Minnesota Banking Rates and News

BMO Harris Bank is offering a cash bonus of up to $200 for opening a personal checking account with qualifying direct deposit. Like most large banks, BMO Harris doesn't have a free checking account. So if you take advantage of this bonus, you'll have to be careful to avoid monthly service charges.

To qualify for the $200 bonus requires either the BMO Harris Portfolio Checking or the BMO Harris Select Checking. A $150 bonus requires the BMO Harris Everyday Checking.

Here's the link to the bank's promotion page: bmoharris.com/offerchecking2013.

The new checking account must be opened by March 31,...

Bank of the West has recently brought back its $150 checking account promotion. It looks like the same promotion they were offering last summer. Just like the last one, there's also a $200 bonus, but that requires a checking account with high monthly service fees that can't be easily waived. These promotions are listed on Bank of the West's home page.

Details for the $150 bonus are listed in this Bank of the West promotions page. The checking account must be opened by 3/8/2013.

To qualify for the full $150 requires the following:

• Must open a new Easy...

AnchorBank is offering another checking account promotion with a bonus of up to $150. The bonus is larger than its summer promotion. This latest offer is listed in the bank's promotion page. It's scheduled to end on December 15, 2012.

The required activities include:

• $50 for setting up direct deposit
• $50 for enrolling in e-statements
• $50 for making three debit card purchases

The direct deposit, e-statement enrollment 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 mentioned in the small print is that...

We lost another two-percent 5-year CD. Wings Financial Credit Union cut all of its CD rates yesterday, and its 5-year CD yield fell from 2.12% to 1.96%. Like at other credit unions and banks, the 5-year CD rate has fallen the most this year at Wings. The 5-year CD rate has fallen 35 basis points this year whereas the 2-year CD rate has fallen only 15 basis points.

Even though the rates have fallen, Wings Financial's CD and IRA CD rates are still competitive. Below is a list of the most competitive rates as shown on the

Superior Choice Credit Union is offering a special 18-month share certificate with a 1.25% APY. Minimum deposit is $10,000, and new money is required. The early withdrawal penalty is 180 days of interest. This CD special is listed at the bottom of the credit union's share certificates rates page as of 10/29/2012.

Credit union membership is open to those who live or work in the Wisconsin counties of Ashland, Bayfield, Burnett, Douglas, and Iron. Also included are parts of the Minnesota counties of St. Louis and Carlton. Please refer to the credit union's membership...

As I mentioned last month, BancVue is heavily promoting its Kasasa brand of checking and savings accounts which often include reward checking accounts. Through this campaign, I learned of a new reward checking account from Roundbank. Its reward checking account is called Kasasa Cash. Like many of the new Kasasa Cash accounts, the balance cap is a little disappointing. However, the linked savings account, Kasasa Saver, helps offset this, at least to some extent. Below are the rates and features of these accounts as of 9/4/2012:

Kasasa Cash:

Rates and ATM fee refunds if monthly requirements are met:

• 3.01% APY on...

Bank of the West has just started a new checking account promotion with a bonus of up to $150. There's also a $200 bonus, but to qualify you must open a checking account that requires a large balance to avoid a high monthly service charge. These promotions are listed on Bank of the West's home page.

Details for the $150 bonus are listed in this Bank of the West promotions page. The checking account must be opened by 8/31/2012.

To qualify for the full $150 requires the following:

• Must open a new Easy Checking, Choice Interest Checking, or 55...

As CD rates continue to fall, there's a new type of CD that some credit unions and banks have introduced that can help you get higher rates. As you might expect, there's a downside. They're not a buy-and-forget CD. To qualify for the top rate, you'll need an active checking account. The latest credit union that I've noticed offering this type of CD is Members Cooperative Credit Union in Minnesota. It's called the MembersPlus Share Certificate, and rates are very competitive. The rates for a $100K minimum deposit are 3.20% APY for a 5-year term, 2.30% APY for a...

It has been almost 3 years since I first reported on the reward checking account at Heritage Bank, N.A.. It's now called the eCentive Account, and the account continues to be available nationwide. The rates were always a little low compared to other reward checking accounts, but its current rate is more competitive today especially when compared to other nationally available reward checking accounts from banks. Below are the rates and features if certain monthly requirements are met (as of 6/27/2012):

• 1.71% APY on balances up to $25,000
• 0.10% APY on portion of balance over $25,000
• 0.10% APY base rate if requirements...

AnchorBank is offering another checking account bonus. It's not as nice as the promotion that ended in April, but it's still a good deal. In this new promotion customers can earn up to $100 for opening any new personal checking account and performing certain activities. This offer is listed in the bank's promotion page. It's scheduled to end on 6/30/2012.

The required activities to qualify for the $100 bonus are as follows:

• $50 for direct deposit
• $25 when you sign up for free e-statements
• $25 for making three debit card purchases

The direct deposit, e-statement sign-up and debit card purchases must...

Wings Financial Credit Union continues to offer competitive CD and IRA CD rates. Rates have slowly fallen, but they have fallen less than many other credit unions. Below is a list of the most competitive rates as shown on the credit union's rates page as of 5/2/2012:

• 2.22% APY 5-year CD
• 1.86% APY 4-year CD
• 1.71% APY 3-year CD
• 1.31% APY 2-year CD

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

Membership

Wings...

It's hard to find CD rates over two percent these days. I'm glad to report a credit union that's offering this and provides an easy way for anyone to join. It's Affinity Plus Federal Credit Union, and it's offering a 2.25% APY 5-year CD and IRA CD. Its 3-year and 4-year CD rates are not quite as competitive, but they're still pretty good. These rates are 1.75% APY for 4 years and 1.50% APY for 3 years. Minimum deposit is $500. These rates are listed in the credit union's savings rates page as of 4/20/2012.

I wasn't...