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.

Rewards Checking Account through Heritage Bank: 2.24% APY

Heritage Bank out of Minnesota has an interesting “Rewards Checking Account” which is available to everyone nationwide. It’s only yielding an APY of 2.24%, which when compared to other interest checking accounts, isn’t that substantial. However, if you are looking at stashing a large chunk of change in an FDIC insured investment, than this may be the best account for you as there is no maximum balance. Typically these rewards checking accounts, or high interest checking accounts provide lucrative returns but only for a predefined sum of money (ie earn 3% on balances up to $25,000). Heritage Bank’s rewards checking account has no limit.

Rewards Checking Account Features from Heritage Bank:

(as seen on their website)

• Interest paid on balances of $.01 or greater
• Free Visa Check Card
• The Annual Percentage Yield (APY) is in effect as of Thursday, July 02, 2009. Rates may change without notice after account is opened. Fees may reduce earnings
• If you do not meet the requirements during a monthly statement cycle you will earn the Standard APY of 0.10% and will not receive ATM refunds for that time period
• Available to personal accounts only
• Variable interest rate may change daily; Interest calculation is based on average available (collected) balances and is compounded monthly
• If you close your account before interest is credited, you will not receive the accrued interest
• Overdrafts and NSF: $27 per item
• $25 fee if account is closed within 90 days of opening

Requirements to earn advertised interest rate:

• Make 10 or more check card transactions (excluding ATM transactions)
• Have at least one direct deposit or automatic payment (ACH)
• Receive a monthly E-Statement

Olmsted National Bank offers 5.01% Checking Account

Lately BankVibe has kept a narrow focus on finding the best savings rates possible, whether it be from certificates of deposit, money market accounts or interest checking accounts. What has typically transpired from digging for the top savings rates has been that local geographically exclusive credit unions and banks usually top the list, which in turn, makes the top rates insignificant to the greater portion of BankVibe readers.

Today, we have found an extremely high yield checking account available to EVERYONE nationwide! It comes with a few requirements that must be met in order to keep the rate.

Olmsted National Bank is now offering customers a whopping 5.01% APY on all balances up to $25,000, 1.01% APY on all balances above $25k.  The national average for interest bearing checking accounts currently sits at a pathetic 0.76% APY, which needless to say, makes this account pretty substantial.

Requirements for 5.01% Checking through Olmsted National Bank

I spoke with a representative from their institution yesterday via email who informed me on this rate and it’s national availability. The other requirements they noted are as follows:

1) You must receive E-Statements

2) There has to be one reoccurring direct deposit or one reoccurring ACH debit

3) You have to make 12 debit card purchases per statement cycle (this can be a soda, bag of chips, tank of gas, round of beers, etc.)

One more notable feature with this checking account is that your ATM withdraw fees will be reimbursed up to $25.00 per month. With most ATM’s I encounter, competing bank accounts are usually charged 2.00 per withdraw. Therefor, if you can keep your withdraws under 12 per month (3 per week) then you should be good to go.