Savings banks are organized as financial corporations, and the approval process is similar to a commercial bank. Savings accounts are required to be insured by the FDIC. Currently, there are no state-chartered savings banks. See MS 50.
Any three or more individuals who reside in Minnesota may apply to form a mutual association or capital stock association to promote thrift and home financing. Savings accounts are required to be insured by the FDIC. See MS 51A.