Best CD Rates in Minnesota

Minnesota is known for its robust financial sector and a wide array of banking institutions. It offers competitive CD rates that can help people to grow their funds securely over time.

With options ranging from short-term investments for immediate goals to longer-term, Minnesotans have the opportunity to choose CD rates that best fit their savings strategy and financial aspirations. Let’s dive into the best CD rates available in Minnesota, and how you can leverage them to achieve your financial goals.

Overall Best CD rates in Minnesota

No.	Name of the Bank	APY %	Term Length	Address
1	Superior Choice Credit Union	5.50%	6-month	4161 Haines Rd Hermantown, MN 55811
2	Stearns Bank National Association	5.25%	3-month	4191 2nd St S Saint Cloud, MN 56301
3	Drake Bank	5.00%	3-month	60 Plato Blvd E Saint Paul, MN 55107
4	Ameriprise Bank, FSB	4.80%	3-month	901 3rd Ave S Minneapolis, MN 55402
5	First National Bank of Bemidji	4.76%	3-month	1600 Paul Bunyan Dr NW Bemidji, MN 56601
6	Security Bank USA	4.75%	3-month	104 4th St NW Bemidji, MN 56601
7	Affinity Plus Federal Credit Union	4.75%	6-month	1301 Miller Trunk Hwy Duluth, MN 55811
8	Building Trades Federal Credit Union	4.50%	3-month	10340 Viking Dr Eden Prairie, MN 55344
9	Riverland Bank	4.50%	3-month	700 Seville Dr Jordan, MN 55352
10	Wells Fargo Bank, National Association	4.50%	3-month	5620 Brooklyn Blvd Brooklyn Center, MN 55429
11	NorthRidge Community Credit Union	4.50%	6-month	1321 E Sheridan St Ely, MN 55731
12	United Employees Credit Union	4.25%	3-month	430 Bridge Ave Albert Lea, MN 56007
13	Employees First Credit Union	4.10%	3-month	2250 Wabash Ave Saint Paul, MN 55114
14	Ideal Credit Union	4.10%	3-month	828 Greenway Ave N Saint Paul, MN 55128
15	TopLine Federal Credit Union	4.05%	12-month	9353 Jefferson Hwy, Maple Grove, MN 55369
16	Floodwood Area Credit Union	4.04%	6-month	224 W Hwy 2 PO Box 318 Floodwood, MN 55736
17	Northwoods Credit Union	4.04%	6-month	902 Stanley Ave Cloquet, MN 55720
18	Old National Bank	4.01%	12-month	600 1st Ave NW, Rochester, MN 55901
19	MidCountry Bank	4.01%	24-month	1113 E Madison Ave, Mankato, MN 56001
20	CornerStone State Bank	4.00%	6-month	1516 Cloquet Ave Cloquet, MN 55720
21	Northern Communities Credit Union	4.00%	6-month	3311 W Arrowhead Rd Duluth, MN 55811
22	Minnesota Valley Federal Credit Union	4.00%	18-month	1640 Adams St, Mankato, MN 56001
23	New Market Bank	4.00%	18-month	461 Main St, Elko New Market, MN 55054
24	North American Banking Company	4.00%	36-month	2230 Albert St N, Roseville, MN 55113
25	Platinum Bank	3.98%	3-month	7667 10th St N, Oakdale, MN 55128
26	Bank of America, National Association	3.93%	3-month	7901 Penn Ave S Bloomington, MN 55431
27	Merchants Bank	3.93%	24-month	102 E 3rd St, Winona, MN 55987
28	Minnwest Bank	3.93%	12-month	300 South Washington Street, Redwood Falls, MN 56283
