Banking Rates & News

Rochester Metro Area

Including Rochester, Mason City, Albert Lea, Austin, Charles City, Stewartville, Spring Valley, Kasson, Osage, Clear Lake, and 61 other towns.

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Banking in the Rochester Area

Rochester, Minnesota, is the largest city in the state outside of the Twin Cities metropolitan area. Located in southeast Minnesota near the borders with Iowa and Wisconsin, Rochester has a population of about 110,000 people. Its larger population area, which includes the cities of Austin, Albert Lea, Charles City, Stewartville, Spring Valley, Kasson, Clear Lake, and Rushford, has more than 200,000 people.

Rochester is home to the Mayo Clinic, one of the most well-known healthcare systems in the world. It also is home to a major IBM manufacturing plant. Perhaps due to the presence of two large companies and its location close to two other states, Rochester has a large banking industry.

There are approximately 40 banks and 20 credit unions with headquarters in Rochester or the surrounding region. Notable institutions include Think Mutual Bank, First Citizens National Bank, Mayo Employees Federal Credit Union, and Home Federal Savings Bank. The oldest locally-based financial institution still operating is Root River State Bank, which was established all the way back in 1856. Altogether, including out-of-area banks that operate in the Rochester region, there more than 75 banks and 20 credit unions with a total of about 280 branches.

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Local Deals & News

One Weekly Only - 13-Month CD Special, 2.00% APY
This may be only available in California. I couldn't find it on BotW's website. CSRs I spoke with didn't know anything about this Special, as it wasn't on their cheat
First Citizens Bank (IA/MN) Has 48-Month CD Special w/Bump
Deal Summary: 48-month CD Special, 2.63% APY, $1k minimum, one-time bump option, available through March 5, 2018. Availability: Online market area includes Iowa and Minnesota. Iowa-based First Citizens Bank (First
2- And 3-Year Brokered Cds
For those interested in possibly taking the plunge into brokered CDs, Wells Fargo has been offering some pretty good non-callable, new issue deals with 2- and 3-year maturities. Today on
Indexed Money Market, 2.02% APY, $1M+
If you aren't sure where to put that extra $1 million, Altra FCU's Indexed Money Market is earning 2.02% APY. https://www.altra.org/services/rates/savings-money-market-rates "The annual dividend yield (APY) will be an indexed
25-Month CD Special, 2.25% APY
CENT CU is offering three limited-time "Nacho Bank's" Share Certificate Specials: 13-month CD Special, 1.25% APY 18-month CD Special, 1.75% APY 25-month CD Special, 2.25% APY
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