30 per payment collected. Accounting that auto-connects when you want it: $25/mo.
If you're bank-shopping because you're setting up a business, the question you probably actually have is: how do I get paid? Holdings answers that. It works on top of whichever bank you choose from the table below — pick the one that fits, then point your AI at Holdings to handle the rest.
Quick Comparison
These are the top 8 business banks in Minnesota we compared, ranked by fees, APY, and features. Holdings is not a bank and not in this table — see what Holdings does instead →
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| U.S. Bank Business Essentials Checking | National | $0 | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| Affinity Plus Federal Credit Union Business Checking* | Credit Union | $0 | 0.00% |
| Bremer Bank Business Checking* | Regional | $12waivable | 0.00% |
| Wells Fargo Initiate Business Checking | National | $15waivable | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
* Rate and fee data sourced from each bank's published schedule. Verify before opening an account.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 48 free tools + $0 banking + 1.75% APY
- •Software ($25/mo): Full double-entry accounting, invoicing, P&L reports
- •Nonprofits: fund accounting at $25/mo + free verified profile & directory listing
Pros
- ✓$0 banking — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY on every dollar — among the highest in business banking
- ✓48 free tools: invoices, estimates, payroll calculator, receipt scanner
- ✓Full accounting from $25/mo replaces QuickBooks
- ✓Free verified nonprofit profile + directory listing for 501(c)(3)s
Cons
- ✗No physical branches
- ✗Less name recognition than legacy banks
U.S. Bank Business Essentials Checking
National | $0/mo | 200 branches
Minnesota businesses wanting a hometown national bank with no monthly fee
Key Features
- •No monthly service fee
- •Unlimited digital transactions
- •Built-in card payment acceptance and same-day funding
Pros
- ✓No monthly fee — truly free business checking
- ✓Headquartered in Minneapolis — strongest Minnesota branch network
- ✓New all-in-one account with built-in payment acceptance
Cons
- ✗No interest earned on business checking
- ✗High overdraft and wire transfer fees
- ✗Out-of-network ATM fees
Chase Business Complete Banking
National | $15/mo | 50 branches
Established businesses needing full-service banking and merchant services
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Same-day deposits with QuickAccept
Pros
- ✓Strong branch and ATM network in Minnesota
- ✓Excellent mobile app and digital tools
- ✓Integrated payment acceptance and invoicing
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗No interest earned on business checking
Affinity Plus Federal Credit Union Business Checking
Credit Union | $0/mo | 30 branches
Minnesota businesses wanting fee-free credit union banking
Key Features
- •One of the largest credit unions in Minnesota (200,000+ members)
- •Free business checking with no monthly fees
- •Access to 30,000+ surcharge-free ATMs via CO-OP network
Pros
- ✓No monthly service fee
- ✓Strong Minnesota presence with branches statewide
- ✓Competitive business loan rates
Cons
- ✗Must qualify for membership (live/work/worship in service area)
- ✗Fewer digital tools than national banks
- ✗Limited branch network compared to U.S. Bank
Bremer Bank Business Checking
Regional | $12/mo | 50 branches
Minnesota businesses wanting a regional bank with personal service
Key Features
- •Minnesota-based regional bank with strong ag and small business focus
- •$15B+ in assets with branches across MN, WI, and ND
- •Dedicated business banking advisors
Pros
- ✓Deep Minnesota roots — headquartered in St. Paul
- ✓Strong agricultural and rural business lending
- ✓Dedicated small business advisors in every branch
Cons
- ✗Monthly fee unless minimum balance maintained
- ✗Smaller digital platform than national banks
- ✗Limited presence outside MN, WI, and ND
Wells Fargo Initiate Business Checking
National | $15/mo | 80 branches
New businesses wanting a national bank with low opening deposit
Key Features
- •Low $25 minimum opening deposit
- •Contactless debit card and digital wallet support
- •Business Online banking with Zelle
Pros
- ✓Very low $25 minimum to open
- ✓Strong Minnesota branch presence
- ✓Strong digital banking platform
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗Reputation concerns from past scandals
Bank of America Business Advantage Fundamentals
National | $16/mo | 25 branches
Businesses that qualify for Preferred Rewards tier benefits
Key Features
- •200 free transactions per statement cycle
- •No monthly fee for first 12 statement cycles
- •Preferred Rewards for Business program for rate discounts
Pros
- ✓200 free transactions (more than Chase)
- ✓First year free (no monthly fee for 12 cycles)
- ✓Strong integration with Zelle and digital payment tools
Cons
- ✗$16/month fee after first year
- ✗Fewer Minnesota branches than U.S. Bank or Wells Fargo
- ✗Higher minimum balance to waive fees permanently
Capital One Basic Business Checking
National | $15/mo | Online only
Digital-first businesses with occasional cash deposit needs
Key Features
- •Unlimited fee-free digital transactions
- •$5,000/month free cash deposits
- •Cash deposits at select Allpoint ATMs
Pros
- ✓Unlimited digital transactions (no per-transaction fees)
- ✓Strong mobile and online banking
- ✓$5,000 free cash deposits monthly
Cons
- ✗No Capital One branch locations in Minnesota
- ✗$15/month unless $2,000 balance maintained
- ✗Limited in-person support
Minnesota Banking Landscape
245
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- U.S. Bank (U.S. Bancorp) — $680B+
- Bremer Bank — $15B+
