Deal Summary
Minnesota’s Magnifi Financial is rolling out an exclusive offer for a limited time: “Pick Your Term” CDs featuring a 17-month term at a 5.35% APY and a 23-month term at a 5.25% APY.
Easy membership requirement makes it available nationwide.
This offer requires a minimum deposit of $2,500 and is capped at $250,000 per member.
Notably, at least 50% of the deposit must be new money, defined as funds not currently held with Magnifi Financial.
READ MORE: SEE THE BEST CD RATES HERE
Magnifi Financial “Pick Your Term” CD Promotion
The “Pick Your Term” CDs offer two distinct terms: 17 months and 23 months.
For the 17-month CD, the APY is set at 5.35%, and for the 23-month CD, the APY is 5.25%.
If less than 50% of the deposit is new money, the rates adjust to 4.60% APY for 17 months and 4.45% APY for 23 months. An early withdrawal penalty is applicable, which is 180 days’ dividends for terms between 9 and 24 months.
These rates were last updated April 10, 2024.
Trending Checking Account Deal:
Additional Details of the Offer
Magnifi Financial, headquartered in Melrose, Minnesota, has broadened its field of membership to include almost all U.S. citizens and resident aliens.
However, the current CD specials are confined to residents of specific states or existing members.
Joining Magnifi Financial requires a $10 donation to the Magnifi Foundation, and businesses can join with a $50 donation.
Residents, workers, worshippers, volunteers, students, or business operators in selected counties in Minnesota, North Dakota, and Wisconsin are also eligible for membership.
Family members of current Magnifi Financial members are welcome to apply as well.
Account Opening Process
Opening an account with Magnifi Financial can be accomplished online, via phone, or in-person at one of their 26 Minnesota branches.
Existing members have the option to use the Magnifi online banking platform or mobile app to open a CD Special.
A membership share account with a $5 minimum deposit is required to establish membership.
Funding and Other Details
Funding options include ACH, wire (with a fee), or check (if opening in-branch).
Dividends are compounded and credited monthly and can be withdrawn without penalty.
At maturity, funds can be transferred to a savings/checking account or sent via wire or cashier’s check.
Beneficiaries can be added with unlimited equal shares, requiring Social Security numbers.
A 10-day grace period is provided before automatic renewal.
TRENDING DEAL:
Disclaimers:
The Annual Percentage Yield (APY) is accurate as of 12/5/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:Option 1Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.The average daily balance of your Axos ONE® Checking account is at least $1,500.Option 2Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.The average daily balance of your Axos ONE® Checking account is at least $5,000.If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.The Axos ONE® Savings account will earn a promotional rate of up to 4.31% APY for the statement cycle in which the requirements are met.The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account. Show Less
Credit Union Overview
Magnifi Financial, formerly known as Central Minnesota Credit Union, rebranded in March 2022 to reflect its expanding membership.
Founded in 1939, it’s now the fourth largest credit union in Minnesota, boasting more than 85,700 members and assets exceeding $2.2 billion.
Our Take on the Bank Offer
Magnifi Financial’s “Pick Your Term” CD promotion is an attractive opportunity, especially for residents in the specified states or existing members.
The competitive APYs, coupled with the flexibility of term selection and the solid financial standing of Magnifi Financial, make these CD specials a strong choice for those looking to maximize their short-term savings.
See more:
READ MORE: SEE THE BEST CD RATES HERE
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
Frequently Asked Questions
Q1: What are the terms and APYs for Magnifi Financial’s “Pick Your Term” CDs?
A1: Magnifi Financial offers a 17-month CD at 5.35% APY and a 23-month CD at 5.25% APY.
Q2: Is there a minimum and maximum deposit limit for these CDs?
A2: Yes, the minimum deposit is $2,500, and the maximum deposit per member is capped at $250,000.
Q3: Are these CDs available to everyone nationwide?
A3: No, these CD Specials are available only to residents of Minnesota, North Dakota, and Wisconsin, or existing Magnifi Financial members as of October 6, 2023.
Q4: What happens if less than 50% of the opening deposit is new money?
A4: If less than 50% of the deposit is new money, the APY for the 17-month CD becomes 4.60%, and for the 23-month CD, it becomes 4.45%.
Q5: What is the penalty for early withdrawal from these CDs?
A5: The early withdrawal penalty is 180 days’ dividends for CDs with terms of 9 to less than 24 months.
Q6: How can I become a member of Magnifi Financial?
A6: Membership is open to individuals who make a $10 donation to the Magnifi Foundation. Residency in certain counties in Minnesota, North Dakota, and Wisconsin also qualifies for membership. Family members of current Magnifi Financial members are also eligible.
Q7: Can I open these CDs online?
A7: Yes, you can open these CDs online, or at any of Magnifi Financial’s 26 Minnesota branches. Existing members can also use Magnifi’s online banking platform or mobile app.
Q8: How are dividends paid on these CDs?
A8: Dividends are compounded and credited monthly and can be withdrawn without penalty.
Q9: What happens to my CD at maturity?
A9: At maturity, you have a 10-day grace period before the CD automatically renews. Funds can be transferred to a savings/checking account or sent via wire or cashier’s check.
Q10: Are there any fees associated with funding the CD?
A10: Funding can be done via ACH, wire (with a $10 fee), or check. If you open the CD in-branch, there is no fee for funding by check.
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