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As the digital environment rapidly transforms banking, some regional banks and credit unions are struggling to keep up.
But not Magnifi Financial. Founded in 1939, the credit union takes a digital-first approach to serving customers nationwide.
Here’s what you need to know about Magnifi Financial.
![Screenshot Jan 26, 2023 7:06:30 AM Magnify Financial Credit Union](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/01/Screenshot-2023-01-26-at-7.06.30-AM.png)
- full service credit union
- Solutions for Consumers and Small Businesses
- A well-developed digital banking app
Magnifi Finance Details |
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Checks, Savings, CDs, Money Market, Business Banking, Loans, IRA Savings |
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$0 or more (depending on account) |
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$0 (varies by account, if you maintain a minimum balance) |
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What is Magnify Financial?
Magnify Financial A credit union serving residents of Minnesota, Wisconsin, and North Dakota. We offer business banking for small businesses as well as consumer checks, savings, mortgages, auto loans and credit cards.
Originally called Central Minnesota Credit Union, the company has expanded through acquisitions and will be rebranded as Magnifi Financial in 2022.
Like any credit union, Magnifi Financial exists to serve its members. We “pass” profits back to our members in the form of enhanced services, lower loan rates, or higher yields on savings accounts.
![Screenshot Jan 26, 2023 7.06.53 AM Magnifi Financial website](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/01/Screenshot-2023-01-26-at-7.06.53-AM.png)
what does it offer?
As a full-service credit union, Magnifi offers numerous accounts, loans and services. Below are some of the major banking categories.
checking account
Magnifi includes youth checking accounts, free checking accounts (no monthly fees), e-Checking ($5 monthly fee unless you maintain a $1,000 balance), and relationship checking accounts I have four different checking accounts.
Magnifi has generous service options (such as the ability to block overdrafts from accounts), but their checking account pricing isn’t surprising.
![Screenshot Jan 26, 2023 7:48:31 AM Magnifi Financial Check](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/01/Screenshot-2023-01-26-at-7.48.31-AM.png)
Savings account and CD
Magnifi offers a variety of savings products including: high yield savings account, CDs, and money market accounts. The yield on an account usually depends on the amount of the account. In addition to adult savings products, Magnifi has youth savings accounts and CDs.
Magnifi’s interest rates aren’t the most attractive on the market, but it does have some unique savings programs to help people get started on their savings goals quickly. For example, My Goal Savings Account earns a higher yield than Magnfi’s Standard Savings Account. The downside is that this account is only eligible for the higher yield for one year before it is converted to a regular savings account.
The company also offers a “WinCentive” savings account, which offers the opportunity to earn cash by depositing money into the account on a regular basis.
![Screenshot Jan 26, 2023 7:38am Magnifi Financial website](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/01/Screenshot-2023-01-26-at-7.38.00-AM.png)
A myriad of savings products will help you save more money automatically. This is one of the keys to building wealth without trying too hard.
consumer loan
Whether you need a home loan, rewards credit card, auto loan, or HELOC, Magnifi Financial has you covered. Magnifi’s platinum credit card’s 9.9% interest rate is competitive by credit card standards.
While avoiding high-interest debt is ideal, a platinum credit card may be a good card to keep as an emergency card. Magnifi also offers competitive interest rates on auto, RV and personal loans.
Many of Magnifi Financial’s mortgage products are designed for people living in rural areas who have access to agricultural and USDA loan products that are not available in urban settings. If you are looking to build, purchase or remodel in a rural area, Magnifi Financial may offer suitable financing options.
business banking
Magnifi offers a suite of business banking services for small business owners, from side businesses to farmers to entrepreneurs. It is specifically focused on issuing credit to small business owners and farmers through SBA loans, business credit cards, and other forms of financing.
Magnifi offers reasonable business and agricultural checking accounts, but the account fees can be as high as $40 per month. We recommend checking an alternative business bank account before checking with Magnifi.
