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Magnifi Financial


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
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Sponsored Note: Interest compounds daily, deposited monthly
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APY APY = Annual Percentage Yield Rates as of 7/6/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
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Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms apply. Member FDIC
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APY APY = Annual Percentage Yield Rates as of 7/6/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
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Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
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APY APY = Annual Percentage Yield Rates as of 7/6/2025
4.31%
Our Rating
4.0  / 5
Vio Bank
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APY APY = Annual Percentage Yield Rates as of 7/6/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
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Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
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Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
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up to $300
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4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
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Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Overview / Commentary
mymagnifi.org
888-330-8482
20 4th Ave. SE
Melrose, MN 56352

Written by Ali Cybulski, Published on 9/30/2024

Magnifi Financial is a community credit union open to people and businesses in select Minnesota, North Dakota and Wisconsin counties. Individuals can also join with a $10 donation to the Magnifi Foundation, and businesses can qualify with a $50 contribution. The credit union serves members through a network of branches and digital services.

Products include checking and savings accounts as well as certificates, which are similar to bank certificates of deposit (CDs).

If you need a checking account, you’ll have four choices: Free Checking, eChecking, Relationship Checking or High-Yield Checking. Free Checking is a basic account that does not earn interest and has no monthly fee or minimum balance requirement. The eChecking account provides up to $12 in monthly ATM surcharge reimbursements and earns interest but charges a $5 monthly service fee with waivers available. That account as well as Relationship Checking and High-Yield Checking come with free Ready Reserve — a line of credit used to prevent overdrafts.

Relationship Checking accounts have an annual percentage yield (APY) of 0.30% for balances of $1,000 to $4,999 and 0.35% for balances of $5,000 and up; you won’t earn interest if your balance falls below $1,000. If you have an eChecking account, you’ll earn an APY of 0.35% with no minimum balance requirements.

The new High-Yield Checking Account pays an APY of up to 4.5% on balances as high as $20,000. Balances that exceed that amount earn APYs between 4.5% and 1.18%.

Requirements for this rate include at least 12 debit card transactions monthly, enrollment in electronic statements and a recurring direct deposit through the Automated Clearing House network. You’ll also need to maintain a $2,000 daily balance to avoid a $10 monthly fee. This account comes with unlimited check processing and ATM surcharge reimbursements of up to $12 monthly, plus a free line of credit to cover overdrafts.

Magnifi Financial also offers a variety of savings account options. Selections include a Personal Savings account, a Money Market account, a Youth Savings account and more. The Personal Savings account has an APY of 0.35%, and the Money Market account has an APY of 0.65% to 1.30% based on your balance.

The credit union also has some specialty accounts, such as WINcentive Savings, which offers prize drawing entries for every $25 you save. Save the Change automatically rounds up debit card purchases and transfers the amount from your checking account into this savings account. My Goal Savings allows you to create a fund geared toward an event or goal, with monthly deposits totaling between $20 and $400, and a maturity date for the account of up to one year from the opening date.

WINcentive earns a 0.05% APY; Save the Change earns a 0.75% APY; and My Goal earns a 2.00% APY.

Terms for certificates range from three to 60 months with a $500 minimum deposit. Rates depend on your balance and term. A three-month certificate with a balance of $500 to $24,499 earns an APY of 1.80%, for instance, while a 12-month certificate with a balance of $150,000 or more pays an APY of 5.00%.

With digital banking, you’ll be able to link all your accounts to view in a dashboard. The credit union provides your credit score as well as a digital wallet to pay for purchases, among other services. You can view account balances, transfer funds, deposit checks and more using the bank’s mobile app.

For customer service, you can get live help at 888-330-8482 from 8 a.m. to 6 p.m. Monday through Friday or 8 a.m. to noon Saturday. You can also visit one of Magnifi’s 25 branches in Minnesota for assistance.

