Minnesota Deposit Account Rates and Deals

Associated Bank is offering up to a $150 bonus for opening a checking account and performing specific activities. The offer ends on April 20, 2010. Refer to the bank's promotion page for the full details. Requirements for the bonus include:

• Open a new qualifying personal checking account (excludes Free and Student) by 4/20/2010
• $50 with your first check order and completion of five debit card signature purchases
• $50 with your enrollment in Online Bill Pay and completing three bill payment transactions
• $50 with a regular direct deposit of your payroll check

Some important small print includes:

• Limited to one bonus per household
• Minimum opening deposit of at least $100 is required to obtain a bonus
• All qualifying activity must occur within 60 days of account opening to obtain applicable bonus
• The bonus will be deposited into your new checking account within 90 days of account opening
• Checking account must remain open and active with a minimum of five transactions monthly to receive bonus payment

Two important things to note about this promotion:

1. The free checking does not qualify so you'll have to watch out for fees. Monthly fees can be avoided in the Advantage Checking with direct deposit or with a $500 minimum balance.
2. The first $50 requires that you order checks which are not free

There's an online application on the promo page. However, the application states that they are only able to open checking accounts for persons residing in Wisconsin, Illinois, or Minnesota.

Branches are located in several cities in Wisconsin, Illinois and Minnesota including Madison, Green Bay, Milwaukee, Chicago, Peoria, Minneapolis, Saint Paul and Rochester.

Associated Bank has been a FDIC member since 1934 (FDIC Certificate # 5296).

Credit for this find goes to Fatwallet member sideout who mentioned it in this FW thread.

Other Bank Bonuses

Refer to the Bank Bonus page for other bonuses at banks and credit unions around the nation.

As I've been reporting, banks are trying new ways to encourage customers to use their debit cards with the credit (signature-based) option. High-yield reward checking is one way, and this mostly benefits those with larger balances ($25K or more). The larger banks have tried reward checking that rewards with cash back rather than high interest rates. M&I Bank is the latest example with their Cash Back Checking.

In addition to the cash-back features, M&I Bank is offering a $100 cash bonus for opening their Cash Back Checking Account. Offer is scheduled to last until 2/12/2010. Here's the small print of the offer:

Simply open an M&I Cash Back Checking account by February 12, 2010. To receive your $100 you must make five qualifying** purchases with your M&I Bank Check Card within the first 45 days after account opening. Your account will be reviewed 45 days after opening. The $100 cash bonus will be paid within 2 weeks of that review if the requirement above has been met. Offer applies to new accounts opened with new money not currently on deposit with M&I Bank, no exceptions. One bonus per household ever 12 months. Cannot be combined with other offers.

Note, qualifying purchases requires signature-based purchases with the debit card.

Here's the summary of the cash back features of this checking account:

• 0.25% cash back bonus based on the total amount of your net signature-based M&I Bank Check Card purchases made during the statement cycle.
• $0.25 for a deposit up to a maximum of $2 per statement cycle (8 deposits)
• $0.25 for each monthly online statement
• $0.05 for automatic payments deducted from your account (Online Bill Payment, internal M&I loan payment and ACH debit) up to a maximum of $2 per statement cycle (40 payments)

Note, high-yield reward checking accounts often require the above activity to qualify for the high yield. For those with small balances, the above cash-back features could earn you more than high interest rate.

One downside to the Cash Back Checking is the potential of a $10 monthly maintenance fee which would eliminate the benefits of the above rewards. The bank lists these three options to avoid this fee:

• making 3 transactions per statement cycle
• maintaining $1,000 minimum average daily balance in the account
• if you are under the age of 25

The offer appears to only be available where M&I Bank has branches. You need to enter your zip code if you apply online, and it'll tell you if you're not in their market area. According to their branch locator, the states where they have branches include: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. Most of the branches are located in Wisconsin which is where their headquarters is located.

M&I is a large regional bank with $51.6 billion in assets. It has been a FDIC member since 1934 (FDIC Certificate # 1020).

Credit for this find goes to FW member buyerbware who posted it on this FW thread.

Bank of the West has brought back its $100 checking account bonus. This new bonus is available until 2/19/2010, and like the last one it allows either direct deposit of at least $250 or 10 online bill payments. The promotion details are listed in the bank's promotion page. Some important details mentioned in the small print include:

• Open any new personal checking account
• First recurring direct deposit must be posted to your account within 60 calendar days of your account opening date
• The 10 bill payments must occur within 60 calendar days of your account opening date
• Bonus will be credited to your account within 60 days after satisfaction of conditions
• Offer valid for a new personal checking account opened from with $100 or more from a financial institution other than Bank of the West
• Offer does not apply to second or multiple checking accounts and/or existing checking customers
• Limit of one $100 bonus per household per calendar year
• Value of the offer reported to the IRS on Form 1099

I just called the bank's customer service number (800 488-2265 / option 8), and according to the CSR, you don't need to come into a branch. People in any state can apply online and qualify for the bonus. Note, in a call last year I was told a branch visit would be required for the bonus. If you hear something different, please leave a comment. Also note, I was told they don't do a hard credit inquiry in the application (only a soft pull). So it shouldn't have to worry about a ding to your credit score. It should be noted that I've often received wrong info on this issue from CSRs.