Wealth management
Magnifi Financial offers a variety of financial planning and wealth management services. The company’s brokers manage wealth, provide tax and retirement planning, and sell insurance products, including life and long-term care insurance.
Some financial advisors are certified financial planners, while others are brokers or licensed insurance agents. In general, if you’re looking for financial advice, it’s best to look for a fees-only financial planner who can provide ongoing service at a reasonable rate.
![Screenshot Jan 26, 2023 7.10.25 am Magnifi Financial website](https://cdn.thecollegeinvestor.com/wp-content/uploads/2023/01/Screenshot-2023-01-26-at-7.10.25-AM.png)
Are there any fees?
Magnifi Financial charges interest and fees on various loan products. The exact rate you pay will depend on your credit score and other factors. Magnifi also charges a monthly fee for eChecking accounts and most business checking accounts unless they meet certain bank criteria.
As stringent standards can be difficult to meet, most members are required to pay a monthly fee unless they maintain large balances in their business and personal checking accounts.
How can I contact Magnifi Financial?
Headquartered in Melrose, Minnesota, you can get personalized customer service at any Magnifi branch.
To contact Magnifi by phone, call 1-888-330-8482. again, contact website Complete the online inquiry form.
How does Magnifi Financial compare?
Magnifi Financial is a full-service credit union and its checking account products have higher fees than some of the best checking accounts. However, its loan interest rates are competitive.
If you choose your account a la carte, you are sure to find better checks, savings, credit cards, and loans.since the magnificence Abolition of high-yield checking accountscheck out the Blue FCU which offers an attractive option.
For high-yield checks, Juno uses 5.00% APY for checking account balances up to $10,000.
If you’re trying to open a CD, Magnifi will give you an average rate. boom! 3.05% deedis a youth account designed for users under the age of 19.
Check out American First Credit Union for competitive rate CDs. 4.50% Not only APY 4.15% APY
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But if you want all your banking under one roof, Magnifi Financial could be a great credit union.
Thanks to its wide range of products, well-designed apps, and brick-and-mortar locations, Magnifi Financial is ideal for providing all your financial needs in one place.
How do I open an account?
Before opening an account with Magnifi Financial, you must be a member of a credit union. Membership is Select county Minnesota, North Dakota, western Wisconsin. To the Magnifi Foundation (a charity) he can also donate $10 to become a member.
To apply for membership, provide your name, email, phone number, social security number, address, employment information, and identification information. Magnifi will verify your information and allow you to log into the website and open a new account.
Is it safe and secure?
Magnifi Financial has both online and physical stores. Comply with bank standards for privacy, digital security, and asset protection. All Magnifi deposits are protected by NCUA insurance.
Despite the company’s relatively small footprint, it appears to be investing in digital security to better serve its members. You may be subject to online attacks. Exercise caution when conducting online banking transactions. For example, it’s safer to use the credit union’s app than the mobile website.
Is it worth it?
Magnifi Financial has decent checking and savings accounts and reasonable loan interest rates. It offers a wide range of services and has physical stores in the Twin Cities of central Minnesota and several cities in western Wisconsin and North Dakota.
If you can qualify for free checks, Magnifi could be the right place to start banking, especially if you value the physical locations you visit.
At this time, none of Magnifi’s products are industry-leading products that would drive them to switch banking relationships. If you are already a customer, or if your local bank wants to switch to Magnifi, you may not want to use all their products.
For example, it makes sense to do some research to find the best mortgage rate. Also, looking for a credit card with great rewards may allow you to get more cash back rewards, great travel bonuses, and unique perks.
Magnifi Financial Features
$0 or more (depending on account) |
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Current account maintenance fee |
Various checking accounts are free or require a minimum monthly balance to waive fees. For example, the monthly fee for e-Checking is $5 unless you maintain a balance of $1,000. |
most of the time in Minnesota and North Dakota |
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24,000 ATMs (part of the Moneypass ATM network) |
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Monday to Thursday: 8am to 6pm |
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