Magnifi Financial pros and cons

Pros:
• Variety of checking and savings accounts
• Several interest-earning checking accounts
• Low minimum deposit to open certificates

Cons:
• Certificate rates low depending on term and deposit
• $2,000 minimum daily balance required for high-yield checking account to avoid $10 monthly fee
• Money Market account $2,500 opening deposit, although balance does not need to be maintained

Field of Membership Restrictions

Membership in Magnifi Financial is open to individuals by making a $10 donation to the Magnifi Foundation. Businesses can also join by making a $50 donation to Magnifi Foundation. Those who live, work, worship, volunteer, attend school, or do business in the Minnesota counties of Anoka, Benton, Becker, Carver, Clay, Chisago, Crow Wing, Douglas, Dakota, Grant, Hennepin, Isanti, Kandiyohi, McLeod, Meeker, Mille Lacs, Morrison, Otter Tail, Pope, Ramsey, Scott, Sherburne, Stearns, Todd, Wadena, Washington, Wilkin, or Wright; or the North Dakota counties of Cass or Richland; or the Wisconsin counties of Pierce or St. Croix also qualify for membership.
See current membership details

Reviews (2)

Beware Residency Requirements

Posted by: |

You can join Magnifi, but you may not be able to get their best CD rates.

Residency requirements to get these CD rates were not provided at depositaccounts.com. At the Magnifi website, residency requirements were provided in fine print.

"Promotion is only available to residents of Minnesota, North Dakota, Wisconsin, or existing members as of February 5, 2024."

It woudl be helpful if depositaccounts.com would provide residency requirements for CD rates. I have contacted Magnifi to suggest that they make residency requirements more prominent on their website.

I would say that their customer service was great. They have a fairly clunky secure email system. I had to call them directly to clarify that they would not charge me any membership fees.

1

Cash In Change

Posted by: |

I took my change to cash in the machine out front was broke they said can't help bull shit they have a coin machine in back don't know why i do my banking with them they never do anything for me been with the assholes from 2005

3


Health
A

Data as of Q1 2025

Learn why bank health matters

Health Grade Components

Overall
NCUA #68604
Year Chartered1939
Employees405
Primary Regulator
Profit Margin
Return on Assets - YTD0.45%
Return on Equity - YTD4.27%
Annual Interest Income$30.6MM
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$2.49B$2.43B
LoansQ1 2025vs Q1 2024$1.97B$1.87B
DepositsQ1 2025vs Q1 2024$2.09B$1.94B
Equity CapitalQ1 2025vs Q1 2024$257.1MM$243.2MM
Loan Loss AllowanceQ1 2025vs Q1 2024$27.1MM$20MM
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$8.7MM$2.2MM
Real Estate OwnedQ1 2025vs Q1 2024$0$0
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
See Offer
Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
4.31%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/6/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
Bonus Amount
up to $300
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Rates
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Always verify rates and promotions with the bank or credit union. We are not Magnifi Financial; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Magnifi Financial Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.40%$0-My Goal Savings
1.00%$0-Little Scholars
1.00%$0-Boom! Savings
0.45%$0-Save the Change Account
0.35%*$100k*-H.S.A. Checking
OTHER TIERS: 0.05% → $0 - $2.5k | 0.10% → $2.5k - $10k | 0.20% → $10k - $25k | 0.25% → $25k - $50k | 0.30% → $50k - $100k
0.35%*$100k*-Business H.S.A. Checking
OTHER TIERS: 0.05% → $0 - $2.5k | 0.10% → $2.5k - $10k | 0.20% → $10k - $25k | 0.25% → $25k - $50k | 0.30% → $50k - $100k
0.15%$0-Savings Accounts
0.15%$0-Business Savings Accounts
0.05%$5-Share Account
0.05%$5-Business Share
0.05%$5-WINcentive Savings

Magnifi Financial Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.25%*$100k*$5mRateFlex High-Yield Business Money Market
OTHER TIERS: 0.15% → $0+
1.35%*$1m*-Business Platinum Money Market Account
OTHER TIERS: 0.50% → $0 - $10k | 0.55% → $10k - $25k | 0.65% → $25k - $50k | 0.85% → $50k - $100k | 0.95% → $100k - $150k | 1.15% → $150k - $250k | 1.25% → $250k - $500k | 1.30% → $500k - $1m
1.15%*$150k*-Money Market Account
OTHER TIERS: 0.50% → $0 - $10k | 0.55% → $10k - $25k | 0.65% → $25k - $50k | 0.85% → $50k - $100k | 0.95% → $100k - $150k
1.15%*$150k*-Business Money Market Account
OTHER TIERS: 0.50% → $0 - $10k | 0.55% → $10k - $25k | 0.65% → $25k - $50k | 0.85% → $50k - $100k | 0.95% → $100k - $150k