29	American National Bank	3.86%	36-month	2755 US-10, Mounds View, MN 55112
30	Signature Bank	3.76%	3-month	9800 Bren Rd E #200, Minnetonka, MN 55343
31	Federated Employees Credit Union	3.75%	3-month	1929 S Cedar Ave P.O. Box 328 Owatonna, MN 55060
32	Central Hanna Employees Credit Union	3.70%	3-month	301 1st Ave N PO Box 465 Keewatin, MN 55753
33	Diversified Credit Union	3.70%	3-month	299 Johnson Ave SW Waseca, MN 56093
34	Energy Services Federal Credit Union	3.70%	3-month	3515 3rd St N PO Box 808 Saint Cloud, MN 56303
35	Peoples Community Credit Union	3.70%	3-month	1541 Hwy 7 Hopkins, MN 55305
36	Central Bank	3.67%	18-month	7300 147th St W #100, Apple Valley, MN 55124
37	Woodlands National Bank	3.65%	6-month	240 North Rd Cloquet, MN 55720
38	Minnesota Power Employees Credit Union	3.47%	6-month	4908 Miller Trunk Hwy Hermantown, MN 55811
39	American Bank of the North	3.45%	24-month	117 Central Ave, Nashwauk, MN 55769
40	BankCherokee	3.45%	12-month	607 S Smith Ave, St Paul, MN 55107
41	First National Bank of Minnesota	3.44%	24-month	226 Nassau St, St Peter, MN 56082
42	Think Mutual Bank	3.10%	3-month	400 Robert St N Ste 240 Saint Paul, MN 55101
43	SPIRE Credit Union	3.09%	24-month	2025 Larpenteur Ave W, Falcon Heights, MN 55113
44	Star Choice Credit Union	3.02%	18-month	10750 France Ave S, Bloomington, MN 55431
45	First Minnesota Bank	3.01%	24-month	4625 County Hwy 101, Minnetonka, MN 55345
46	Golden 1 Credit Union	3.00%	3-month	1300 S El Camino Real Bloomington, MN 55425
47	PenFed Credit Union	3.00%	6-month	Online
48	Lake Area Bank	3.00%	24-month	12790 1st Ave N, Lindstrom, MN 55045
49	Woodlands National Bank	3.00%	18-month	1451 E Hwy 210, Carlton, MN 55718
50	Northview Bank	2.75%	6-month	130 W. 7th Ave. Floodwood, MN 55736
51	Viking Bank	2.75%	36-month	4277 Dakota St, Alexandria, MN 56308
52	Unity Bank	2.68%	24-month	1180 W 4th St, Rush City, MN 55069
53	North Shore Federal Credit Union	2.66%	24-month	85 Outer Dr, Silver Bay, MN 55614
54	Hermantown Federal Credit Union	2.52%	6-month	4477 Lavaque Rd Hermantown, MN 55811
55	Members Cooperative Credit Union	2.50%	6-month	101 14th St Cloquet, MN 55720
56	Wells Fargo Bank, National Association	2.50%	6-month	222 W Superior St Duluth, MN 55802
57	First National Bank of Moose Lake	2.25%	6-month	20 Hartman Dr Moose Lake, MN 55767
58	Border State Bank	2.00%	24-month	133 Main St S, Greenbush, MN 56726
59	Sunrise Banks	2.00%	24-month	200 University Ave W, St Paul, MN 55103
60	KleinBank (part of Old National Bank)	2.00%	18-month	611 Rose Dr, Big Lake, MN 55309
61	Think Mutual Bank	1.98%	13-month	5200 Members Pkwy NW, Rochester, MN 55901
62	Home Federal Savings Bank	1.89%	12-month	1016 Civic Center Dr NW, Rochester, MN 55901
63	Bell Bank	1.00%	6-month	5500 Wayzata Blvd, Minneapolis, MN 55416)
64	Frandsen Bank & Trust	1.00%	12-month	116 Central St W, Lonsdale, MN 55046

