Banking Suggestions In Minnesota

[Peter Ulstad]

Hi All,

I'll be purchasing my first duplex in Minneapolis in a couple of weeks and have a banking question for everyone. I currently bank with one of the large, national banks (not going to name names, but it is one that has been in the news a lot recently) and am potentially looking at moving my funds. I've been told that it is advantageous to start banking with a local or regional bank in order to leverage that relationship for better rates or terms on loans, etc. The one thing that I really like about my current bank is the ease of use for their online banking system, but I know that will likely be downgraded if I go to a smaller bank. Does anyone have any recommendations for which banks to look at? 

[Amber Gonion]

We recommend Boundary Waters Bank they specialize in loans under 1.5M, and most credit unions offer great rates also. The big banks are a little higher on the rates and more paperwork and are less flexible.