Magnifi Financial
Quick Summary
- HSA savings account
The Verdict
Magnifi Financial provides essential HSA features with zero monthly maintenance fees and basic savings functionality, earning a 0/5.0 rating from HSA Orbit.
Magnifi Financial is a full-service community credit union offering retail banking, commercial banking, mortgages, and wealth management services to anyone within its field of membership in Minnesota, North Dakota and Wisconsin. Magnifi Financial serves members through an extensive network of branches and best-in-class digital services. Whether at home or on the go, members can access their accounts and manage funds with ease through a full suite of digital banking services.
Magnifi Financial is committed to its core values of building up our shared communities, providing financial solutions that are easy and simple, earning the trust and respect of each member through our expertise, and doing what is right for our entire membership.
Key Features
Banking & Access
Includes debit card, online banking and check-writing.
Investment Options
This provider focuses on cash savings without investment options.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
No minimum balance to open. no account opening fees.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance | $0.00 | $0.69 | EXCELLENT |
| Account Opening | $0.00 | $1.88 | EXCELLENT |
| Account Closing | $0.00 | $1.95 | EXCELLENT |
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Savings-Only Account
Magnifi Financial currently offers a savings-focused HSA without investment options. Your funds earn interest in a cash account.
Interest Rates
Standard Rates
| Balance Range | APY |
|---|---|
| $0 - $2,499 | 0.10% |
| $2,500 - $9,999 | 0.15% |
| $10,000 - $24,999 | 0.25% |
| $25,000 - $49,999 | 0.30% |
| $50,000 - $99,999 | 0.35% |
| $100,000+ | 0.40% |
Last updated: 11-12-2024
Contact Information
Address
20 4th Ave SE Melrose, MN 56352 Customer Service
Customer Service
888-330-8482
20 4th Ave SE Melrose, MN 56352 Customer Service
At a Glance
Pros & Cons
The Good
- •No monthly maintenance fees
- •No account opening or closing fees
- •FDIC/NCUA insured deposits
The Bad
- •No investment options available
User Sentiment
Based on community feedback
Sentiment data coming soon
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