A few readers shared their experience with this bonus last year. If you participated in this promotion last year, please leave a comment about how it went. Hopefully, the bonuses were paid without problems.

Branches are located throughout the Western and Midwestern states including Oklahoma, Kansas, Minnesota, Nebraska, Colorado, Arizona, Nevada, Wyoming, Washington, Oregon and California. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).

Thanks to the reader who emailed me news of this new promotion.

Online Savings Account

Bank of the West continues to offer an online savings account with the competitive yield of 1.50% APY for balances of $10K and above as of 1/14/2010. This is the same rate when I posted on this account last August. Unfortunately, 1.50% is now competitive for online savings accounts. However, the rate is low for balances under $10K (0.50%). In August I was told by the CSR that there's a $2/month fee if the balance falls below $300. Another downside is that their ACH bank-to-bank transfer service has a transfer limit of $2,000 per day.

Other Bank Bonuses and Online Savings Accounts

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Refer to my weekly rate summary and the savings account section of DepositAccounts.com for the best nationwide savings account rates.

St. Paul Federal Credit Union is offering a high-yield reward checking account with the following rates if certain monthly requirements are met:

• 5.01% APY on balances up to $10,000
• For portion of balance over $10,000, the rate is the default current rate of the respective checking account
• If requirements are not met, account will earn the default current rate of the respective checking account

The monthly requirements include:

• 15 debit card purchases
• 1 direct deposit
• Receive e-statements

Membership is open to those who live, work, worship, or attend school in the cities of Saint Paul or Minneapolis and their relatives. Please refer to the credit union's membership page for the full details.

The credit union's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The credit union is federally insured by the NCUA (Charter # 24358).

Thanks to the reader who emailed me info on this reward checking account.

Other Reward Checking Accounts

The 5.01% yield is rare these days for reward checking, but the $10K cap is a downside. On the plus side, the low cap should make it easier for the credit union to maintain the high rate.

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.

Thrivent Financial Bank is offering a $50 bonus for opening its rewards checking account. They call it a reward checking, but it's not a high-yield reward checking account. There are no debit card usage requirement, but it does require direct deposit.

According to the promotions page, you have to open the account by 12/31/09 and set up recurring direct deposit of at least $100 within 90 days of opening your account. The instructions state:

Call 800-688-6031 today and have promo code: Checking1109 handy to take advantage of this offer.

The bonus is reported to IRS as interest, and it'll be credited to your account within 3 business days after qualifying for the bonus.

Notable features of the checking account that are listed in the checking account comparison page and from my conversation with the CSR include:

• $50 minimum opening deposit
• No monthly fees (CSR)
• 0.51% APY on all balances as of 12/16/09 (see rate table)
• Requires payroll direct deposit. Without direct deposit, it'll be converted to Simply Free Checking (CSR)
• Online ACH transfer service
• Unlimited ATM fee reimbursements
• Free first order of checks
• No hard credit pull in the application. Just ChexSystem (CSR)

The CSR said they have a ACH transfer limit of $2K/day, but you can initiate the transfer by phone without this limitation.

This isn't an account for rate chasers, but for someone looking for a regular checking account this is comparable to other online checking accounts like those at ING Direct, Charles Schwab and Salem Five Direct.

Thrivent Financial Bank opens accounts for customers in any state. The bank is headquartered in Wisconsin with branches in both Wisconsin and Minnesota.

The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1998 (FDIC Certificate # 34799).

Other Bank Bonus Deals:

• my last 40 posts on checking and savings account bonuses

Update 11/14/09: The rates have fallen, but they remain very competitive. Please refer to the credit union's website for the latest rates.

Wings Financial Credit Union continues to offer several very competitive CD rates. In addition, they have expanded their field of membership beyond just the airline industry to include all those who live or work in the Minneapolis/St. Paul metro area.

The special 27-month CD and all of their standard CDs have competitive rates. Minimum deposit is $500. These are also available in an IRA. Below is the full list of CD rates as shown on the credit union's rate sheet as of 11/03/2009:

• 1.96% APY 3 month
• 2.37% APY 6 month
• 2.78% APY 1 year
• 2.98% APY 2 year
• 3.09% APY 27 month (special)
• 3.14% APY 3 year
• 3.24% APY 4 year
• 3.49% APY 5 year

Another good deal is the credit union's Wings Investment Money Market Account. It's a tiered rate account with a 1.92% APY for balances of $5K to $50K, 2.07% APY for balances of $50K to $100K and 2.22% APY for over $100K. These rates are listed as of 11/03/09.

