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!
- The Best Fixed Annuity Rates In Minnesota
- The Best CD Rates In Minnesota
- Comparing Fixed Annuity Rates And CD Rates In Minnesota
- Factors To Consider When Comparing Fixed Annuity Rates And CD Rates In Minnesota
- Next Steps
- Frequently Asked Questions
- Earn The Highest Interest Rates On Savings Today
- Request A Quote
Earn The Highest Interest Rates On Savings Today
Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.
| Term | Insurance Company | APY |
|---|---|---|
| N/A | Money Market Account – American First Credit Union | 5.29% |
| N/A | Money Market Account – StagePoint Federal Credit Union | 5.29% |
| N/A | Savings Account – Customers Bank | 5.30% |
| 12 Months | CD – Western Alliance | 5.51% |
| 5 Years | Clear Spring Fixed Annuity | 6.00% |
Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement 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 Rates | Rate | Term | Minimum |
|---|---|---|---|
| Signature Federal Credit Union | 5.55% APY | 3 Months | $500.00 |
| Western Alliance Bank | 5.51% APY | 3 Months | $1.00 |
| Ponce Bank | 5.40% APY | 3 Months | $1.00 |
6-Month CD Rates
The following banks and credit unions have the highest CD rates for six months.
| Best 6-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| TotalDirectBank | 5.76% APY | 6 Months | $25,000.00 |
| Franklin Mint Federal Credit Union | 5.60% APY | 6 Months | $500.00 |
| Western Alliance | 5.70% APY | 6 Months | $1.00 |
1-Year CD Rates
The following banks and credit unions have the highest CD rates for 12 months.
| Best 12-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| My eBanc | 5.77% APY | 12 Months | $50,000.00 |
| Popular Direct | 5.67% APY | 12 Months | $10,00.00 |
| State Bank of Texas | 5.85% APY | 12 Months | $50,000.00 |
2-Year CD Rates
Banks and credit unions have the highest CD rates for 24 months.
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Luana Savings Bank | 5.63% APY | 24 Months | $100,000.00 |
| Maple Mark Bank | 5.40% APY | 24 Months | $25,000.00 |
| Newtek Bank | 5.60% APY | 24 Months | $50,000.00 |
3-Year CD Rates
Banks and credit unions have the highest CD rates for 36 months.
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| U.S. Senate Federal Credit Union | 5.23% APY | 36 Months | $200,000.00 |
| Mountain Credit Union | 5.03% APY | 36 Months | $2,500.00 |
| Bread Savings | 4.90% APY | 36 Months | $1,500.00 |
4-Year CD Rates
The following banks and credit unions have the highest CD rates for 48 months.
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Bread Savings | 4.50% APY | 48 Months | $1,500.00 |
| The State Exchange Bank | 4.50% APY | 48 Months | $1.00 |
| Barclays | 4.45% APY | 48 Months | $1.00 |
5-Year CD Rates
Banks and credit unions have the highest CD rates for 60 months.
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Farmers Insurance | 5.00% APY | 60 Months | $1,000.00 |
| Barclays | 4.50% APY | 60 Months | $0.00 |
| Bread Savings | 4.50% APY | 60 Months | $1,500.00 |
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!
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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.