Minnesota Savings Rates - September 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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The best savings rates for Minnesota include Genisys Credit UnionGenisys Credit Union3300 Central Park Village Dr, Eagan, MN 55121 7707A+5.0 ★Texas Ratio: 4.22%Real return: +3.20%APY minus 2.8% CPI (February 2026) High Yield Youth Savings at 6.00% APY, Mayo Employees Federal Credit UnionMayo Employees Federal Credit Union130 23rd Ave SW, Rochester, MN 55902A+5.0 ★Texas Ratio: 0.13%Real return: +2.70%APY minus 2.8% CPI (February 2026) Teen Savings at 5.50% APY, Fidelity Bank & Trust (IA)Fidelity Bank & Trust (IA)205 Main St, Frost, MN 56033A5.0 ★Texas Ratio: 12.05%Real return: +2.32%APY minus 2.8% CPI (February 2026) Snap $tack Savings at 5.12% APY, MidCountry BankMidCountry Bank100 S Main St, Sanborn, MN 56083A+5.0 ★Texas Ratio: 5.95%Real return: +2.20%APY minus 2.8% CPI (February 2026) SmartStart Savings4Me at 5.00% APY, and Ultima Bank MinnesotaUltima Bank Minnesota9 W Minnesota Ave, Winger, MN 56592A+5.0 ★Texas Ratio: 5.52%Real return: +1.78%APY minus 2.8% CPI (February 2026) SMART Savings at 4.58% APY.
Use the tables below to compare savings rates across Minnesota side-by-side. Minnesota savings rates currently reach as high as 6.00% APY from Genisys Credit Union at 3300 Central Park Village Dr, Eagan, MN 55121 7707. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Minnesota and the surrounding area. Last Updated and Verified: September 21, 2026
Compare the Best Savings Rates in Minnesota
Age: 0-21; Balances above $2,500.00 are paid the standard share savings rate.
Teen Savings Certificate minimum opening balance is $100. Additional deposits can be made up to $8,000 for the Teen Savings. The minimum additional deposit is $100. The Teen Savings matures on the teen's 18th birthday. Any withdrawal prior to maturity will result in a penalty of all dividends earned.
Balance: $0 - $5,000.00*
Balance: $0 - $5,000.00
Youth Savings Certificate minimum opening balance is $100. Additional deposits can be made up to $5,000 for the Youth Savings. The minimum additional deposit is $100. The Youth Savings matures on the child's 13th birthday. Any withdrawal prior to maturity will result in a penalty of all dividends earned.
Rates as high as 4.40% APY
Balance: $100,000 - $199,999.99
Balance: For portion of account balance up to $5,000.00
Balance: 1,000,000 & Over
Available Balance: 1,000,000 & Over
Balance: $75,000 - $99,999.99
Balance: $25,000; Method of Compounding: Daily
Balance: $25,000; Method of Compounding: Daily
Balance: $50,000 - $74,999.99
Balance: $100,000 +
Minimum: $10,000 (new money only); Monthly
Balance: $10,000 - $49,999.99
All Balances
Balance: $1,000,000 and over
Balance: $1,000,000 and over
Balance: $0 - $250,000
Balance: $5,000,000+
Annual Percentage Yield (APY) is accurate as of 04/07/2026 and may change after account opening. The APY assumes the funds remain on deposit for one year at the current interest rate. Fees could reduce earnings. $10,000 average ledger balance required to avoid $10 monthly service charge, CLICK HERE for complete details.
Rates effective as of 1/8/2026. No minimum balance. Fees could reduce earnings on the account.
The interest rate and annual percentage yield for your account depend upon the applicable rate tier. The interest rate and annual percentage yield for these tiers may change. Interest is accrued on a daily ledger balance and credited to the account monthly Fees may reduce the earnings on the account.
Balance: $100,000-$250,000
Qualifications Required: Direct deposits of $1,000 or more every 34 days; Deposit $10,000+ in new money and maintain a daily balance of $10,000+ to earn 3.50% APY. Then boost earnings to 3.75% APY with direct deposits of $1,000 or more every 34 days. Rate if direct deposit requirement not met: 3.50% APY. New money only; defined as funds that are not currently deposited in any Wings Credit Union account. Membership with a $5 Share Account required.
Balance: $5,000,000 and above
Rate is variable and can change at anytime. Minimum deposit is $500. Must open a CD with the initial balance being greater than or equal to the opening balance of the Companion Savings. Fees may reduce earnings. Savings withdrawals in-person only.
Balance: $1,000,000+; Minimum balance required for Premium Money Market Savings to earn stated rate is $20,000. APY is accurate as of specified date. Rate may change after account is opened.
