Minnesota Banking Rates and News

Central Bank is offering four CD specials with competitive rates. These are a 2.10% APY 59-month CD, a 1.25% APY 25-month CD, a 1.00% APY 17-month CD and a 0.85% APY 11-month CD. Minimum deposit is $1,000, and the maximum is $100,000. These special rates are listed at the bottom of the bank's Minnesota rates page as of 1/24/2012. I was told these also apply to the bank's Florida branch.

A branch visit is required to open an account. Most of Central Bank branches are located in Minnesota and Wisconsin in the Minneapolis/St. Paul...

AnchorBank is offering up to $150 for opening any new personal checking account and performing certain activities. This is a nice upgrade from last year's promotion which had just a $100 bonus. This offer is listed in the bank's promotion page. It's scheduled to end on 4/15/2012.

The required activities include:

• $50 for opening a checking account
• $50 for setting up direct deposit
• $50 for making three debit card purchases

The direct deposit and debit card purchases must be completed within 60 days of account opening. Existing checking account customers are not eligible for the bonus. Another important note...

On Friday US Bank did something that's rare these days. It raised the rate of its competitive long-term CD. The rate of the 59-month CD special increased from 2.00% to 2.25% APY. The two other special CDs with shorter terms are not nearly as competitive. One is a 1.25% APY 37-month CD and the other is a 1.01% APY 19-month CD. Minimum deposit is $1,000, and the maximum is $249,999. These rates are listed in US Bank's CD page as of 10/31/2011. Rates could change at any time, but they typically change on Friday mornings.

Bank of the West has just started a new checking account promotion with a $100 bonus that's scheduled to last until 9/16/2011. Here's the link to the offer. Unlike previous Bank of the West promotions, this one requires direct deposit. There doesn't seem to be online bill pay option. Like previous promotions, only those who reside in their market area are eligible (see below for the eligible states). The bank is still advertising a free checking account with no monthly service charges or monthly fees. This is becoming rare for large banks.

Below is the...

There were quite a few rate changes to my list from last week. We lost some more 3.00%+ 5-year CDs. PEF Federal Credit Union in the Cleveland area reduced its 5-year CD yield from 3.29% to 2.93%, and Liberty Bank in Iowa and Southwest Florida is no longer listing its 3.00% 5-year CD special. Bay Ridge Federal Credit Union that's based in Brooklyn, New York also cut its 5-year CD rate, but it still remains very competitive with a 3.25% APY for a $20K deposit. Its shorter-term CDs had bigger cuts and fell off my list.

Not all...

Update 10/31/2011: The promotion has been extended. However, it now requires 15 qualifying transactions.

TCF Bank is offering a $100 cash bonus for opening a checking account and performing 10 qualifying transactions within 60 calendar days of account opening. The offer is scheduled to end on Dec 31, 2011 June 30, 2011. No direct deposit is required. This special is listed at TCF’s home page. The details are provided in this TCF promotions page. Below is the promotion’s small print:

Offer applies to TCF non-interest bearing checking accounts. The account must have a total of 10...

Wings Financial Credit Union did something that has been rare this year. It raised its CD rates. The rates went up by 15 basis points which makes it rates for CD terms of 2 to 5 years very competitive. These CD and IRA CD rates as listed at the credit unions rates page as of 2/19/2011 include:

• 1.81% APY 2-year CD
• 2.07% APY 3-year CD
• 2.22% APY 4-year CD
• 2.73% APY 5-year CD

Minimum deposit is $500. According to the CSR, the early withdrawal penalty is 180 days of interest for terms over 1 year and 30 days of interest for...

Altra Federal Credit Union continues to offer a competitive special 18-month CD. The top rate is 2.00% APY. This requires a checking account with direct deposit. Otherwise, the rate falls to 1.50% APY. Minimum deposit is $1,000. These rates are listed in the credit union's rates page as of 4/27/2011.

Here's how the small print describes the step-up and add-on features of this special CD:

Step Up Certificate allows a one-time rate change based on the then advertised rate for same term. Along with one-time rate change, you may also make an additional deposit to the...

M&I Bank has a checking account promotion in which you can earn up to $150 without too much work. The required checking account does have potential monthly fees, so that's something to keep in mind. The promotion is described at mibank.com/cashback150, and it's scheduled to last until May 27, 2011. The $150 bonus requires opening a new M&I Cash Back Checking Account and completing the following within 60 days:

• $50 for five qualifying check card purchases (signature-based)
• $50 for two direct deposits (ACH)
• $50 for three online bill payments

Potential Monthly Fees

The M&I Cash Back Checking Account has a...

Every now and then Doral Bank Direct offers competitive CD rates. Its latest deal is a 1-year CD with a 1.40% APY. Minimum deposit is $1,000. This is the only rate that's competitive. All the other CD rates are low. These rates are listed in the bank's CD page as of 3/29/2011.

My last report on this bank was about a year ago when they were offering a 1-year CD special. One odd thing is their requirement to close out a CD. You have to send them the original Certificate that was sent...

Wings Financial Credit Union used to be only available to those employed in the air transportation industry. A couple of years ago they expanded eligibility to include anyone who lives in the Minneapolis-St. Paul Metro Area. Last year they continued to expand their field of membership to include anyone who lives in certain parts of the Seattle-Tacoma metro areas in Washington State.

It's nice to see this major credit union is becoming easier to join. Wings Financial used to offer very competitive CD and money market rates. The rates are not quite as competitive as they used to...

Associated Bank has brought back its $150 checking account promotion. The bank is offering up to a $150 bonus for opening a checking account and performing specific activities. The offer is scheduled to end on May 31, 2011. The promotion isn't listed on the bank's website. It's being advertised in a Wisconsin newspaper. The ad is available online here. Requirements for the bonus include:

• Open a new personal checking account with a minimum $100 by 5/31/2011
• $50 after you order checks at account opening and complete a minimum of 5 debit card signature purchases
• $50 with enrollment in Online...