Best Minnesota Credit Union [2024] – Avoid Fees in MN

Minnesota might be known for its lakes, but it should also be famous for its banks. There are 255 banks in the state to choose from! 

Now there are also over 100 credit unions. And if you like your banking to have a community feel, these could actually be better. 

Having so many options can be overwhelming, but I’m here to narrow the field.

Below, I’ve compiled a list of the best credit unions in Minnesota. I’ve also laid out what each of them offers, so you can find the best Minnesota credit union for your specific needs!

Best Minnesota Credit Union

Is there such a thing as the “best Minnesota credit union?” That’s tough to answer. But there is an option that’s the best Minnesota credit union for you. Find out more below!

1 – Wings Financial Credit Union

Best for: Home loans

Wings Financial Credit Union has over 349,000 members and $8.4 billion in assets, which makes it the largest credit union in Minnesota.

And how did it get so big?

By offering a wide variety of financial services, often with favorable terms. 

Wings Financial Credit Union’s high-yield savings accounts are especially appealing. You can earn up to a 1.56% APY (at the time of this publication), and there are no monthly fees to worry about. 

And if you’re looking to buy a home, Wings offers some generous mortgage terms. There’s even a 40-year adjustable-rate mortgage for new homeowners, which will make your monthly payments more affordable.

Pros:	Cons:
Access to 40-year adjustable-rate mortgages	Few branches outside the Minneapolis/St. Paul area
High-yield savings account with no monthly fee	No sign-up bonus for checking accounts or savings accounts
Access to over 80,000 fee-free ATMs (including partner ATMs)

2 – SPIRE Credit Union

Best for: Small business owners

Created in 1934 as the Twin City Co-ops Credit Union (TCU), SPIRE has been operating under its current name since 2008. It’s grown a lot over the years and now has 22 branches across Minnesota.

With SPIRE, you can access most of the services you’d expect from a credit union, things like savings accounts, checking accounts, CDs, credit cards, and loans. 

But then there’s another side to SPIRE that really stands out: its commitment to small business banking. 

SPIRE’s business-related offerings include:

• Business Visa credit cards (includes no annual fee and cashback rewards) 
• Business checking accounts
• Business savings accounts
• Merchant services (for processing payments)
• Business loans (including PACE loans and loans for equipment, machinery, vehicles, and real estate) 

Pros:	Cons:
Zero annual fee and cashback rewards Visa Business credit card	Maximum 0.10 APY on the Share Savings account (at the time of this publication)
$100 bonus for opening a Free Checking account (must meet eligibility requirements; offer expires 9/30/2023)	No sign-up bonus for savings accounts
Special savings account for teens (ages 13-20)

3 – Affinity Plus Credit Union

Best for: Mobile banking

Once called State Capital Credit Union and created back in 1930, Affinity Plus Credit Union has grown into one of the largest financial institutions in Minnesota. It now has 250,000 members, 30 branches across the state, and over 60,000 partnering ATMs around the country. 

So yeah, this is an organization that’s seen some growth!

And it’s wasted no time joining the digital age, offering members a handy-dandy mobile app that gets 4.8 stars from users in the Apple App Store. 

You can use Affinity Plus Credit Union for all your standard banking needs, from checking accounts to mortgages and practically everything in between.

Affinity Plus also offers a wide range of services for businesses, including checking accounts, credit cards, and loans.

Pros:	Cons:
An excellent, user-friendly mobile banking app	Only a 0.10% APY on savings accounts (at the time of this publication)
Access to 60,000 fee-free ATMs	Limited credit card options (only two available)
No monthly fee with a basic “Better Than Free” checking account

4 –  MidMinnesota Federal Credit Union (MMFCU)

Best for: Community feel

Are you in mid-Minnesota? And do you want your banking experience to reflect the feel of the local community? 

If so, then MidMinnesota Federal Credit Union (MMFCU) is the financial institution for you! 

Unfortunately, you’re only eligible for MMFCU if you or an immediate family member works, lives, studies, or worships in one of these areas:

• Becker County
• Cass County
• Crow Wing County
• Douglas County
• Morrison County
• Normal County 
• Otter Tail County
• Todd County
• Wadena County
• The cities of Aitkin, McGregor, and Palisade
• Certain townships in Aitkin County

MMFCU gives back to the community through scholarships, financial education, and local events. 

But membership isn’t some act of charity. It’s also financially beneficial! 

With MMFCU, you’ll have access to a wide variety of banking services at competitive rates. 

Pros:	Cons:
Rates up to 5.05% APY on certificates (at the time of this publication)	Membership is limited to a few counties in central Minnesota
$300 bonus for opening a Kasasa checking account (available at the time of this publication)	Only 0.05% APY on standard savings accounts
3.50% APY on checking account balances up to $10,000 (at the time of this publication)	Only has 30,000 partner ATMs nationwide

5 – Magnifi Financial 

Best for: Banking in Central Minnesota

Magnifi Financial was once called the Central Minnesota Credit Union. And while the name might have changed, one thing hasn’t: This is probably the best Minnesota credit union in the middle part of the state.

But don’t worry. You don’t have to be from that area to bank with Magnifi. Membership is also available to anyone who makes a $10 donation to the Magnifi Foundation. 

