Magnifi Financial

Overview / Commentary
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 266th largest credit union in the nation. It was established in 1939 and as of June of 2022, it had grown to 377 employees and 74,320 members at 24 locations. Magnifi Financial's money market rates are 14% higher than the national average, and it boasts 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.
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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 Grade Components

NCUA #68604
Year Chartered1939
Primary Regulator
Profit Margin
Return on Assets - YTD0.62%
Return on Equity - YTD5.39%
Annual Interest Income$27.0MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.70B$1.56B
LoansQ2 2022vs Q2 2021$1.33B$1.16B
DepositsQ2 2022vs Q2 2021$1.46B$1.34B
Equity CapitalQ2 2022vs Q2 2021$193.2MM$204.3MM
Loan Loss AllowanceQ2 2022vs Q2 2021$12.2MM$10.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$719.00K$1.5MM
Real Estate OwnedQ2 2022vs Q2 2021$0$2.7MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Magnifi Financial Savings Account Rates

1.85%$5-My Goal Savings
1.05%--Little Scholars
1.05%--Boom! Savings
0.55%--Save the Change Account
0.40%*$50k*-H.S.A. Checking
OTHER TIERS: 0.15% Up to $2.5k | 0.20% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $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
0.40%*$50k*-Business H.S.A. Checking
OTHER TIERS: 0.15% Up to $2.5k | 0.20% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k
0.15%--Savings Accounts
0.15%--Business Savings Accounts
0.05%$5-Share Account
0.05%$5-Business Share

Magnifi Financial Money Market Rates

0.55%*$250k*-Business Platinum Money Market Account
OTHER TIERS: 0.20% Up to $10k | 0.25% $10k - $25k | 0.30% $25k - $50k | 0.35% $50k - $100k | 0.40% $100k - $150k | 0.45% $150k - $250k
0.50%*$150k*-Money Market Account
OTHER TIERS: 0.20% Up to $10k | 0.25% $10k - $25k | 0.30% $25k - $50k | 0.35% $50k - $100k | 0.40% $100k - $150k
0.50%*$150k*-Business Money Market Account
OTHER TIERS: 0.20% Up to $10k | 0.25% $10k - $25k | 0.30% $25k - $50k | 0.35% $50k - $100k | 0.40% $100k - $150k

Magnifi Financial Checking Account Rates

0.25%*$100k*-Business Platinum Checking
OTHER TIERS: 0.15% Up to $50k | 0.20% $50k - $100k
0.20%*$50k*-Business Advantage Checking
OTHER TIERS: 0.15% Up to $50k
0.15%*$5k*-Relationship Checking
OTHER TIERS: 0.10% $1k - $5k

Magnifi Financial CD Rates

2.70%$5k-27 Month Promo Certificate
2.25%$10k-39 Month Promo Certificate
1.25%$10k-19 Month Promo Certificate
1.10%$250$7.5k24 Month Boom! CD

Magnifi Financial IRA Rates

2.20%*$100k*-60 Month IRA
OTHER TIERS: 2.05% $500 - $25k | 2.10% $25k - $50k | 2.15% $50k - $100k
1.95%*$100k*-48 Month IRA
OTHER TIERS: 1.80% $500 - $25k | 1.85% $25k - $50k | 1.90% $50k - $100k
1.80%*$100k*-36 Month IRA
OTHER TIERS: 1.65% $500 - $25k | 1.70% $25k - $50k | 1.75% $50k - $100k
1.70%*$100k*-24 Month IRA
OTHER TIERS: 1.55% $500 - $25k | 1.60% $25k - $50k | 1.65% $50k - $100k
1.50%*$100k*-12 Month IRA
OTHER TIERS: 1.35% $500 - $25k | 1.40% $25k - $50k | 1.45% $50k - $100k


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