Magnifi Credit Union Review | The University Investor

As the digital landscape rapidly transforms banking, some local banks and credit unions have struggled to keep up.

But not Magnifi Financial. Founded in 1939, this credit union takes a digital-first approach to serving its customers across the United States.

Here’s what you need to know about Magnifi Financial.

What is Magnifi Financial?

great financier is a credit union serving the residents of Minnesota, Wisconsin, and North Dakota. Offers commercial banking for small businesses, as well as consumer checking, savings, mortgages, auto loans, and credit cards.

Originally called Central Minnesota Credit Union, the company expanded through acquisitions and changed its name to Magnifi Financial in 2022.

Like other credit unions, Magnifi Financial exists to serve its members. It “gives back” the profits to its members in the form of improved services, lower loan rates, or higher returns on deposit accounts.

What does it offer?

As a full-service credit union, Magnifi offers dozens of accounts, loans, and services. Below we highlight some of the main banking categories.

reviewing accounts

Magnifi has four different checking accounts, including Youth Checking, Free Checking (no monthly fees), Electronic Checking ($5 monthly fee unless you maintain a balance of $1,000), and Senior Checking. relations.

While Magnifi has generous service options (like the ability to block overdrafts on your account), the fee schedule for checking accounts is hardly surprising.

Savings Accounts and CDs

Magnifi offers a range of savings products including high-yield savings accounts, CDand money market accounts. Account returns typically vary based on account amount. In addition to adult savings products, Magnifi has youth savings accounts and CDs.

Magnifi’s rates aren’t the most attractive on the market, but it does have some unique savings programs that can help people boost their savings goals. For example, a My Goal savings account earns a higher return than a standard savings account at Magnfi. The downside is that this account is only eligible for higher yields for one year before converting to a standard savings account.

The company also offers the “WinCentive” savings account that offers opportunities to earn cash back when you regularly deposit money into your account.

Countless savings products help you automatically save more money. This is one of the keys to helping you build wealth without trying too hard.

consumer credits

Whether you need a mortgage, reward credit card, auto loan, or HELOC, Magnifi Financial has you covered. The 9.9% interest rate on the Magnifi Platinum Credit Card is a competitive rate by credit card standards.

While avoiding high-interest debt is ideal, the Platinum credit card might be a good option to use as an emergency card. Magnifi also has competitive rates on auto loans, RV loans, and personal loans.

Many of Magnifi Financial’s home loan products are designed for people living in rural areas who may qualify for USDA or farm loan products that are not available in urban settings. If you are looking to build, buy or remodel in a rural area, Magnifi Financial may have a good loan option for you.

business banking

Magnifi offers a complete suite of business banking services for small business owners ranging from side hustlers to farmers and entrepreneurs. It has a particular focus on issuing credit to small business owners and farmers through SBA loans, business credit cards, and other forms of financing.

While Magnifi offers reasonable business and farm checking accounts, account fees can run as high as $40 per month. We recommend checking out some alternative business bank accounts before you commit to checking out at Magnifi.

Wealth Management

Magnifi Financial offers a range of financial planning and wealth management services. The company’s brokers manage assets, provide retirement and tax planning, and sell insurance products (including life insurance and long-term care insurance).

Some of the financial advisors are certified financial planners, while others are licensed insurance agents or brokers. In general, when seeking financial advice, we recommend looking for fee-only financial planners who can provide ongoing services for a reasonable price.

Is there any fee?

Magnifi Financial charges interest and fees on its various loan products. The exact rates you’ll pay depend on your credit score and other factors. Magnifi also charges monthly fees for your electronic checking account and most business checking accounts, unless you meet certain banking criteria.

Meeting the strict criteria can be difficult, so most members must expect to pay monthly dues unless they maintain high balances in their business and personal checking accounts.

How do I contact Magnifi Financial?

Headquartered in Melrose, Minnesota, you can receive personalized customer service at any of Magnifi’s locations.

To contact Magnifi by phone, call 1-888-330-8482. You can also visit the contact website to complete an online contact form.

Magnifi Financial is a full-service credit union, and the rates for its checking account products are higher than some of the better checking accounts. However, their loan rates are competitive.

If you’re willing to choose accounts a la carte, you can certainly find better checking, savings, credit cards, and loans. from magnificent discontinued his high performance checkyou might want to check out Blue FCU, which offers an attractive option.

For high-yield checks, Juno offers a 5.00% APY on checking account balances up to $10,000.

If you’re looking to open a CD, Magnifi offers average rates, with the highest being Boom! Certified at 3.05%which is a youth account designed for people under 19 years of age.

For CDs with a competitive rate, look at American First Credit Union, which offers a CD with a 4.50% APY as well as a money market with a 4.15% APY
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But if you want to do all your banking under one roof, Magnifi Financial might be a great credit union for you.

With a range of products, a well-designed app, and physical locations, Magnifi Financial is ideal for meeting all your financial needs in one place.

How do I open an account?

Before you can open an account with Magnifi Financial, you must become a member of a credit union. Membership is open to people in select counties in Minnesota, North Dakota, and western Wisconsin. He can also donate $10 to the Magnifi Foundation (a charity) to become an eligible member.

To apply for membership, please provide your name, email, phone number, social security number, address, employment information, and identification information. Magnifi verifies your information and then allows you to log in to the website and open new accounts.

Is it safe and secure?

Magnifi Financial has both online and physical locations. It adheres to banking standards regarding privacy, digital security and asset protection. All deposits at Magnifi are protected through NCUA insurance.

Despite the company’s relatively small footprint, it appears to have invested in digital security to better serve members. Of course, even with these investments, the credit union could be subject to hacking or other online attacks. It is important to be careful when doing any online banking transaction. For example, it is safer to use the credit union’s app instead of its mobile website.

Worth it?

Magnifi Financial has decent checking and savings accounts and reasonable loan rates. It offers a wide range of services and has physical locations in the Twin Cities, central Minnesota, and select cities in western Wisconsin and North Dakota.

If you can qualify for a free checking account, Magnifi can be a decent place to start banking, especially if you value a physical location to visit.

At this time, none of Magnifi’s products are industry-leading products that would drive you to change your banking relationship. If you are an existing customer or want to switch to Magnifi for local banking, you may not want to use all of their products.

For example, it makes sense to shop around to find the best mortgage rates. And looking for a great rewards credit card can help you boost cash back rewards, earn big travel bonuses, or take advantage of unique perks.