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 197th largest credit union in the nation. It was established in 1939 and as of March of 2024, it had grown to 394 employees and 84,930 members at 26 locations. Magnifi Financial's CD rates are 4X 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

Reviews (4)

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.

Beware Residency Requirements

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.

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



Health
A+

Health Grade Components

Overall
NCUA #68604
Year Chartered1939
Employees394
Primary Regulator
Profit Margin
Return on Assets - YTD0.75%
Return on Equity - YTD7.38%
Annual Interest Income$29.2MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2.43B$2.19B
LoansQ1 2024vs Q1 2023$1.87B$1.8B
DepositsQ1 2024vs Q1 2023$1.94B$1.74B
Equity CapitalQ1 2024vs Q1 2023$243.2MM$225.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$20MM$17.5MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$2.2MM$1.1MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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
3.25%$0-Boom! Savings
2.00%$0-My Goal Savings
1.25%$0-Little Scholars
0.75%$0-Save the Change Account
0.65%*$100k*-H.S.A. Checking
OTHER TIERS: 0.35% $0 - $2.5k | 0.40% $2.5k - $10k | 0.50% $10k - $25k | 0.55% $25k - $50k | 0.60% $50k - $100k
0.65%*$100k*-Business H.S.A. Checking
OTHER TIERS: 0.35% $0 - $2.5k | 0.40% $2.5k - $10k | 0.50% $10k - $25k | 0.55% $25k - $50k | 0.60% $50k - $100k
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
0.35%$0-Savings Accounts
0.35%$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
4.25%*$200k*$5mRateFlex High-Yield Business Money Market
OTHER TIERS: 0.35% $0+
1.50%*$1m*-Business Platinum Money Market Account
OTHER TIERS: 0.65% $0 - $10k | 0.70% $10k - $25k | 0.80% $25k - $50k | 1.00% $50k - $100k | 1.10% $100k - $150k | 1.30% $150k - $250k | 1.40% $250k - $500k | 1.45% $500k - $1m
1.30%*$150k*-Money Market Account
OTHER TIERS: 0.65% $0 - $10k | 0.70% $10k - $25k | 0.80% $25k - $50k | 1.00% $50k - $100k | 1.10% $100k - $150k
1.30%*$150k*-Business Money Market Account
OTHER TIERS: 0.65% $0 - $10k | 0.70% $10k - $25k | 0.80% $25k - $50k | 1.00% $50k - $100k | 1.10% $100k - $150k

Magnifi Financial Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.50%*$0$20kHigh Yield Checking
OTHER TIERS: 0.35% $20k+
0.50%*$150k*-Business Advantage Checking
OTHER TIERS: 0.35% $0 - $50k | 0.40% $50k - $100k | 0.45% $100k - $150k
0.50%*$150k*-Business Platinum Checking
OTHER TIERS: 0.35% $0 - $50k | 0.40% $50k - $100k | 0.45% $100k - $150k
0.50%*$150k*-Non Profit Checking
OTHER TIERS: 0.35% $0 - $50k | 0.40% $50k - $100k | 0.45% $100k - $150k
0.35%*$5k*-Relationship Checking
OTHER TIERS: 0.30% $1k - $5k
0.35%$0-eChecking

Magnifi Financial CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.25%$2.5k$500k10 Month Pick Your Term CD Special - 50% New Money
5.20%$2.5k$500k15 Month Pick Your Term CD Special - 50% New Money
5.15%$2.5k$500k20 Month Pick Your Term CD Special - 50% New Money
4.70%$2.5k$500k10 Month Pick Your Term CD Special
4.70%$2.5k$500k15 Month Pick Your Term CD Special
4.70%$2.5k$500k20 Month Pick Your Term CD Special
3.50%*$150k*-6 Month CD
OTHER TIERS: 3.25% $500 - $25k | 3.30% $25k - $50k | 3.35% $50k - $100k | 3.40% $100k - $150k
3.35%*$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*-24 Month CD
OTHER TIERS: 3.00% $500 - $25k | 3.05% $25k - $50k | 3.10% $50k - $100k | 3.15% $100k - $150k
3.25%*$150k*-48 Month CD
OTHER TIERS: 3.00% $500 - $25k | 3.05% $25k - $50k | 3.10% $50k - $100k | 3.15% $100k - $150k
3.20%*$150k*-18 Month CD
OTHER TIERS: 2.95% $500 - $25k | 3.00% $25k - $50k | 3.05% $50k - $100k | 3.10% $100k - $150k
3.15%*$150k*-12 Month CD
OTHER TIERS: 2.90% $500 - $25k | 2.95% $25k - $50k | 3.00% $50k - $100k | 3.05% $100k - $150k
3.15%*$150k*-36 Month CD
OTHER TIERS: 2.90% $500 - $25k | 2.95% $25k - $50k | 3.00% $50k - $100k | 3.05% $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
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
3.25%*$150k*-24 Month IRA
OTHER TIERS: 3.00% $500 - $25k | 3.05% $25k - $50k | 3.10% $50k - $100k | 3.15% $100k - $150k
3.15%*$150k*-12 Month IRA
OTHER TIERS: 2.90% $500 - $25k | 2.95% $25k - $50k | 3.00% $50k - $100k | 3.05% $100k - $150k
3.15%*$150k*-36 Month IRA
OTHER TIERS: 2.90% $500 - $25k | 2.95% $25k - $50k | 3.00% $50k - $100k | 3.05% $100k - $150k
Locations

Availability

Minneapolis Area

Interactive local rates map


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