Top 3 CD Rates in Minneapolis, MN

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Minneapolis, Minnesota. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving Minneapolis as well as Minnesota, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Highest yielding money market account rates in Minnesota

Below are the highest yielding money market account rates serving citizens of the state of Minnesota.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Minnesota, we have found that in most instances you will be able to lock in more competitive rates with local institutions (if you are eligible for membership). Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market account interest rates.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 MMA (money market account) rates in Minnesota:

(click on the institution for more information)

• Cook Area Credit Union: Cook, MN. Money market account yielding up to 2.43% APY depending on your minimum balance. The interest rates are set up in four tiers. The first tier yields no interest if your balance is between $0-$999. The second tier yields 2.02% APY if you balance is between $1,000 and $9,999. The third tier yields 2.18% APY if your balance is between $10k and $24,999 and the fourth tier yields 2.43% APY if your balance is above $25,000. You are entitled to three withdrawals per month with a $10 service fee on each withdrawal after the third. Also, if your balance falls below $1,000 not only will you accumulate no interest you will also incur a $10 maintenance fee. For membership eligibility contact: (218) 666-5940
• Concorde Bank: Wilmar, MN. Money market account or “Super Now Checking” account yielding 2.12% APY with a minimum balance of $10,000 or more. You will earn a lower interest rate (not disclosed) if a balance of $10k is not maintained. They only require a $500 deposit to open this account, however, if you’re account balance sits below $1,500 you will incur a $7 maintenance fee. Concorde Bank has been around since 1910 and has two branch locations, one in Blomkest, the other in Wilmar, Minnesota. Contact info: (320) 222-6111

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Minnesota and know of a better money market rate offered through your local bank or credit union, please share by leaving a comment.

Best certificate of deposit rates in Minnesota (Top 3)

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.