Best certificate of deposit rates in Minnesota (Top 3)

July 27, 2009 No Comments »

Below are the highest yielding CD rates available to residents in the state of Minnesota. They come from a variety of financial institutions including local and regional banks and credit unions. In some cases there may be eligibility restrictions (especially with credit unions), so you may want to contact a representative within the institution to see if you are eligible. If do not reside in Minnesota you may still be able to take advantage of some of these products but it will most likely depend on your individual situation (place of work, residence, family relatives, etc). You may want to look at rates offered by regional banks in the general area such as Wisconsin CD rates or Illinois CD rates.

Also, keep in mind deposit products are time-sensitive so refer to the date of this article for accuracy. You may wish to compare CD rates which are nationally available if you feel these may be out of date.

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates (Minnesota):

(clicking on the institution will bring you to their rates page)

American National Bank of Minnesota: Walker, MN. 19 month CD yielding 2.75% APY with a minimum deposit amount of $5,000. This is a promotional product. With many CD rate promotions you will get odd-ball maturities such as “19 months.” This offer is available for a limited time only and is subject to change without notice. To get a better idea of how this stacks up against the competition, the national average for 12 month CDs is 1.65% APY and the national average for 2 year CDs (24 months) sits at roughly 2.0% APY. American National Bank of Minnesota serves 9 central locations within the state. They first opened in 1983.

BankVista: Sartell, MN. 44 month CD yielding 3.15% APY with a minimum deposit amount of $1,000 (compounded annually). This rate is also a promotional one and is only available for a limited time. BankVista is fairly vague about who can take advantage of their products. They claim to serve “central Minnesota and beyond,” so you may want to contact a representative to see if you are eligible. BankVista has first opened it’s doors in 2000.

Grand Timber Bank: McGregor, MN. 30 month CD yielding 2.83% APY with a minimum deposit amount of $75,000 (compounded quarterly). Grand Timber Bank’s deposit rates are somewhat unique in that their rates are set up in tiers depending on your deposit amount. For example this 30 month CD can yield you an APY of anywhere from 2.52% to 2.83% depending on how much you invest. If you only make the minimum deposit of $500 then you will recieve 2.52% on that amount. If you invest $25,000 you will earn 2.68% and if you invest $75k you will earn the best rate of 2.83%. Grand Timber Bank is located in the heart of Northern Minnesota. They claim to be a caring community bank serving local neighborhood and surrounding areas since 1963. They offer a full line of financial products to meet customer needs.

All of the above institutions are federally insured by the FDIC, therefor your deposits are federally insured up to $250k. If you reside in the state of Minnesota and know of a better interest rate offered by your local bank, please share by leaving a comment.

Compare with today’s top CD rates nationwide below:

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