Magnifi Financial Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.50%*$0$20kHigh Yield Checking
OTHER TIERS: 0.20% → $20k+
0.30%*$150k*-Non Profit Checking
OTHER TIERS: 0.15% → $0 - $50k | 0.20% → $50k - $100k | 0.25% → $100k - $150k
0.25%*$150k*-Business Advantage Checking
OTHER TIERS: 0.10% → $0 - $50k | 0.15% → $50k - $100k | 0.20% → $100k - $150k
0.25%*$150k*-Business Platinum Checking
OTHER TIERS: 0.10% → $0 - $50k | 0.15% → $50k - $100k | 0.20% → $100k - $150k
0.15%*$5k*-Relationship Checking
OTHER TIERS: 0.10% → $1k - $5k
0.05%$0-eChecking

Magnifi Financial CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.25%*$100k*-7 Month CD Special
OTHER TIERS: 4.05% → $500 - $25k | 4.15% → $25k - $100k
4.10%*$100k*-12 Month CD
OTHER TIERS: 4.00% → $500 - $100k
3.95%$500-18 Month CD
3.65%*$150k*-24 Month CD
OTHER TIERS: 3.40% → $500 - $25k | 3.45% → $25k - $50k | 3.50% → $50k - $100k | 3.55% → $100k - $150k
3.50%*$150k*-6 Month CD
OTHER TIERS: 3.25% → $500 - $25k | 3.30% → $25k - $50k | 3.35% → $50k - $100k | 3.40% → $100k - $150k
3.50%*$150k*-36 Month CD
OTHER TIERS: 3.25% → $500 - $25k | 3.30% → $25k - $50k | 3.35% → $50k - $100k | 3.40% → $100k - $150k
3.35%*$150k*-60 Month CD
OTHER TIERS: 3.10% → $500 - $25k | 3.15% → $25k - $50k | 3.20% → $50k - $100k | 3.25% → $100k - $150k
3.30%$250$7.5k24 Month Boom! CD
3.25%*$150k*-48 Month CD
OTHER TIERS: 3.00% → $500 - $25k | 3.05% → $25k - $50k | 3.10% → $50k - $100k | 3.15% → $100k - $150k
2.80%*$150k*-9 Month CD
OTHER TIERS: 2.60% → $500 - $25k | 2.65% → $25k - $50k | 2.70% → $50k - $100k | 2.75% → $100k - $150k
2.05%*$150k*-3 Month CD
OTHER TIERS: 1.80% → $500 - $25k | 1.85% → $25k - $50k | 1.90% → $50k - $100k | 1.95% → $100k - $150k

Magnifi Financial IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.10%*$100k*-12 Month IRA
OTHER TIERS: 4.00% → $500 - $100k
3.65%*$150k*-24 Month IRA
OTHER TIERS: 3.40% → $500 - $25k | 3.45% → $25k - $50k | 3.50% → $50k - $100k | 3.55% → $100k - $150k
3.50%*$150k*-36 Month IRA
OTHER TIERS: 3.25% → $500 - $25k | 3.30% → $25k - $50k | 3.35% → $50k - $100k | 3.40% → $100k - $150k
3.35%*$150k*-60 Month IRA
OTHER TIERS: 3.10% → $500 - $25k | 3.15% → $25k - $50k | 3.20% → $50k - $100k | 3.25% → $100k - $150k
3.25%*$150k*-48 Month IRA
OTHER TIERS: 3.00% → $500 - $25k | 3.05% → $25k - $50k | 3.10% → $50k - $100k | 3.15% → $100k - $150k
0.40%*$150k*-IRA Savings
OTHER TIERS: 0.15% → $0 - $10k | 0.20% → $10k - $25k | 0.25% → $25k - $50k | 0.30% → $50k - $100k | 0.35% → $100k - $150k
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