Minnesota is home to 88 credit unions that in aggregate have more than 2 million members and $37 billion in assets. From this extensive list through research we found the 3 best credit unions in Minnesota. Our methodology in narrowing down the list from 88 to 3 was similar to the approach we took in determining the best credit unions in America with some minor adjustments.
3 Best Credit Unions in Minnesota
All three of these credit unions were also featured in our list of the best credit unions in America. In the below we provide an in-depth overview of each credit union, detail why they deserve to be on our list, including a discussion of the pros and cons for each.
If you live in Minnesota, are moving there, or are simply just someone seeking to join credit unions in the state, you can’t go wrong becoming a member of one of these 3 credit unions!
Best Credit Unions in Minnesota
Wings Financial Credit Union
Wings Financial Credit Union is not only one of the best credit unions in Minnesota, but also one of the best in the country. The credit union was founded in 1938 by 7 Northwest airline employees and while the credit union has maintained its close ties to the aviation industry, it is one of many credit unions that anyone can join, as discussed further below. The credit union offers a full suite of traditional banking services including but not limited to:
- Share Savings and High-Yield Savings Accounts
- Checking Accounts with no monthly service fees
- Traditional and Roth IRA accounts
- Credit Cards (Wings Member Rewards Visa and Platinum Visa)
- Auto Loans
- Mortgage and Home Equity Loans
- Lines of Credit and other Personal Loans
The credit union’s membership has grown steadily at an 8% average annual rate over the past 5 years. Based on the latest available information the number of members has increased by 14,000 over the first 9 months of 2022.
While the credit union mainly serves people that live in eligible Minnesota and Wisconsin counties, if you live, work or worship in the Detroit, Florida, Georgia or Seattle metro areas you are also eligible to join. Importantly, anyone is able to become a member of Wings Financial Credit Union if they make a donation of at least $5.00 to Wings Financial Foundation.
Pros of Wings Financial Credit Union
- Breadth of Services
- Several account options and loan products for both consumers and businesses
- Free checking account options with no monthly maintenance fees
- High Yield Checking account that pays 3.04% APY on balances up to $25,000
- Free ATM withdrawals at more than 80,000 ATMs nationwide
- Credit Card options with excellent Reward Points including 10,000 bonus points after spending $1,000 within the first 90 days
- The Credit Union has been operating for over 80 years
- Currently has a net worth ratio of 12.2% and net worth per member of $2,849, which is substantially higher than the national average
- Wings Mobile, the credit union’s mobile application, is very well reviewed
- The mobile application has almost 40,000 reviews on the iOS store with an average rating of 4.8 out of 5.0 stars.
- On the Google Play store the app has over 10,000 reviews with an average 4.5/5 rating
Cons of Wings Financial Credit Union
- Branch Accessibility
- The credit union’s branch network is concentrated in Minnesota
- While this ordinarily wouldn’t be an issue, because this is a credit union that anyone can join, for members that live outside of the state it is unlikely that there will be a branch that is accessible within a short drive.
- Zelle Not Yet Available
- As of this writing Wings Financial Credit Union is not a credit union that uses Zelle
You can learn more about Wings Financial Credit Union by visiting the credit union’s website.
Co-Op Credit Union of Montevideo
This credit union shares a lot of similarities to Wings Financial Credit Union, although its membership base is a lot smaller. One major difference however is that Co-Op Credit Union has a fairly restrictive field of membership. This means that its services aren’t available to everyone. In order to join the credit union you must live, work, worship or attend school in one of the following counties in Minnesota:
- Lac qui Parle
- Yellow Medicine
In addition, you are eligible to join if you are a member, shareholder or employee of the Farmers Union Oil Company of Montevideo, the Farmers Co-op Oil Company or the Minnesota Valley Co-op Light & Power Association. You are also eligible to join if you are an Employee of the credit union. The credit union has steadily grown its membership base over the past 5 years.
The credit union offers a full suite of traditional banking services including but not limited to:
- Checking Accounts (Premier and Membership Advantage Checking)
- Multiple Savings Accounts options
- Visa Credit Cards
- Agriculture Loans
- Mortgage Loans
Pros of Co-Op Credit Union of Montevideo
- Full Service Offerings
- The credit union offers account and loan options that cover all of your day to day financial needs at reasonable prices
- Net worth ratio of 12.9% and a net worth per member of $2,906, which is significantly the national average for credit unions.
- The credit union has also steadily increased its membership base over the past 5 years
Cons of Co-Op Credit Union of Montevideo
- Limited Branch Network
- The credit union has only 4 branches in the state
- Zelle Availability
- The credit union is currently not a Zelle partner.
You can learn more about Co-Op Credit Union of Montevideo by visiting the credit union’s website.
Dawson Co-Op Credit Union
To join Dawson Co-Op Credit Union you have to live, worship or attend school in one of the following counties in Minnesota: Big Stone, Chippewa, Lac Qui Parle, Otter Tail, Renville, Swift or Yellow Medicine.
Although Dawson Co-Op Credit Union is the smallest of the three best credit unions in Minnesota, it has the most impressive financial metrics. It is also a full service credit union with multiple savings, transactional and lending products available to members.
In addition, the credit union has increased its membership by an annual average of 8% over the past 5 years through to September 2022.
Pros of Dawson Co-Op Credit Union
- Competitive Loan Rates
- Members can enjoy loan rates as low as 4-5% for loans on new and used cars
- Members have access to personal loans with 7-8% interest rates
- Financial Stability
- Net worth ratio of 15.6% and a net worth per member of $5,001
- These metrics are significantly above the other two credit unions on this list, and substantially higher than the national average credit union
- Low Banking Fees
- Overdraft and NSF Fees of $15-20.00 (vs. national average of $30+)
- Cashier’s Checks for $2.00 each (vs. national average of $8)
- Outgoing Wire Transfer cost of $20.00 (vs. national average of $25-30)
Cons of Dawson Co-Op Credit Union
- Limited Branch Availability
- No Zelle Availability
- The credit union is currently not a Zelle partner.
You can learn more about Dawson Co-Op Credit Union by visiting the its website.