If you’re in Minnesota and looking to grow your savings with competitive interest rates, high-yield savings accounts (HYSAs) are a smart choice in 2025. These accounts offer higher annual percentage yields (APYs) compared to traditional savings accounts, helping your money work harder for you. Whether you prefer local institutions or online banks, here are the top ten high-yield savings accounts available to Minnesota residents:
Best High Yield Savings Account in Minnesota
1. Ultima Bank Minnesota – 5.10% APY
Ultima Bank Minnesota offers a standout APY of 5.10%, making it one of the highest-yielding options in the state. This local bank provides reliable service and a variety of account options. Note that a minimum deposit may be required to access the highest interest rates.
2. Mid Minnesota Federal Credit Union – 5.00% APY
Mid Minnesota Federal Credit Union (MMFCU) offers a checking account that pays a 5.00% APY or cash back on purchases. With a minimum opening deposit of just $5, it’s accessible to many savers. MMFCU also provides perks like competitive borrowing rates and credit card rewards.
3. LendingClub Bank – 4.75% APY
LendingClub Bank’s LevelUp Savings Account offers a competitive 4.75% APY. This online-only bank requires no minimum opening deposit and has no monthly service fees. Depositing at least $250 monthly can help you maximize your earnings.
4. BrioDirect – 4.75% APY
BrioDirect, an online-only affiliate of Webster Bank, offers a high-yield savings account with a 4.75% APY. A minimum opening deposit of $5,000 is required, and a minimum balance of $25 must be maintained to earn the stated APY. There are no monthly fees, and mobile check deposit is available.
5. CIT Bank Platinum Savings – Up to 4.70% APY
CIT Bank’s Platinum Savings Account offers up to a 4.70% APY for balances of $5,000 or more. Accounts with lower balances earn a 0.25% APY. There are no monthly fees, and the account can be opened with a $100 deposit.
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6. American Express® High Yield Savings – 3.80% APY
American Express offers a high-yield savings account with a 3.80% APY. There are no minimum deposit requirements, no minimum balance, and no monthly fees. The account is FDIC-insured up to $250,000.
7. Capital One 360 Performance Savings – 3.80% APY
Capital One’s 360 Performance Savings Account offers a 3.80% APY with no fees or minimum deposit requirements. The account combines the convenience of online banking with access to physical branches and Capital One Cafés.
8. Marcus by Goldman Sachs – 3.90% APY
Marcus by Goldman Sachs offers a straightforward high-yield savings account with a 3.90% APY. No fees or minimum deposit requirements exist, and same-day transfers are available for amounts under $100,000.
9. SoFi Checking and Savings – Up to 4.00% APY
SoFi offers a combined checking and savings account with up to a 4.00% APY on savings. To earn the highest rate, set up direct deposits. Additional perks include no fees, FDIC insurance up to $2 million, and a sign-up bonus of up to $300 for qualifying direct deposits.
10. Ally Bank Online Savings Account – 3.80% APY
Ally Bank’s Online Savings Account offers a 3.80% APY without fees or minimum balance requirements. Features include tools like “Buckets” to organize savings goals and “Boosters” for automated savings.
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Conclusion
When choosing a high-yield savings account, consider factors like APY, fees, minimum balance requirements, and accessibility. Online banks often offer higher rates due to lower overhead costs, while local banks and credit unions may provide personalized service and community involvement. Always ensure the institution is FDIC or NCUA insured to protect your deposits.
By selecting the right account, you can maximize your savings and achieve your financial goals more efficiently.
