Magnifi Financial Introduces Competitive 15-Month "Pick Your Term" CD Special

Minnesota-based Magnifi Financial has restructured its “Pick Your Term” CD Specials, changing the term-lengths and rates. In January, Magnifi Financial offered two CD Specials (17-month, 5.40% APY and 23-month, 5.25% APY); this latest offering includes three CD Specials: 15-month (5.30% APY), 20-month (5.25% APY), and 10-month (5.35% APY). The 15-month CD Special APY is most competitive of the three.

While Magnifi Financial offers membership on a nationwide basis, the CD Specials are available only to “residents of Minnesota, North Dakota, and Wisconsin, or existing members as of February 5, 2024.” The minimum opening deposit is $2.5k and as stated on the landing page, there is a “maximum promotional certificate aggregate deposit of $500,000 per member.” (FYI – the January “Pick Your Term” maximum aggregate deposit was $250k.)

At least 50% of the opening deposit must be new money, defined as funds not currently on deposit with Magnifi. According to the fine print on the landing page,

If there is less than 50% new money, the APY for the 10-month, 15-month, and 20-month is 4.70% APY.

Early Withdrawal Penalty

As stated in the fine print of the Certificates page, the Early Withdrawal Penalty reads as follows:

Terms of 9 months but less than 24 months = 180 Days' Dividends

Availability

Headquartered in Melrose, Minnesota, Magnifi Financial expanded its field of membership (FOM) about a year ago to include virtually all U.S. citizens and residents aliens, but as mentioned above, the 10-month, 15-month, and 20-month CD Specials are only available to new and existing members from Minnesota, North Dakota, Wisconsin, or existing members as of February 5, 2024.

In the past year, Magnifi has limited who can open a CD Special. Joining Magnifi now could ensure you're eligible for the next CD Special.

Easy Membership Requirement: Individuals who make a $10 donation to the Magnifi Foundation qualify for Magnifi Financial membership. Businesses can also join by making a $50 donation.

Residency: Those who live, work, worship, volunteer, attend school, or do business in 28 Minnesota counties, two North Dakota counties, and two Wisconsin counties also qualify for membership.

• Minnesota counties – 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.
• North Dakota counties – Cass or Richland.
• Wisconsin counties – Pierce or St. Croix.

Family Relationship: - Family members of a current Magnifi Financial member are also welcome to apply.

Account Opening

Joining Magnifi Financial and/or opening a CD Special can be done online or at any of 26 Minnesota branches located in Albany, Avon, Belgrade, Blaine, Cold Spring, Columbia Heights, Coon Rapids, Freeport, Glenwood, Grey Eagle, Holdingford, Little Falls, Long Prairie, Maple Grove, Melrose (2), Moorhead, New York Mills, Paynesville, Perham, Saint Joseph, Sartell, Sauk Centre, Spicer, Wadena, and Waite Park. Appointments (phone call, video call, or in-person meeting) are available and can be scheduled online.

Existing members can open a CD Special through the Magnifi online banking platform or the Magnifi mobile app.

A $5 minimum deposit in a Membership Share account establishes a Magnifi Financial membership.

Funding and Other Details

The following information is from the Magnifi Financial website and a LiveChat with CSR.

• Funding – ACH, wire ($10 fee), or check (if opening in-branch).
• CO-OP Shared Branch Participant – No.
• Dividends – Compounded/credited monthly and can be withdrawn without penalty.
• Maturing Funds – Cashier’s check, wire ($25 fee), or internal transfer to savings/checking account.
• Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
• Grace Period – 10 calendar days before automatic renewal as a regular 12-month CD.
• Credit Check – Soft pull.

Credit Union Overview

Magnifi Financial has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.77% (excellent) based on September 30, 2023 data. In the past year, Magnifi has increased its total non-brokered deposits by $221.75 million, an excellent annual growth rate of 14.71%. Please refer to our financial overview of Magnifi Financial (NCUA Charter # 68604) for more details.

Founded in 1939 as Central Minnesota Credit Union, Magnifi Financial is currently the fourth largest credit union headquartered in Minnesota, with more than 85,700 members and assets in excess of $2.2 billion. The Magnifi Financial rebrand occurred fairly recently, with the name change finalized in March 2022. According to a February 2022 BUSINESS WIRE article,

Central Minnesota Credit Union (CMCU), a member-owned financial services cooperative, announced that it is changing its name to Magnifi Financial, effective March 1. As part of the transition, CMCU will unveil a new visual identity, including logo, signage, website and advertising. Magnifi Financial will remain a credit union, with the same credit union charter, business model and community-centered philosophy.

“Magnifi Financial is an acknowledgement of how much we’ve grown as an organization,” said Charles Friederichs, CMCU Chief Executive Officer. “We are changing our name to better reflect our growing membership, which has grown beyond central Minnesota and extends from western North Dakota through the Twin Cities metro into Wisconsin.”

How the 15-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, one bank and two credit unions have higher rates than currently offered on the Magnifi Financial 15-Month CD Special. The following table compares the 15-Month Certificate Special to the four highest-rate 18-month CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 3/14/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.