The expanded field of membership just occurred last month. In addition to those connected to the airline industry, those who live or work in the 13 County Minneapolis/St. Paul Metro are eligible for membership. Refer to the credit union's Membership Eligibility page for the full details.

Branches are located in California, Florida, Georgia, Hawaii, Michigan, Minnesota, Tennessee and Washington.

The credit union's ratings for safety and soundess are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data.

Wings Financial is a large credit union with $2.2 billion in assets and 122,394 members. It's federally in insured by the NCUA (Charter # 68601). Note, Wings' charter number has changed now that it's a state charter.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Village Bank is offering a high yield rewards checking account called eChecking with the following rates and features if certain monthly requirements are met:

• 5.00% APY on balances up to $10,000
• 1.00% APY on portion of balance over $10,000
• 0.10% base rate if monthly requirements are not met

The monthly requirements include:

• 5 debit card purchases (excludes ATM transactions)
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• No minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• First 5 checks free, thereafter $3.00 each
• Trial (free) bill pay for 3 months, thereafter $5.95 per month

Presently this is the highest yield, 5%, and lowest cap, $10K, in Minnesota. Note that the usual direct deposit or ACH debit/credit is not required, plus required debit card count is one of the lowest anywhere. On the downside, no ATM foreign fee refunds are mentioned.

Also, they also offer an attractive youth College Savings Fund that pays 10% on the first $500, 3% for any amount over that, contingent upon $100 minimum contributions annually.

A branch visit is required to verify identity when opening an account. Branches are located in five communities just north of Minneapolis: Blaine, Ramsey, Oak Grove, St. Francis and East Bethel.

The bank's ratings for safety and soundness are mixed: 2 stars (problematic) at BauerFinancial and 4 stars (sound) at Bankrate.com, both based on 6/30/09 data. The bank has been a FDIC member since 1993 (FDIC Certificate # 33761).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Mid-Minnesota FCU is offering three competitive certificate specials: 2.25% APY for 7 months, 2.35% APY for 13 months and 2.50% APY for 25 months. Minimum deposit is $2,500. These specials are listed on the credit union's front page as of 10/09/2009.

Membership is open to anyone who lives, works, worships or attends school in any of the following counties of Minnesota: Cass, Crow Wing, Douglas, Morrison, Todd, and Wadena. You can also be eligible if you have a relative who meets the above criteria. Please refer to the credit union's membership page for the full details.

Branches are located in the Minnesota cities of Alexandria, Brainerd, Baxter, Crosby, Little Falls and Staples.

The credit union's ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 20194).

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Citizens Community Federal is offering a very competitive rate of 2.25% APY on its money market account. Minimum balance is $5,000. The rate for balances under $5,000 is 0.75%. These rates are not listed at the bank's website. A reader mentioned this in the comments, and I called yesterday (10/07/09) for more details. Note, the rates vary by branch, and they're subject to change at anytime. They had just recently fallen from 2.50% APY.

Unlike the typical money market account, you can't write checks for this one. They can issue up to 3 cashier checks a month. They do offer a free checking account. So you can transfer from the money market to the checking if you want to write checks. You should also be able to initiate ACH transfers from another bank.

A branch visit is required to open an account. Most of the bank's branches are located in Super-Walmarts in Wisconsin and Minnesota. Be sure to call and verify the rate for the branch near you. Two of the cities with branches in which I verified the 2.25% include Shawano, Wisconsin and Oak Park Heights, Minnesota. The branch at Fond Du Lac, WI was offering only 2% APY.

The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 2001 (FDIC Certificate # 57265).

Thanks to the reader ichaelm who mentioned this money market account in the bank deals hub page. He also mentioned a few more local high-yield money market deals. I posted on one of them which is offering 2.53% last Monday.

Other Competitive Money Market Accounts

• Savings Account Weekly Rate Summary
• bank deals by state

Castle Rock Bank is offering very competitive rates on its money market and savings account. The Money Market Demand Account has a rate of 2.53% APY on balances above $10,000 and 2.02% APY below. Minimum deposit is $1,000 with a $3/month fee if the balance falls below $1,000. According to the website, transfers and withdrawals must be a minimum of $500. The bank also has a savings account that pays 2.90% APY on balances of at least $75,000 (1% for below).

The above rates are not listed in the bank's website. A reader commented on this bank, and I just called today (10/05/09) for additional details. According to the CSR, the rates are subject to change at anytime. However, they haven't changed since January 2009.

A branch visit is required to open an account. Branches are located in Castle Rock and Farmington, Minnesota which are located just south of the Minneapolis-St. Paul.

Castle Rock Bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 1913).

Thanks to the reader ichaelm who mentioned this money market account in the bank deals hub page. He also mentioned a few more local high-yield money market deals. I'll be posting on the other ones soon.

Other Competitive Money Market Accounts

• Savings Account Weekly Rate Summary
• bank deals by state