Banking and financial services in Wisconsin: Major banks: Associated Bank, BMO Harris Bank. Credit unions popular for local banking. Online/mobile banking widely available. No state income tax on retirement income. Competitive mortgage and loan rates. Diverse financial advisory services. Wisconsin Department of Financial Institutions regulates. Access to agricultural and craft-related loans. Availability of investment management firms. Emphasis on community-focused banking.
Major banks: Associated Bank, BMO Harris Bank.
Associated Banc-Corp, headquartered in Green Bay, Wisconsin, is the largest bank holding company in Wisconsin, operating over 200 banking locations across Wisconsin, Illinois, and Minnesota, and offering a full range of financial products and services. BMO Bank, N.A., with significant operations in Wisconsin, is a major bank in the Midwest, resulting from the merger of BMO Harris Bank and Bank of the West, and operates over 600 branches across several states, including Wisconsin.
Credit unions popular for local banking.
Credit unions in Wisconsin are highly popular for local banking, with top institutions like Summit Credit Union, Landmark Credit Union, and UW Credit Union offering a wide range of financial services, including checking and savings accounts, loans, and investment options, while prioritizing member satisfaction and community involvement.
Online/mobile banking widely available.
Online and mobile banking services in Wisconsin are widely available, allowing users to view account balances, transfer funds, pay bills, make mobile deposits, and use person-to-person payment services like Zelle. These services are accessible through downloadable apps from banks such as First Federal Bank of Wisconsin, Neighbors Federal Credit Union, and AbbyBank.
No state income tax on retirement income.
The Wisconsin Legislature has approved a bill that exempts $75,000 of retirement income for single filers and $150,000 for married-joint filers from state income tax, aiming to make Wisconsin a more affordable place to retire for seniors. This significant legislative change is designed to provide financial relief and encourage seniors to enjoy their retirement years without the burden of hefty state taxes. By implementing these exemptions, the Wisconsin Legislature seeks to support the financial well-being of its senior population, ensuring that the state remains an attractive and affordable retirement destination.
Competitive mortgage and loan rates.
As of December 2024, mortgage rates in Wisconsin are around 6.67% for a 30-year fixed mortgage and 6.06% for a 15-year fixed mortgage, with jumbo loan rates slightly higher at 6.88%. These rates are influenced by factors such as credit score and down payment, and they may continue to trend downward in the coming months. For more detailed information and updates on these rates, visit Bankrate.
Diverse financial advisory services.
In Wisconsin, top financial advisory firms such as Madison Investment Advisors, Johnson Wealth, Inc., Orgel Wealth Management, and Annex Wealth Management offer diverse services including investment management, retirement planning, estate planning, and financial planning, catering to individuals, high-net-worth clients, charities, and institutional clients with varying minimum asset requirements and fee structures. To explore more about these services and the options available, you can visit the SmartAsset website which provides detailed insights and comparisons.
Wisconsin Department of Financial Institutions regulates.
The Wisconsin Department of Financial Institutions (DFI) regulates state-chartered banks and credit unions, licensed financial service providers, securities offerings, and securities professionals. Additionally, it oversees charitable organizations, notaries, and maintains business and organization filings, while also administering the Wisconsin Consumer Act and the state's college savings program. For more information, you can visit the Wisconsin Department of Financial Institutions website.
Access to agricultural and craft-related loans.
Heartland Credit Union offers a comprehensive range of agricultural loans in Wisconsin, featuring low- or no-down-payment options, Farm Service Agency (FSA) guaranteed loans, and flexible terms designed for purchasing land, machinery, and other essential farm needs. Meanwhile, AbbyBank also provides competitive agricultural loans in Wisconsin, with flexible terms and tailored loan packages for real estate, personal property, and lines of credit. Their offerings include FSA guaranteed loans and SBA loans, catering to both farm startups and expansions, ensuring that agricultural enterprises have access to the financial support necessary for growth and success.
Availability of investment management firms.
Wisconsin boasts a robust presence of investment management firms, including top-rated companies like Madison Investment Advisors, Johnson Wealth, Inc., Orgel Wealth Management, LLC, and Annex Wealth Management, LLC. These firms offer a range of services such as investment management, portfolio management, and financial planning to individuals, high-net-worth clients, and institutional investors. For more in-depth information, you can visit SmartAsset to explore the comprehensive offerings of these firms. Other notable firms include 1492 Capital Management in Milwaukee, which serves institutional and private clients with a focus on fundamental research and thematic investing.
Emphasis on community-focused banking.
Community banks in Wisconsin, including establishments like Fortifi Bank, play a crucial role in providing economic stability by supporting small businesses, offering emergency funding, and investing in local communities. This commitment helps maintain employment and fosters economic resilience during financial instability. Similarly, First Federal Bank of Wisconsin underscores its community-centered approach through its foundation, actively contributing to local charities, education, health, and housing initiatives, thereby enhancing local well-being. Another significant contributor, Westbury Bank, is dedicated to community growth by forming strong relationships, sponsoring events, and donating to charitable causes, epitomizing the essence of a community bank embedded in its local fabric.