Banks in South Dakota
South Dakota is a major credit card issuing centre — many national card operations are legally based here because of its interest rate rules.
How to use this page. Information is compiled from state banking departments, the FDIC and the NCUA. Banking rules and product availability change — always confirm details with the bank itself before acting. This is educational information, not a recommendation of any provider.
| Item | Detail |
|---|---|
| State | South Dakota (SD) |
| Capital | Pierre |
| Region | Midwest |
| State regulator | South Dakota Division of Banking |
| Deposit protection | 250,000 USD per depositor, per insured bank (FDIC) or credit union (NCUA) |
| Identity needed | SSN or ITIN, plus government photo ID |
Banks based in or prominent in South Dakota
These institutions have a meaningful presence in the state, whether headquartered there or operating a substantial branch network.
Wells Fargo
State presence
One of the largest US banks by assets, headquartered in San Francisco, California. Wells Fargo is one of the few American banks with a genuinely coast-to-coast branch network, and combines consumer banking, mortgages, auto lending, wealth management and commercial banking. It has operated under regulatory consent orders since 2016. It holds a national charter supervised by the OCC and is FDIC insured.
First Premier Bank
State presence
First Premier Bank is a commercial bank in the United States. Our directory records its head office in South Dakota. It is supervised by South Dakota Division of Banking at state level and by the federal banking agencies, and it is FDIC insured. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC. It operates as a commercial bank, taking deposits and lending to consumers and businesses.
Ravenscroft Bank
State presence
Ravenscroft Bank is a commercial bank in the United States. Our directory records its head office in South Dakota. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC. It operates as a commercial bank, taking deposits and lending to consumers and businesses. It is supervised by South Dakota Division of Banking at state level and by the federal banking agencies, and it is FDIC insured.
First Bank & Trust
State presence
First Bank & Trust is a commercial bank in the United States. Our directory records its head office in South Dakota. It operates as a commercial bank, taking deposits and lending to consumers and businesses. It is supervised by South Dakota Division of Banking at state level and by the federal banking agencies, and it is FDIC insured. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC.
Credit unions in South Dakota
Credit unions are member-owned and not-for-profit, which usually means higher savings rates and lower fees. Membership eligibility varies, so check before applying.
Black Hills Federal Credit Union
Credit union
Black Hills Federal Credit Union is a credit union operating in the United States. Federally insured credit unions are supervised by the National Credit Union Administration. Member deposits are protected up to 250,000 USD per member, per insured credit union through the National Credit Union Share Insurance Fund (NCUA). Our directory indexes it under South Dakota. It is owned by its members rather than by outside shareholders, so earnings are returned to members through rates, fees or dividends.
Voyage Federal Credit Union
Credit union
Voyage Federal Credit Union is a credit union operating in the United States. Federally insured credit unions are supervised by the National Credit Union Administration. Member deposits are protected up to 250,000 USD per member, per insured credit union through the National Credit Union Share Insurance Fund (NCUA). Our directory indexes it under South Dakota. It is owned by its members rather than by outside shareholders, so earnings are returned to members through rates, fees or dividends.
Available in South Dakota from anywhere
National banks and digital banks operate in every state, so your location does not restrict access to them.
National banks
Chase
National bank
The consumer and commercial banking division of JPMorgan Chase, headquartered in New York City. Chase runs one of the widest branch networks in the country and offers current accounts, savings, credit cards, mortgages and business banking under one brand. It is the largest US bank by assets, holds a national charter supervised by the OCC, and is FDIC insured.
Bank of America
National bank
One of the largest banks in the United States by assets, headquartered in Charlotte, North Carolina. The bank covers consumer and small-business banking, mortgage lending, wealth management through Merrill, and corporate and investment banking. It operates a nationwide branch network and one of the largest US mobile banking platforms. It holds a national charter supervised by the OCC and is FDIC insured.
Wells Fargo
National bank
One of the largest US banks by assets, headquartered in San Francisco, California. Wells Fargo is one of the few American banks with a genuinely coast-to-coast branch network, and combines consumer banking, mortgages, auto lending, wealth management and commercial banking. It has operated under regulatory consent orders since 2016. It holds a national charter supervised by the OCC and is FDIC insured.
