Magnifi Financial


Overview / Commentary
888-330-8482
20 4th Ave SE
Melrose, MN 56352

Magnifi Financial is headquartered in Melrose and is the 5th largest credit union in the state of Minnesota. It is also the 262nd largest credit union in the nation. It was established in 1939 and as of September of 2022, it had grown to 397 employees and 74,479 members at 24 locations. Magnifi Financial's CD rates are 2X the national average, and it boasts an A+ health rating.

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

Related Posts

Magnifi Financial Adds Nationally Available Rate-Leading 7-Month CD - 1/13/2023

Magnifi Financial (easy membership) has added a rate-leading 7-month Certificate Special. $25k min/$250k max deposit, with at least 50% of new money.

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Reviews (2)

Online Banking

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.

Central MN Credit Union

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.



Health
A+

Health Grade Components

Overall
NCUA #68604
Year Chartered1939
Employees397
Primary Regulator
Profit Margin
Return on Assets - YTD0.71%
Return on Equity - YTD6.47%
Annual Interest Income$42.8MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$1.77B$1.59B
LoansQ3 2022vs Q3 2021$1.41B$1.15B
DepositsQ3 2022vs Q3 2021$1.52B$1.36B
Equity CapitalQ3 2022vs Q3 2021$190.2MM$210.8MM
Loan Loss AllowanceQ3 2022vs Q3 2021$13.3MM$9.7MM
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$722.00K$831.00K
Real Estate OwnedQ3 2022vs Q3 2021$0$1.4MM
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
1.90%$5-My Goal Savings
1.10%--Little Scholars
1.10%--Boom! Savings
0.60%--Save the Change Account
0.45%*$50k*-H.S.A. Checking
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $10k | 0.35% $10k - $25k | 0.40% $25k - $50k
0.45%*$50k*-Business H.S.A. Checking
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $10k | 0.35% $10k - $25k | 0.40% $25k - $50k
0.40%*$150k*-IRA Savings
OTHER TIERS: 0.15% Up to $10k | 0.20% $10k - $25k | 0.25% $25k - $50k | 0.30% $50k - $100k | 0.35% $100k - $150k
0.20%--Savings Accounts
0.20%--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
1.20%*$1m*-Business Platinum Money Market Account
OTHER TIERS: 0.35% Up to $10k | 0.40% $10k - $25k | 0.50% $25k - $50k | 0.70% $50k - $100k | 0.80% $100k - $150k | 1.00% $150k - $250k | 1.10% $250k - $500k | 1.15% $500k - $1m
1.20%*$1m*-Non Profit Money Market
OTHER TIERS: 0.35% Up to $10k | 0.40% $10k - $25k | 0.50% $25k - $50k | 0.70% $50k - $100k | 0.80% $100k - $150k | 1.00% $150k - $250k | 1.10% $250k - $500k | 1.15% $500k - $1m
1.00%*$150k*-Money Market Account
OTHER TIERS: 0.35% Up to $10k | 0.40% $10k - $25k | 0.50% $25k - $50k | 0.70% $50k - $100k | 0.80% $100k - $150k
1.00%*$150k*-Business Money Market Account
OTHER TIERS: 0.35% Up to $10k | 0.40% $10k - $25k | 0.50% $25k - $50k | 0.70% $50k - $100k | 0.80% $100k - $150k

Magnifi Financial Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$100k*-Business Platinum Checking
OTHER TIERS: 0.20% Up to $50k | 0.25% $50k - $100k
0.25%*$50k*-Business Advantage Checking
OTHER TIERS: 0.20% Up to $50k
0.25%*$100k*-Non Profit Checking
OTHER TIERS: 0.15% Up to $50k | 0.20% $50k - $100k
0.20%*$5k*-Relationship Checking
OTHER TIERS: 0.15% $1k - $5k
0.20%--eChecking

Magnifi Financial CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.55%$500-11 Month CD Special - 50% New Money
3.40%$500-11 Month CD Special
3.05%$250$7.5k24 Month Boom! CD
2.95%*$150k*-60 Month CD
OTHER TIERS: 2.70% $500 - $25k | 2.75% $25k - $50k | 2.80% $50k - $100k | 2.85% $100k - $150k
2.70%*$150k*-48 Month CD
OTHER TIERS: 2.45% $500 - $25k | 2.50% $25k - $50k | 2.55% $50k - $100k | 2.60% $100k - $150k
2.50%*$150k*-36 Month CD
OTHER TIERS: 2.25% $500 - $25k | 2.30% $25k - $50k | 2.35% $50k - $100k | 2.40% $100k - $150k
2.40%*$150k*-24 Month CD
OTHER TIERS: 2.15% $500 - $25k | 2.20% $25k - $50k | 2.25% $50k - $100k | 2.30% $100k - $150k
2.25%*$150k*-18 Month CD
OTHER TIERS: 2.00% $500 - $25k | 2.05% $25k - $50k | 2.10% $50k - $100k | 2.15% $100k - $150k
2.20%*$150k*-12 Month CD
OTHER TIERS: 1.95% $500 - $25k | 2.00% $25k - $50k | 2.05% $50k - $100k | 2.10% $100k - $150k
1.90%*$150k*-9 Month CD
OTHER TIERS: 1.70% $500 - $25k | 1.75% $25k - $50k | 1.80% $50k - $100k | 1.85% $100k - $150k
1.75%*$150k*-6 Month CD
OTHER TIERS: 1.50% $500 - $25k | 1.55% $25k - $50k | 1.60% $50k - $100k | 1.65% $100k - $150k
1.35%*$150k*-3 Month CD
OTHER TIERS: 1.10% $500 - $25k | 1.15% $25k - $50k | 1.20% $50k - $100k | 1.25% $100k - $150k

Magnifi Financial IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.75%*$150k*-24 Month IRA
OTHER TIERS: 3.50% $500 - $25k | 3.55% $25k - $50k | 3.60% $50k - $100k | 3.65% $100k - $150k
2.95%*$150k*-60 Month IRA
OTHER TIERS: 2.70% $500 - $25k | 2.75% $25k - $50k | 2.80% $50k - $100k | 2.85% $100k - $150k
2.70%*$150k*-48 Month IRA
OTHER TIERS: 2.45% $500 - $25k | 2.50% $25k - $50k | 2.55% $50k - $100k | 2.60% $100k - $150k
2.50%*$150k*-36 Month IRA
OTHER TIERS: 2.25% $500 - $25k | 2.30% $25k - $50k | 2.35% $50k - $100k | 2.40% $100k - $150k
2.20%*$150k*-12 Month IRA
OTHER TIERS: 1.95% $500 - $25k | 2.00% $25k - $50k | 2.05% $50k - $100k | 2.10% $100k - $150k
Locations

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