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Magnifi Financial


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

Magnifi Financial is headquartered in Melrose and is the 6th largest credit union in the state of Minnesota. It is also the 265th largest credit union in the nation. It was established in 1939 and as of December of 2021, it had grown to 352 employees and 74,040 members at 24 locations. Magnifi Financial has an A+ health rating.

Field of Membership Restrictions

Magnifi Financial is open to anyone who lives, works, worships, volunteers, or goes to school in the Minnesota Counties of Anoka, Benton, Becker, Carver, Clay, Chisago, Crow Wing, Douglas, Dakota, Grant, Hennepin, Isanti, Kandiyohi, Meeker, McLeod, Mille Lacs, Morrison, Otter Tail, Pope, Ramsey, Sherburne, Stearns, Scott, Todd, Wadena, Washington, Wright, and Wilkin or the North Dakota Counties of Richland and Cass, and St. Croix or Pierce County in Wisconsin.
See current membership details

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Reviews (2)

Online Banking

Posted by: |

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.

1

Central MN Credit Union

Posted by: |

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.

1


Health
A+

Data as of Q4 2021

Learn why bank health matters

Health Grade Components

Overall
NCUA #68604
Year Chartered1939
Employees352
Primary Regulator
Profit Margin
Return on Assets - YTD1.07%
Return on Equity - YTD8.15%
Annual Interest Income$50.5MM
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$1.64B$1.45B
LoansQ4 2021vs Q4 2020$1.19B$1.10B
DepositsQ4 2021vs Q4 2020$1.41B$1.24B
Equity CapitalQ4 2021vs Q4 2020$211.2MM$198.6MM
Loan Loss AllowanceQ4 2021vs Q4 2020$10.8MM$9.8MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$291.00K$3.8MM
Real Estate OwnedQ4 2021vs Q4 2020$1.2MM$2.8MM
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
1.80%$5-My Goal Savings
1.00%--Little Scholars
1.00%--Boom! Savings
0.50%--Save the Change Account
0.35%*$50k*-H.S.A. Checking
OTHER TIERS: 0.10% → Up to $2.5k | 0.15% → $2.5k - $10k | 0.25% → $10k - $25k | 0.30% → $25k - $50k
0.35%*$150k*-IRA Savings
OTHER TIERS: 0.10% → Up to $10k | 0.15% → $10k - $25k | 0.20% → $25k - $50k | 0.25% → $50k - $100k | 0.30% → $100k - $150k
0.35%*$50k*-Business H.S.A. Checking
OTHER TIERS: 0.10% → Up to $2.5k | 0.15% → $2.5k - $10k | 0.25% → $10k - $25k | 0.30% → $25k - $50k
0.10%--Savings Accounts
0.10%--Business Savings Accounts
0.05%$5-Share Account
0.05%$5-Business Share

Magnifi Financial Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%*$250k*-Business Platinum Money Market Account
OTHER TIERS: 0.10% → Up to $10k | 0.15% → $10k - $25k | 0.20% → $25k - $50k | 0.25% → $50k - $100k | 0.30% → $100k - $150k | 0.35% → $150k - $250k
0.35%*$150k*-Money Market Account
OTHER TIERS: 0.10% → Up to $10k | 0.15% → $10k - $25k | 0.20% → $25k - $50k | 0.25% → $50k - $100k | 0.30% → $100k - $150k
0.35%*$150k*-Business Money Market Account
OTHER TIERS: 0.10% → $2.5k - $10k | 0.15% → $10k - $25k | 0.20% → $25k - $50k | 0.25% → $50k - $100k | 0.30% → $100k - $150k

Magnifi Financial Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%*$100k*-Business Advantage Checking
OTHER TIERS: 0.10% → Up to $50k | 0.15% → $50k - $100k
0.20%*$100k*-Business Platinum Checking
OTHER TIERS: 0.10% → Up to $50k | 0.15% → $50k - $100k
0.10%*$5k*-Relationship Checking
OTHER TIERS: 0.05% → $1k - $5k
0.10%--eChecking

Magnifi Financial CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.30%*$100k*-60 Month CD
OTHER TIERS: 1.15% → $500 - $25k | 1.20% → $25k - $50k | 1.25% → $50k - $100k
1.10%*$100k*-48 Month CD
OTHER TIERS: 0.95% → $500 - $25k | 1.00% → $25k - $50k | 1.05% → $50k - $100k
1.10%$250$7.5k24 Month Boom! CD
0.95%*$100k*-36 Month CD
OTHER TIERS: 0.80% → $500 - $25k | 0.85% → $25k - $50k | 0.90% → $50k - $100k
0.75%*$100k*-24 Month CD
OTHER TIERS: 0.60% → $500 - $25k | 0.65% → $25k - $50k | 0.70% → $50k - $100k
0.70%*$100k*-18 Month CD
OTHER TIERS: 0.55% → $500 - $25k | 0.60% → $25k - $50k | 0.65% → $50k - $100k
0.65%*$100k*-12 Month CD
OTHER TIERS: 0.50% → $500 - $25k | 0.55% → $25k - $50k | 0.60% → $50k - $100k
0.50%*$100k*-9 Month CD
OTHER TIERS: 0.35% → $500 - $25k | 0.40% → $25k - $50k | 0.45% → $50k - $100k
0.45%*$100k*-6 Month CD
OTHER TIERS: 0.30% → $500 - $25k | 0.35% → $25k - $50k | 0.40% → $50k - $100k
0.40%*$100k*-3 Month CD
OTHER TIERS: 0.25% → $500 - $25k | 0.30% → $25k - $50k | 0.35% → $50k - $100k

Magnifi Financial IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.30%*$100k*-60 Month IRA
OTHER TIERS: 1.15% → $500 - $25k | 1.20% → $25k - $50k | 1.25% → $50k - $100k
1.10%*$100k*-48 Month IRA
OTHER TIERS: 0.95% → $500 - $25k | 1.00% → $25k - $50k | 1.05% → $50k - $100k
0.95%*$100k*-36 Month IRA
OTHER TIERS: 0.80% → $500 - $25k | 0.85% → $25k - $50k | 0.90% → $50k - $100k
0.75%*$100k*-24 Month IRA
OTHER TIERS: 0.60% → $500 - $25k | 0.65% → $25k - $50k | 0.70% → $50k - $100k
0.65%*$100k*-12 Month IRA
OTHER TIERS: 0.50% → $500 - $25k | 0.55% → $25k - $50k | 0.60% → $50k - $100k
Locations

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