The Best Fixed Annuity and CD Rates in Minnesota (May 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Minnesota, the land of 10,000 lakes, is known for its picturesque landscapes, friendly communities, and now, for its attractive interest rates too. From bustling Minneapolis to the tranquil rural corners, Minnesota (MN) is brimming with opportunities for those who want to grow their money. In this guide, we’ll provide a roadmap to help you shop and compare the state’s highest CD interest rates, best savings rates today, and the best interest rates for money market accounts. Additionally, we’ll explore the interest rates on tax-deferred fixed annuity retirement plans, a critical tool for those planning their golden years. With a spectrum of banks, credit unions, and online platforms available, your journey toward financial growth in the North Star State is promising. By dissecting interest rates and offering a comprehensive guide to the best deals in MN, we aim to provide the financial compass you need to navigate your savings to prosperity. So, let’s dive in and explore the opportunities that Minnesota has to offer!

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountUncle Credit Union5.23%
N/ASavings AccountNexBank5.26%
12 MonthsCDBread Savings5.25%
5 YearsFixed AnnuityWichita National6.30%

Disclaimer: This is a comparison review. The Annuity Expert is not associated with a bank or credit union. We aim to help you find the highest interest rates for your savings. We may receive a small referral fee if you purchase something using a link in this guide.

The Best Fixed Annuity Rates In Minnesota

Fixed annuities are savings and investment products that offer a guaranteed rate of return and provide a steady income stream during retirement. The rate of return on fixed annuities is usually lower than other investment options, but they provide a safe and secure way to grow your savings.

Disclaimer: Products are subject to state availability. Please inquire below for details.

The Best CD Rates In Minnesota

Certificates of deposit (CDs) are savings products banks and credit unions offer a fixed rate of return over a specified period. CDs are considered low-risk investments, and the rate of return is higher than a traditional savings account. The primary benefit of CDs is the guaranteed rate of return, but there is a penalty for early withdrawal.

3-Month CD Rates

Banks and credit unions have the highest CD rates for three months.

Best 3-Month CD RatesRateTermMinimum
NexBank4.75% APY3 Months$250,000.00
Total Direct Bank5.51% APY3 Months$25,000.00
Peoples Bank5.30% APY3 Months$500.00

6-Month CD Rates

The following banks and credit unions have the highest CD rates for six months.

Best 6-Month CD RatesRateTermMinimum
Inova Federal Credit Union5.50% APY6 Months$200.00
My eBanc5.51% APY6 Months$50,000.00
Newtek Bank5.55% APY6 Months$2,500.00

1-Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
NexBank5.40% APY12 Months$250,000.00
State Bank of Texas5.40% APY12 Months$50,000.00
My eBanc5.41% APY12 Months$50,000.00

2-Year CD Rates

Banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Crescent Bank5.00% APY24 Months$1,000.00
Eastman Credit Union5.40% APY24 Months$100,000.00
NexBank4.80% APY24 Months$10,00.00

3-Year CD Rates

Banks and credit unions have the highest CD rates for 36 months.

Best 3-Year CD RatesRateTermMinimum
Credit Human4.65% APY36 Months$500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Lafayette Federal Credit Union4.52% APY36 Months$500.00

4-Year CD Rates

The following banks and credit unions have the highest CD rates for 48 months.

Best 4-Year CD RatesRateTermMinimum
Eastman Credit Union4.65% APY48 Months$1,000.00
NexBank4.45% APY48 Months$10,000.00
Credit Human4.65% APY48 Months$500.00

5-Year CD Rates

Banks and credit unions have the highest CD rates for 60 months.

Best 5-Year CD RatesRateTermMinimum
First National Bank of America4.55% APY60 Months$1,000.00
Eastman Credit Union4.75% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00

Comparing Fixed Annuity Rates And CD Rates In Minnesota

When comparing fixed annuity rates and CD rates in Minnesota, it’s essential to consider your financial goals and risk tolerance. For example, fixed annuities offer a guaranteed rate of return, making them a suitable option for individuals who prefer low-risk investments. On the other hand, CDs offer a higher rate of return but come with penalties for early withdrawal.

Minnesota’s average fixed annuity rate is around 4.5% – 5.5%, while the average CD rate is around 3.5% – 4.5%. However, comparing rates from different providers is crucial to find the best option for your needs.

Factors To Consider When Comparing Fixed Annuity Rates And CD Rates In Minnesota

When comparing fixed annuity rates and CD rates in Minnesota, there are several factors to consider, including:

  • The length of the investment term
  • The rate of return
  • The fees associated with the product
  • The penalty for early withdrawal

It’s essential to compare rates and fees from different providers to find the best option for your needs.

Next Steps

Finding the right financial products that fit your financial goals and risk tolerance can seem daunting. We hope this guide has informed you of the best rates in Minnesota for fixed annuities and CDs so that you can make an educated decision on your finances. With such a vast array of options out there, don’t be afraid to ask questions and do research! Financial advisors are well-versed in finance and willing to help explain different investment opportunities. If you live in Minnesota and want more information about the costs and benefits associated with fixed annuities or CDs, contact us for a quote today!

The Best Fixed Annuity And Cd Rates In Minnesota (Mn)

Request A Quote

Get help or a quote from a licensed financial professional. This service is free of charge.

Contact Us
First
Last

Frequently Asked Questions

What is the average fixed annuity rate in Minnesota?

Minnesota’s average fixed annuity rate is around 4.50% – 4.50%.

What is the average CD rate in Minnesota?

The average CD rate in Minnesota is around 3.50% – 4.50%.

Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

Scroll to Top