Highland Bank (MN) Has Rate-Leading 40-Month CD Special

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Deal Summary: CD Specials – 40-month and 25-month, 5.15% APY, $2.5k minimum deposit, at least 50% of new money.

Availability: Market area is the greater Minneapolis/St. Paul metropolitan area.

Highland Bank recently added two competitive CD Specials – 40-month and 25-month, both earning 5.15% APY. A minimum $2.5k is required to open a CD Special, “with a minimum of 50% new funds not on deposit for prior 90 days with Highland Bank needed to obtain APY.” If the new money requirement is not met, the APY will be 4.90%. The CD Specials are only available as personal accounts and cannot be opened with public or institutional funds.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.25%$2.5k-Highland Bank25 Month CD Special - 50% New Money
5.25%$2.5k-Highland Bank40 Month CD Special - 50% New Money
4.90%$2.5k-Highland Bank25 Month CD Special
4.90%$2.5k-Highland Bank40 Month CD Special
Rates as of September 30, 2023.

According to CSR, partial withdrawals are permitted. As stated on the CD Rates page, the Early Withdrawal Penalties read as follows:

  • 25-month CD Special – 12 months interest on the amount withdrawn.
  • 40-month CD Special – 20 months interest on the amount withdrawn.

Availability and Account Opening

Headquartered in St. Michael, Minnesota, Highland Bank’s market area is the greater Minneapolis/St. Paul metropolitan area, offering accounts to U.S. citizens and resident aliens who have a valid Social Security number.

Opening a CD Special must be done in person at any of five full-service Minnesota branches located in Bloomington, Maple Grove, Minnetonka, St. Michael, and St. Paul. Appointments are available and can be scheduled online.

Funding and Other Details

The following information is the Highland Bank website and a conversation with CSR.

  • Funding – ACH, wire, cashier’s check, cash, internal transfer.
  • Ownership – Individual, joint, or trust.
  • Interest – Compounded/credited annually and at maturity; interest can be withdrawn penalty-free.
  • Maturing Funds – Cashier’s check or internal transfer.
  • Grace Period – 10 calendar days before automatic renewal “at closest regular term.”
  • Beneficiaries – Unlimited, percentages can be assigned. Social Security numbers are required.
  • Credit Check – Soft pull and ChexSystems.

Bank Overview

Highland Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.07% (excellent) based on March 31, 2023 data. In the past year, Highland Bank’s total non-brokered deposits decreased by -$6.32 million, an average annual growth rate of -1.19%. Please refer to our financial overview of Highland Bank (FDIC Certificate # 16111) for more details.

Established in 1943 as the Security State Bank of St. Michael, Highland Bank is a local, privately-held community bank. The rebrand occurred following the 1995 acquisition of The Highland Bank (St. Paul). In 2008, Ridgedale State Bank (Minnetonka, home of Cargill) was acquired, expanding the market area into the western suburbs of the Twin Cities. Highland Bank is currently the 30th largest bank headquartered in Minnesota, with assets in excess of $666 million and nearly 14,000 customer accounts.

According to a December 2020 press release,

Highland Bancshares, Inc., parent holding company of Highland Bank announced the completion of its acquisition of Boundary Waters Bank today. Boundary Waters Bank has branches located in Woodbury, Blaine and Ely Minnesota, which hold approximately $100 million in deposits.

This transaction sets forth a plan for future consolidation under Highland Bank, currently planned for third quarter, 2023. Rick Wall, Chief Executive Officer of Highland Bank shared, “This merger presented an ideal opportunity to expand our organization, blending our individual strengths to provide even greater value to our communities and shareholders alike.”

How the 40-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Highland Bank 40-Month CD Special. The following table compares the 40-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 25-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, two credit unions have higher rates than currently offered on the Highland Bank 25-Month CD Special. The following table compares the 25-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 6/29/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Minneapolis CD rates, 5-year CD rates

Comments

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