Citibank
National bank
The consumer banking arm of Citigroup, headquartered in New York City. Unlike the other national banks, Citibank concentrates its US retail branches in a limited number of metropolitan areas, while its parent operates a much broader institutional and cross-border banking franchise. It holds a national bank charter supervised by the OCC and is FDIC insured.
Capital One
National bank
A US bank holding company headquartered in McLean, Virginia, best known for credit cards and consumer lending. Capital One runs a smaller branch network than the traditional national banks and has built its model around data-driven underwriting and digital servicing. It also operates a sizeable auto lending business. It holds a national bank charter supervised by the OCC and is FDIC insured.
Digital banks
Chime
Digital
A US financial technology company, not a bank. Because Chime is not chartered, protection depends on the partner bank, and that distinction matters when comparing it with a chartered digital bank. Chime is headquartered in San Francisco and provides current accounts and a secured credit-building card through partner institutions — historically The Bancorp Bank and Stride Bank — which hold the deposits and provide FDIC insurance.
SoFi
Digital
A US digital financial services company headquartered in San Francisco. SoFi began in student loan refinancing and now offers current accounts, savings, personal loans, investing and brokerage within one app. Its banking subsidiary, SoFi Bank, holds a national bank charter granted in 2022 and is FDIC insured, which lets it take deposits directly rather than routing them through a partner.
Ally Bank
Digital
The online-only banking subsidiary of Ally Financial, headquartered in Sandy, Utah, with its parent based in Detroit. It is best known for competitive high-yield savings accounts and for charging no monthly maintenance fees on its main accounts. Ally Bank holds a US bank charter and is FDIC insured, but runs no branches — deposits and servicing are handled online, by app and by telephone.
Discover
Digital
A US consumer bank headquartered in Greenwood, Delaware, historically best known for its credit card franchise and for pioneering cash-back rewards. Discover Bank is FDIC insured. The business was acquired by Capital One in 2025, so its branding and product line are in the process of being folded into the larger group. It offers online savings accounts, certificates of deposit and personal loans with no branch network.
Varo
Digital
A US digital bank headquartered in San Francisco. It offers a fee-light current account and savings product, with no branch network and no minimum balance requirement. The charter means Varo takes deposits directly rather than relying on a partner bank. Varo Bank received a national bank charter in 2020, becoming the first US consumer fintech to obtain one, and deposits are FDIC insured.
Opening a bank account in South Dakota
The process is similar across the country, but the documents you need are strict. Work through these in order.
- 1Provide a South Dakota driver licence or state ID.
- 2Supply your SSN or ITIN.
- 3Give a South Dakota residential address.
- 4Apply online or in branch.
- 5Fund the account.
South Dakota banking rules worth knowing
- The South Dakota Division of Banking supervises state-chartered banks.
- South Dakota has no statutory usury cap for most consumer loans — this is why national card issuers base operations here.
- South Dakota enforces a dormant account escheat rule after three years.
Other things to keep in mind
- South Dakota's lack of a usury cap is a defining feature of US consumer credit.
- Rural banking is dominated by community banks and credit unions.
- Federally insured by the NCUA up to 250,000 USD per member, separate from FDIC coverage.
Frequently asked questions
Which agency regulates banks in South Dakota?
How do I open a bank account in South Dakota?
Are my deposits protected if a bank in South Dakota fails?
Do I need to live in South Dakota to open an account there?
Sources and verification
The regulatory details on this page come from the bodies that publish them, not from secondary summaries. Each was checked in September 2026.
- South Dakota Division of Banking — supervisor for state-chartered banks in South Dakota
- Federal Deposit Insurance Corporation (FDIC) — deposit protection for insured banks, 250,000 USD per depositor
- National Credit Union Administration (NCUA) — deposit protection for federally insured credit unions, 250,000 USD per depositor
- Office of the Comptroller of the Currency (OCC) — supervisor for nationally chartered banks
Banking rules and product availability change. Always confirm details with the institution itself before acting. This page is educational information, not a recommendation of any provider. Last reviewed: September 2026.
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