Current CD Rates of Minnesota

The current CD rates in Minnesota reflect the broader economic environment that offers savers a range of options to earn interest on their deposits.

While rates can vary significantly between institutions, they generally provide a safe and predictable way to grow savings, protected up to certain limits by the FDIC.  CDs stand out as a low-risk investment choice that make them a significant component of a diversified financial portfolio.

Best 6 Month CD Rates

For those seeking a short-term investment opportunity, the best 6-month CD rates offer an ideal blend of higher interest earnings than savings accounts without a long commitment

1. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Only $1,000 minimum balance to open
• Interest is compounded daily and credited monthly
• Rates are locked for the term chosen and cannot go down

Rules:

•  In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
• The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
• The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
• If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
• You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.

2. Banesco USA

Minimum Amount: $1,500

APY Rate: 4.30% APY

Pros:

• Hispanic American-owned bank that supports local communities
• High APY for BanesGrow savings account
• Competitive CD rate
• Access your account 24/7 from desktop or mobile.
• All deposits are FDIC insured.

Rules:

• The account requires a $100 minimum deposit and carries a $15 monthly fee for balances below the $100 threshold.
• Interest earned may vary
• Consumers are limited to six withdrawals per month with a BanesGrow account.
• Transactions beyond the monthly withdrawal limit carry a $10 fee each.
• A $100 minimum deposit is required to open a BanesGrow account
• BaneSmart CDs offer high-yield interest in exchange for keeping your money in the bank long term.
•  CDs are available in five term lengths ranging from six months to 36 months.
• A $1,500 minimum deposit is required to open a CD account through the bank.

Best 1 Year CD Rates

The best 1-year CD rates provide an excellent opportunity for individuals to lock in a guaranteed return over a moderate timeframe.

1. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.15% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
•  The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly

2.  BMO Harris

Minimum Amount: $1000

APY / Rate: 5.00%

Pros:

• Competitive CD rates
• Decent minimum balance requirement
• Easy CD withdrawal methods
• 3-months to 60-month term available

Rules:

• A CD can be opened via mobile, online,, or telephone.
• The interest on the CD is compounded monthly and added to the account on a fixed date every month.
• There is a penalty for early withdrawal which depends on the term and amount of the CD.
• Any changes to the CD regarding the amount or term can be made within the grace period of penalty days post maturity.

Best 3 Year CD Rates

3-year CD rates allows investors to take advantage of even more favorable interest rates, providing a substantial boost to savings over the medium term.

1. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.44% APY

Pros:

• Only $1,000 minimum balance to open
• Interest is compounded daily and credited monthly
• Rates are locked for the term chosen and cannot go down

Rules:

• In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
• The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
• The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
• If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
• You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.

2. First National Bank of America

Minimum Amount: $1000.00

APY Rate: 4.40% APY

Pros:

• High APY and interest rates
• Easy account opening procedure
• FDIC insured
• BBB accredited business

Rules:

• You must maintain a minimum balance of $1000 to earn APY
• Interest is added to the account every end of month

Best 5 Year CD Rates

For people focusing on maximizing their interest income over the long term, the best 5-year CD rates offer the highest yields.

1. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
•  The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2.  First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Only $1,000 minimum balance to open
• Interest is compounded daily and credited monthly
• Rates are locked for the term chosen and cannot go down

Rules:

•  In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
• The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
• The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
• If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
• You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.

Minnesota Economic Statistics

Minnesota’s economy is characterized by a diverse industrial base, from agriculture and manufacturing to technology and healthcare. The state’s economic stability is underpinned by its strong workforce and innovative businesses. This makes it an attractive environment for financial investments, including CDs.

As of the most updated information;

• The average household income in Minnesota was approximately $74,593, reflecting the state’s robust economic health and the purchasing power of its residents.
• The average home value stood at around $266,000, indicating a stable real estate market conducive to long-term investments.
• With a population of over 5.6 million, Minnesota’s demographic diversity and economic vitality contribute to a competitive banking sector, offering a range of CD rates to meet the varied needs of its savers and investors.

Statistic	Value
Average Household Income	$74,593
Average Home Value	$266,000
Population	Over 5.6 million

Blend of a strong income base, healthy real estate values, and a sizable population suggests that financial institutions in Minnesota are well-positioned to offer competitive CD rates.

How to Get Best CD Rates in Minnesota

Securing the best CD rates in Minnesota involves a strategic approach, beginning with thorough research and comparison across various financial institutions. To achieve this, consider the following steps:

1. Start by exploring a broad range of banks and credit unions in Minnesota, including both large national banks and local community banks, to gain a comprehensive view of the CD rates available.
2. Don’t limit your search to brick-and-mortar institutions; online banks often offer competitive CD rates due to lower overhead costs.
3. Most of all, the Interest rates can fluctuate based on economic conditions. So it is highly authentic to keep an eye on trends to time your investment for when rates are rising.

CD Rates Methodology

Our methodology for identifying the best CD rates in Minnesota involved a comprehensive review of CD rates from 86 banks, including a mix of large national banks, regional banks, and local credit unions.

Out of these, 64 institutions made our list, selected based on the competitiveness of their rates, the variety of terms offered, and their accessibility to Minnesota residents. This extensive comparison ensures that our recommendations offer valuable options for savers with diverse needs and financial goals.

Conclusion

Finding the best CD rates in Minnesota, considering a wide range of banks and understanding the economic landscape help to identify the opportunities that align with their financial objectives. 

Our above defined methodology, highlights the importance of thorough analysis in this process. Ultimately, the goal is to secure a CD that not only offers a competitive rate but also fits within the broader context of your financial planning.

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