- Alerus Financial — $4B+
Top Credit Unions
- Affinity Plus Federal Credit Union — 200,000+ members
- TruStone Financial — 190,000+ members
- Wings Financial Credit Union — 170,000+ members
State Banking Programs
- •Minnesota Small Business Development Center — free counseling and training
- •Minnesota Department of Employment and Economic Development (DEED) — business grants and loans
- •Minnesota Investment Fund — financing for expanding businesses
- •SBA Minnesota District Office — government-backed loan programs
- •Minnesota Angel Tax Credit — 25% credit for investments in qualifying startups
Regulator: Minnesota Department of Commerce
Starting a Business in Minnesota
| Secretary of State | Minnesota Secretary of State |
| LLC Fee | $155 (online) |
| Corp Fee | $155 (online) |
| Income Tax | Personal: 5.35%–9.85% (progressive). Corporate franchise tax: 9.8%. |
| Sales Tax | 6.875% state + up to ~2% local (varies by jurisdiction) |
| Franchise Tax | 9.8% corporate franchise tax (applies to C-corps; one of the highest in the US) |
Business Incentives
- •Minnesota Angel Tax Credit — 25% credit for investments in qualifying startups
- •Minnesota Investment Fund — gap financing for expanding businesses
- •Job Opportunity Building Zone (JOBZ) — tax incentives in designated rural areas
- •Minnesota Small Business Development Center — free consulting
- •Launch Minnesota — state startup initiative and innovation grants
Nonprofit Banking in Minnesota
Registration
File Articles of Incorporation (nonprofit) with MN Secretary of State
Charitable Solicitation
Register with the MN Attorney General's Charities Division if soliciting contributions exceeding $25,000/year, or if using paid staff or professional fundraisers. Registration within 30 days of exceeding the threshold.
Tax Exemption
Apply for sales tax exemption through MN Department of Revenue (Form ST16). Nonprofits with 501(c)(3) status are generally exempt from MN income tax.
AG Reporting
Annual report (Form CO) due to Attorney General's Charities Division. Due within 1 year of fiscal year end. Annual renewal with Secretary of State also required.
Resources
- Minnesota Council of Nonprofits →
- MN Attorney General — Charities Division →
- Minnesota Secretary of State — Business Filing →
For Minnesota nonprofits
Invoicing that AI can run — built for 501(c)(3)s too.
Direct your AI to send donation acknowledgment invoices, track grant receivables, and keep your books current — no monthly fee for invoicing. Works on top of whichever bank your organization uses. Accounting add-on from $25/mo.
Holdings for nonprofits →Where Holdings fits for Minnesota businesses
Whichever bank you pick from the list above, Holdings runs alongside it: direct Claude, ChatGPT, or Cursor to draft invoices, chase payments, and keep your books current. No monthly fee · 3% + $0.30 per payment collected.
See how agentic invoicing works →Frequently Asked Questions
What is the best bank for a small business in Minnesota?
The best bank depends on your needs. For nonprofits and small orgs wanting zero fees, Holdings offers $0 monthly fees with 1.75% APY. For businesses needing branch access, U.S. Bank is headquartered in Minneapolis and has the strongest Minnesota presence. For credit union fans, Affinity Plus offers competitive business checking.
Can I open a business bank account online in Minnesota?
Yes. Several banks allow online account opening for Minnesota businesses, including Holdings (fully online, no branch visit required), U.S. Bank, Chase, Bank of America, and Capital One. Most credit unions require an in-person visit.
What do I need to open a business bank account in Minnesota?
You'll typically need your EIN (Employer Identification Number), Articles of Organization filed with the Minnesota Secretary of State, a government-issued photo ID, and your business license. Some banks also require an initial deposit.
What taxes do Minnesota businesses pay?
Minnesota has a 9.8% corporate franchise tax (one of the highest in the US). Personal income tax ranges from 5.35% to 9.85%. State sales tax is 6.875% plus local additions up to ~2%. There is no separate gross receipts tax.
What are the cheapest business checking accounts in Minnesota?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and no transaction limits. U.S. Bank's Business Essentials Checking has no monthly fee with unlimited digital transactions. Affinity Plus Federal Credit Union also offers free business checking.
Do Minnesota nonprofits need a special bank account?
While not legally required, a dedicated nonprofit bank account helps with IRS compliance, transparency, and donor confidence. Holdings specializes in nonprofit banking with $0 fees, 1.75% APY, and tools built specifically for 501(c)(3) organizations.
Does Minnesota require charitable solicitation registration?
Yes. Minnesota requires charitable organizations soliciting or intending to solicit contributions in excess of $25,000 per year, or using paid staff/professional fundraisers, to register with the Attorney General's Charities Division.
Or skip the bank comparison.
Try software your AI can run.
Invoicing, payment links, and connected accounting — directed by Claude, ChatGPT, or Cursor. No monthly fee to start.
Not ready to switch yet? Use a free tool now
Built by Holdings — the banking + accounting platform that keeps businesses and nonprofits audit-ready. Free, no account needed. Connect banking and let your books run themselves when you’re ready.
Ready to stop doing it by hand? Explore Invoicing software for small business, Small business accounting software, or Small business bookkeeping software.
Explore More
Agentic Invoicing — Let any AI send your invoices
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