Bank Gap by Metro

The Bank Gap in Sioux Falls, SD-MN

Weighted by real FDIC deposit data across the banks that hold 63% of Sioux Falls, SD-MN's tracked deposit base, the local weighted savings rate is 0.01% APY — against a best-available rate of 4.40% APY, available nationwide.

Sioux Falls, SD-MN local weighted average0.01%

Best available (nationwide)4.40%

$316/yron a typical household balance · 4.39% spread

Last reviewed August 18, 2026 · SwitchWize Research Desk

Local weighted APY

0.01%

deposit-weighted

Best available APY

4.40%

nationwide

Gap

4.39%

spread

Rank in state

#2 nationally

Source: S&P Capital IQ Pro; SNL Financial Data. Calculations: FDIC. Reflects the $2,500 product tier for savings and interest checking accounts.

Who actually holds deposits in Sioux Falls, SD-MN

Wells Fargo · 63%Chase · 0%

Why the local rate lags the best available rate

Sioux Falls, SD-MN is dominated by branch deposit share from Wells Fargo, Chase, and those banks' own currently observed savings rates set the local weighted average above. Large branch-based banks generally do not need to compete on rate to hold deposits — most customers do not move their money.

The best available rate, 4.40% APY, is a nationwide online account — available to a Sioux Falls, SD-MN resident exactly the same as anyone else, with the same FDIC insurance.

After-tax tip

State income tax on savings interest depends on where you live, not where your bank is headquartered — see the South Dakota Bank Gap page for South Dakota's own tax treatment of the difference.

See the South Dakota Bank Gap

Frequently asked questions

What do banks in Sioux Falls, SD-MN actually pay on savings?

Weighted by real FDIC deposit data across the banks that hold 63% of Sioux Falls, SD-MN's tracked deposit base and have a current, observed rate, the local weighted average is 0.01% APY, dominated by Wells Fargo's local presence.

What is the best savings rate available to someone in Sioux Falls, SD-MN?

The best widely available high-yield savings rate today is 4.40% APY, available online nationwide regardless of where you live — it is not limited to any one metro.

How much does staying at a local Sioux Falls, SD-MN bank cost?

On a typical household balance for Sioux Falls, SD-MN's income level, the gap between the local weighted rate and the best available rate is about $316 a year.

Is Sioux Falls, SD-MN part of South Dakota for Bank Gap purposes?

Sioux Falls, SD-MN is a multi-county metro area that may span more than one state; it is grouped under South Dakota here because that is its primary state per Census/FDIC convention, even where deposits also come from neighboring-state branches.

Your personal Bank Gap

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South Dakota Bank Gap The Bank Gap (national) Methodology

Educational information, not tax or financial advice. Local weighted rates reflect FDIC deposit-share weighting among banks with a current, observed rate on file — not every bank in the metro. Rates are illustrative of current market conditions and should be confirmed with the provider.