Dedicated to Deposits: Deals, Data, and Discussion

2.50% Savings Account with Rate Guaranteed Until 2010 at Minnwest Bank in MN & SD - Local Only

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Minnwest Bank is offering a very competitive intro rate on its Prime Performance Money Market Account. The bank is guaranteeing a 2.50% APY until January 1, 2010 for balances above $10,000. In January, the rate will revert to 50% of the Prime Rate as published by the WSJ.

This special doesn't appear to be listed at the bank's website. A reader emailed me info on this, and I called today (8/10/09) for more details. According to the CSR, it's a savings account so you can't write checks. The rate for balances under $10,000 is 0.10%, but at least there are no monthly service fees.

The savings account has the typical limit of 6 withdrawals per month. They don't seem to offer an ACH bank-to-bank service, but they should accept ACH transfers that you request from another bank.

A branch visit is required to open the account, and it appears that this special is available at all of bank's branches. Branches are located throughout Minnesota including the cities of Redwood Falls, Montevideo, Luverne, Tracy and Minnetonka. There are also branches in Sioux Falls, South Dakota.

The bank is actually composed of six separate banks each with its own FDIC charter. All of the six fall under the Minnwest Corporation bank holding company, and all six begin with the name "Minnwest Bank". All six banks have their own ratings for safety and soundness. You can see all six by searching for "Minnwest Bank" at BauerFinancial and at Bankrate.com. BauerFinancial ratings range from 2 stars (problematic) to 4 stars (excellent). Bankrate ratings range from 1 star (lowest) to 4 stars (sound). Ratings are based on 3/31/09 financial data. Refer to the Minnwest Bank, M.V. FDIC page for FDIC insurance information. If you click on the bank holding company link, the FDIC information for the other five banks are listed.

Thanks to the reader who emailed me info on this special.

For other high-yield savings accounts available nationwide, refer to my weekly rate summary.
  Tags: Minnesota, South Dakota, savings account

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