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High-Yield Savings Account in Minnesota

People always seek options to multiply their wealth at low risk. High-yield savings accounts are an excellent way to grow your savings with minimal risk while also earning a higher interest rate. Here’s what you need to know about such accounts.
High-Yield Savings Account in Minnesota
There are numerous options available for a high-yield savings account in Minnesota, here are the top ten options that one can consider.
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People always seek options to multiply their wealth at low risk. Regular savings accounts are used for this purpose, but inflation will eat into your savings, leading to erosion of wealth. High-yield savings accounts are an excellent way to grow your savings with minimal risk while also earning a higher interest rate. Several banks and credit unions in Minnesota offer competitive high-yield savings accounts. This blog will talk about ten such institutions, detailing their features such as annual percentage yields and monthly fees. Here’s all you need to know about high-yield savings account in Minnesota.

10 High-Yield Savings Account in Minnesota

Although there are numerous options available for a high-yield savings account in Minnesota, these are the top ten options that one can consider: 

Beem

Beem offers a range of financial services. While it doesn’t offer a high-yield savings account, it provides a platform for checking offers from various banks and financial institutions. 

FeatureDetails
APY Rate5%.
Monthly FeesNil.
ProsIt offers a high APY of 5%.
It charges no monthly fees. 
A user-friendly platform.
ConsCustomer service is primarily online.

Ideal Credit Union

Ideal Credit Union serves the local community with competitive rates and flexibility to transact any time without charging any monthly fees.

FeatureDetails
APY Rate4% to 4.40%, depending on the amount.
Monthly FeesNil.
ProsOffers competitive APY.
Provides flexibility to add or withdraw money.
Has a strong community presence.
ConsLimited to residents of few states only.

Ultima Bank Minnesota

Ultima Bank Minnesota focuses on providing reliable local banking services with a competitive APY. It’s a good choice for those who value multiple account options and local expertise.

FeatureDetails
APY Rate5.10%.
Monthly FeesNil.
ProsReliable local service.
High APY compared to the market.
Variety of account options.
ConsMay require a minimum deposit for high interest.

Drake Bank

Drake Bank prides itself on personalized customer service and a competitive APY with no monthly fees. It caters to customers looking for a traditional banking experience with modern benefits. It offers different savings accounts with different APYs. 

FeatureDetails
APY Rate0.80% for Preferred Savings Account
Monthly Fees$10 if the minimum daily balance is not met.
ProsCompetitive APY.
Personalized customer service.
ConsIt has a minimum limit of daily balance.
The APY shown varies based on the deposit amount.

Dawson Co-Op Credit Union

Dawson Co-Op Credit Union offers primary membership shares and other cooperative member benefits, making it a solid choice for residents. Despite its limited branch network, it remains a reliable local financial institution.

FeatureDetails
APY Rate2% for its primary membership shares.
Monthly FeesThere is no monthly fee, but the minimum balance is $10.
ProsIt offers competitive APY.
It offers cooperative member benefits.
Local expertise.
ConsMinimum balance is required.
Limited branch network.

Sterling Bank

Sterling Bank provides a no-fee savings account with a decent APY. It caters to customers seeking extensive service options and reliable banking services, though it has fewer branches in rural areas.

FeatureDetails
APY Rate2% to 5%, depending on the tenure of the investment.
Monthly FeesNil.
ProsNo monthly fees.
Decent APY range.
Extensive service options.
ConsPremature termination will attract a 50% charge of accrued interest.

Digital Federal Credit Union

Digital Federal Credit Union (DCU) offers a robust digital banking platform. It is one of the largest credit unions nationwide. It’s ideal for tech-savvy customers, although its physical presence in Minnesota is limited.

FeatureDetails
APY Rate1.51%.
Monthly FeesA minimum of $5 is required to open and maintain a membership.
ProsCompetitive APY.
Low initial charges.
Digital banking platform.
ConsMembership fees can go as high as $35.

Minnesota Valley Federal

Minnesota Valley Federal Credit Union is a not for-profit financial cooperative. Its members enjoy convenience and member service that’s unavailable at most financial institutions. It offers various economical financial products and services with benefits.

FeatureDetails
APY RateIts share savings account provides an APY of 0.30%.
Monthly FeesA minimum of $5 is required to open the account.
ProsCommunity-focused services.
Decent APY.
Low minimum opening deposit.
ConsMonthly fee may be charged if the minimum balance isn’t met.

Citizens Bank Minnesota

Citizens Bank Minnesota is a well-established community bank offering competitive rates and personalized services like loans, business checking, etc.

FeatureDetails
APY Rate3.04% for savings account.
Monthly FeesNil, but minimum balance should range between $0.01 and $4,999.99.
ProsHigh APY.
Provides personalized service.
Strong local presence.
ConsBalance shouldn’t exceed $4999.99. 

Mid Minnesota Federal Credit Union

MMFCU provides a checking account that pays 5% APY or cash back on purchases. It also offers perks to business banking members, such as competitive borrowing rates, payroll processing, free ACH payments, and credit card rewards. Anyone can open an account with as little as $5 and enjoy the perks of credit union banking. 

FeatureDetails
APY Rate5%.
Monthly FeesNil, but anyone can open an account with 5$
ProsIt provides high APY as compared to major other savings accounts.
Extensive branch network.
It makes banking accessible. 
ConsMembership fees are required to open an account.

Conclusion

High-yield savings accounts help maximize your savings while keeping your money safe. Banks and credit unions in Minnesota have such offerings. When opting for an account, consider the provider’s monthly fees, branch locations, and if you wish to bank online or in-person. To maximize savings, choose from platforms such as Beem. Ultimately, the best high-yield savings account will depend on your preference.

Read Related Article: High-yield savings account in Kentucky.

FAQs

How do I open a high-yield savings account in Minnesota?

You can open a high-yield savings account in Minnesota by applying at a bank or credit union, either online or in-person. You will need to furnish personal identification, which will include a driver’s license or passport; proof of residence, which can comprise a utility bill; and sometimes even proof of income or employment. Some may have you do it all online, while others may make you go to their offices physically.

Are high-yield savings accounts in Minnesota insured?

Most savings accounts with high interest rates are also always insured in Minnesota. This means that your money is safe. If a bank is opening one of those accounts, it will be insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. If your account is in a credit union, it will be insured by the National Credit Union Administration for up to $250,000 per depositor. This ensures that if the bank or credit union fails, your savings up to that amount are protected, and you will not lose any money.

What are the minimum balance requirements for high-yield savings accounts in Minnesota?

Minimum balance requirements on Minnesota’s high-yield savings accounts could differ with the institution. Some accounts don’t carry any minimum balance requirements. Others might have a minimum balance stipulation ranging from $500 to $1,000 or higher. Maintain your balance to avoid monthly fees. Check with the bank or credit union to understand specific requirements.

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Picture of Allan Moses

Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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