CD OPTIONS
Choose the CD that fits your savings plan.
Minnesota First offers two fixed-rate CD options with different opening deposit and eligibility requirements.
Standard Certificate of Deposit
A flexible way to earn a fixed rate with a lower opening deposit.
Minimum opening deposit of $500.
Special Certificate of Deposit
Access a promotional rate by making a larger opening deposit.
Minimum opening deposit of $5,000.
Shared CD Details
The following features and requirements apply to both Standard and Special Minnesota First CDs.
| CD details | Minnesota First terms | What it means |
|---|---|---|
| Maximum certificate amount | $100,000 | The maximum amount that may be deposited into one CD. |
| FDIC insurance | Up to $250,000 per depositor, per insured bank, for each account ownership category. | Coverage is based on a depositor’s combined accounts in the same ownership category, not separately for each CD. |
| Interest crediting | Under 12 months: at maturity 12 months and over: quarterly | Credited interest is added to your CD balance and begins earning interest according to the account terms. |
| Interest checks | Available for terms of 12 months or longer* | You may be able to receive credited interest by check or direct deposit instead of leaving it in the CD to compound. |
| Early-withdrawal penalty | 12 months and under: 3 months’ interest Over 12 months: 6 months’ interest | Withdrawing before maturity requires the full certificate amount to be withdrawn, and a penalty applies. |
*Certain restrictions apply.
Why Open a CD with Minnesota First
Local guidance for your savings goals.
Work directly with a Minnesota First banker to select a CD term that aligns with your goals and when you expect to need your money.
Predictable earnings
Your interest rate stays fixed for the full CD term.
Terms that fit your timeline
Choose from available terms designed to support short- and long-term savings goals.
Local, personal service
Get help from a banker who understands your goals and your community.
Current Certificate of Deposit Rates
HOW TO OPEN A CD
Simple steps to opening your CD.
Review current terms, gather the required information and visit a Minnesota First branch to complete your application.
Compare rates and terms.
Review available CD rates and maturity dates to find the right fit for your savings timeline.
Gather your information.
Use the CD Checklist to gather the required identification and prepare your opening deposit.
Visit a branch.
Meet with a local banker to complete your application and fund your CD.
CD Disclosure Details
Same terms, different opening amounts.
Both CD options share the same general account terms. The main difference is the minimum opening deposit.
Minimum balance to open the account
Certificate of Deposit: $500
Special CD: $5,000
Compounding and crediting frequency
Interest is compounded and credited at maturity for terms under 12 months and quarterly for terms of 12 months or longer.
Once interest is credited, it is added to your certificate balance and begins earning interest. You may also request to receive the credited interest by check instead of having it compounded.
Minimum balance to obtain the annual percentage yield disclosed
The Annual Percentage Yield (APY) assumes interest remains in the account until the maturity date. Withdrawing interest before maturity will reduce your earnings.
If you close the account before accrued interest is credited, that interest will not be paid.
Daily balance computation method
We use the Daily-Balance method to calculate the interest on your account. This method applies a daily periodic rate to the certificate balance in the account each day.
Accrual of interest on non-cash deposits
Interest begins to accrue on the business day you deposit cash or noncash items (for example, checks).
Early withdrawal penalty
You may withdraw your certificate amount before the maturity date, but a penalty will apply. We will subtract the loss-of-interest penalty from the interest paid on the early withdrawal. If you choose to withdraw early, you must withdraw the full certificate amount.
The penalty is three months of interest for terms of 12 months or less and six months of interest for terms longer than 12 months.
Get in touch!
Plan ahead for a rate you can rely on.
Our team is here to help you choose the CD that fits your goals and timeline. Let’s plan for what’s ahead.