All Balances
Balance: $500,000 - $999,999.99
Balance: $500,000 - $999,999.99
Balance: $5,000.00 to $2,000,000.99; With Huntington Perks Checking**
Balance: $1,000,000 - $4,999,999.99 ~++; **
Balance: $1,000,000.00 and higher
Balance: $750,000 - $999,999.99; Minimum balance required for Premium Money Market Savings to earn stated rate is $20,000. APY is accurate as of specified date. Rate may change after account is opened.
Balance: $5,000,000+
YES (Youth Education Savings) (blended APY .79-3.00%) Rates as high as 3.00% APY $5-$500 balance Rates as high as 0.05% APY Over $500 balance (blended APY .79-3.00%)
Balance: $100,000 and over
Balance: $25,000-99,000
Balance: $250,000 or more
Balance: $500,000 - $749,999.99; Minimum balance required for Premium Money Market Savings to earn stated rate is $20,000. APY is accurate as of specified date. Rate may change after account is opened.
($25,000 minimum balance requirement to obtain APR/APY)
Balance: $500,000.00 - $999,999.99
Balance: $150,000 - $249,999
Balance: $250,000.00 - $499,999.99
Balance: $25,000 - $49,999.99
Balance: $1,000,000.00 +
Balance: $250,000 - $499,999.99; Minimum balance required for Premium Money Market Savings to earn stated rate is $20,000. APY is accurate as of specified date. Rate may change after account is opened.
Balance: $100,000 - $149,999
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Minnesota Savings Rate Trends
Compare local Minnesota savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Minnesota high-yield savings rates rose 0.110 points over the past 7 days to 1.968% APY, up from 1.858%.
Minnesota standard savings rates rose 0.013 points over the past 7 days to 0.814% APY, up from 0.801%.
Minnesota Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current MN high-yield average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current MN high-yield savings average of 1.968% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60–90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Minnesota.
Savings Account Earnings in Minnesota
Annual interest earnings at current MN average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (1.968% APY) | Monthly Earnings | Standard Savings (0.814% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $98.41 / year | $8.20 | $40.68 / year | $3.39 |
| $10,000 | $196.82 / year | $16.40 | $81.36 / year | $6.78 |
| $25,000 | $492.05 / year | $41.00 | $203.40 / year | $16.95 |
| $50,000 | $984.10 / year | $82.01 | $406.80 / year | $33.90 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Minnesota savings rate averages as of September 22, 2026. | ||||
About Our Minnesota Savings Rate Database
MonitorBankRates tracks 531 savings rates from 18 banks and 12 credit unions offering savings accounts to Minnesota residents, including community institutions, regional banks, and national online options. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1–5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Genisys Credit Union offers a savings account at 6.00% APY. Use the rate table above to compare all current offers in Minnesota.
How to Find the Best Savings Rates in Minnesota
What to compare when shopping for a savings account in Minnesota
To find the best savings APYs in Minnesota, start with credit unions and online-only banks: Minnesota has 12 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current MN high-yield savings average is 1.968% but top local institutions are offering as high as 6.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3–6 months of expenses in a liquid, FDIC-insured account. Minnesota high-yield savings rates currently average 1.968% APY, far above a typical checking account.
- Short-term savings goals (6–24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Minnesota institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 30 institutions in Minnesota report savings rates to our database.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return → Minnesota CD rates
- You want check-writing flexibility → Minnesota money market rates
- You need daily transaction access → Minnesota checking rates
Minnesota Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
17.3% of residents are 65 or older, in line with the national average of 17.3%. At today’s MN high-yield savings average of 1.968%, saving 10% of the local median salary ($5,083/year) would earn an additional $100 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Minnesota Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Minnesota.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current MN Avg APY | 1.968% | 0.814% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 – $100 | $25 – $100 | $0 – $2,500 | $500 – $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Minnesota averages tracked in our database as of September 22, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Minnesota
At MN’s top rate of 6.00% from Genisys Credit Union, a $10,000 deposit earns $600 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Minnesota earner is roughly $12,700. At 1.968% APY, saving $1,060/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsMinnesota’s high-yield savings average is 1.968% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Minnesota earner makes $50,838/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 1.968% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.968% APY grows to roughly $36,918 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Minnesota savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Minnesota directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Minnesota. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in MN.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Minnesota
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Minnesota safe?
How often do savings rates change in Minnesota?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Minnesota?
How do I open a savings account in Minnesota?
Best Savings Rates in Minnesota
- Genisys Credit Union
High Yield Youth Savings: 6.00% APY - Mayo Employees Federal Credit Union
Teen Savings: 5.50% APY - Fidelity Bank & Trust (IA)
Snap $tack Savings: 5.12% APY - MidCountry Bank
SmartStart Savings4Me: 5.00% APY - Ultima Bank Minnesota
SMART Savings: 4.58% APY
Cities in Minnesota
