Magnifi Financial is headquartered in Melrose and is the 4th largest credit union in the state of Minnesota. It is also the 202nd largest credit union in the nation. It was established in 1939 and as of June of 2023, it had grown to 405 employees and 84,613 members at 26 locations. Magnifi Financial's CD rates are 4X the national average, and it boasts an A+ health rating.
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
When I recently went in to look into getting a new checking account at a different bank I was surprised by the amount of options they had. One of the choices was an E-Checking account. I do most of my banking online and prefer it that way. This seemed like the best option for me. The guy who helped me set it up was very friendly and made sure I had everything working before I left the building. He helped me create a user name and password for the website as well as helped me find and download their mobile app. I found the benefits on their E-Checking account to make it more than worth it to sign up for this particular account. The part I liked the best is I will now earn interest on money I have in my checking account.
I recently was unhappy with my current bank and found myself at our local credit union. When I walked in I was greeted and it was a pleasant atmosphere. I did not have to wait long for someone to come help me open a new checking and savings account. Everything was explained to me in detail, and I was given choices of what kinds of accounts I wanted to open. The guy was knowledgeable in their accounts and did his best to make sure the accounts I was opening were the best for me and my situation. I have been back a few times now as I am working on switching everything to this credit union. I would highly recommend this credit union to other people. It is fast, convenient, and they offer good deals on the types of accounts they have.
Overall | |
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NCUA # | 68604 |
Year Chartered | 1939 |
Employees | 405 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.82% |
Return on Equity - YTD | 8.05% |
Annual Interest Income | $50.5MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2023vs Q2 2022 | $2.26B$1.70B |
Loans | Q2 2023vs Q2 2022 | $1.85B$1.33B |
Deposits | Q2 2023vs Q2 2022 | $1.80B$1.46B |
Equity Capital | Q2 2023vs Q2 2022 | $226.7MM$193.2MM |
Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$12.2MM |
Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $995.00K$719.00K |
Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.