Once you’re in, you’ll have access to a wide selection of banking services. And whether you’re saving, borrowing, or doing a little bit of both, you can easily manage your accounts through  features like:

• A mobile banking app
• Digital support
• Digital welcome kit
• Financial management tools

Pros:	Cons:
No minimum balance for checking accounts	Few branches outside central Minnesota
Youth checking account available for kids 10-17	Only 0.30% APY on standard savings accounts (at the time of this publication)
Digital banking tools help with budgeting and financial planning

6 – PenFed Credit Union

Best for: Credit cards

With over 2.9 million members and $35.3 billion in assets, PenFed Credit Union is the second-largest credit union in the United States. And while it doesn’t have any branches in Minnesota, you can easily become a member online. All you have to do is provide some basic information and make a $5 deposit to get started.

Okay, so you can become a PenFed Member. But why should you?

For one thing, a PenFed checking account gives you access to over 85,000 fee-free ATMs, including the Allpoint ATMs you can find across Minnesota. 

PenFed also offers four different credit cards:

• Gold Visa Card – 0% introductory APR for the first 15 months
• Power Cash Rewards Visa Signature Card – 1.5% cash back on all purchases
• Platinum Rewards Visa Signature Card – 5x points on gas, 3x points on groceries (restrictions apply)
• Pathfinder Rewards Visa Signature Card – 4x points on travel (for PenFed Honors Advantage members)

Want your checking account and credit card to be with the same institution? It would be super convenient – and PenFed Credit is a good place to do it. 

Pros:	Cons:
No eligibility requirements	No physical branches in Minnesota
Four excellent credit card options	$10 monthly fee on the Access America checking account (waived with a $500 balance or $500 direct deposit)
85,000 fee-free ATMs across the country (including Allpoint and Co-op ATMs)

7 – Alliant Credit Union

Best for: High-yield savings

Alliant Credit Union doesn’t have physical branches in Minnesota or anywhere else, for that matter, because it’s entirely online.

And yet, Alliant is still in the running for the best Minnesota credit union.

Why? 

Because it offers some amazing accounts to its members!

The High-Rate Checking account pays 0.25% APY (at the time of this publication). There are no maintenance or overdraft fees to worry about, and you’ll have access to over 80,000 fee-free ATMs.

And then there’s the high-yield savings account, which pays 3.10% APY (at the time of this publication). 

Now, there is a downside. You lose the convenience of having access to physical branches. 

But trust me, Alliant Credit Union has mastered the art of digital banking. The Alliant Mobile Banking App even has a 4.7-star rating in the Apple App Store! So, in this case, the lack of physical branches really isn’t a problem.

Pros:	Cons:
0.25% APY on checking accounts (at the time of this publication)	No physical branches
3.10% APY on high-yield savings accounts (at the time of this publication)	$100 minimum balance requirement to earn interest on high-yield savings accounts
Excellent digital banking (the mobile app has a 4.7-star rating in the Apple App Store)

Check out the Best Nationwide Credit Unions that anyone can join here.

Best Credit Unions in MN Reddit?

A lot of people on Reddit seem to think Wings Financial Credit Union is the best Minnesota credit union. 

Check out this positive review from an enthusiastic Wings member.

But one person noted that the Wings doesn’t offer Zelle – a money-transfer service that’s super convenient.

In another Reddit thread, a user praised SPIRE Credit Union, saying they had “nothing but good things to say about them.”

But I did find one Redditor who called SPIRE Credit Union a “terrible place to deal with.”

Commonly Asked Questions About The Best Minnesota Credit Union

How to Choose The Best Minnesota Credit Union For You?

To find the best Minnesota credit union, start with your priorities. Do you want a physical branch near you? Or are you okay with digital banking if it gives you the best rates? Consider which specific services you’re after. Some top contenders for the best Minnesota credit union in my book are Wings Financial Credit Union, SPIRE Credit Union, Affinity Plus Credit Union, and PenFed Credit Union. 

Or if you’re looking to boost your bank balance fast, check out these banks with immediate sign-up bonus.

And if you’d like to learn which budgeting app could best help you manage your finances and boost your savings, check out these comparisons of Rocket Money vs the competition:

• Rocket Money vs YNAB
• Rocket Money vs Simplifi
• Rocket Money vs Copilot

Then use a net worth tracker to see how your new financial strategies are paying off. 

What is The Largest Credit Union in MN?

With 8.4 billion in assets and over 349,000 members, Wings Financial Credit Union is the largest credit union in Minnesota.

What Are The Top 3 Banks in Minnesota? 

The three banks with the most branches in Minnesota are:

• Wells Fargo Bank
• U.S. Bank
• Huntington Bank

What is The Most Popular Bank in Minnesota? 

Wells Fargo is the most popular bank in Minnesota. It has 133 branches across the state – more than any other bank. It also has the largest amount of customer deposits. The largest credit union in Minnesota is Wings Financial Credit Union, with 8.4 billion in assets. 

What is The Interest Rate For Minnesota Credit Union? 

The largest credit union in Minnesota is Wings Financial Credit Union, and its high-yield savings account pays 0.10% APY – 1.56% APY, depending on the size of your balance. Alliant Credit Union is also available to Minnesota residents and offers 3.10% APY on high-yield savings accounts (at the time of this publication).