Last Updated: 04/18/2025
Magnifi Financial Boom! Savings Account
Unaffiliated
in Savings Accounts from Magnifi Financial
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
1.25%(Verified 06/21/2024)
Minimum Opening Deposit
$0
Minimum Balance to Earn APY
$0
Magnifi Financial Boom! Savings Account Review
Magnifi Financial Boom! Savings Account is offered by Magnifi Financial, a credit union founded in 1939 and based in Melrose, MN. Magnifi Financial Boom! Savings Account are available in 50 states and Washington, DC.
Key Takeaways
- High yield savings. This account offers an annual percentage yield of up to 1.25%, which is much higher than the average interest rate for a savings account.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- No minimum initial deposit. There is no minimum balance required to open an account online.
Magnifi Financial Boom! Savings Account Pros & Cons
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Magnifi Financial Boom! Savings Account FAQ
Are savings accounts from Magnifi Financial federally insured?
Yes, your savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
Does Magnifi Financial offer a signup bonus?
Magnifi Financial Boom! Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for Magnifi Financial Boom! Savings Account?
There is no minimum deposit to open a Magnifi Financial Boom! Savings Account.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Magnifi Financial Boom! Savings Account offer?
Magnifi Financial Boom! Savings Account offers an APY of 1.25% (APY stands for annual percentage yield, rates may change). This is much higher than the average savings account rate.
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Magnifi Financial Boom! Savings Account charge?
Magnifi Financial Boom! Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
What features and perks does Magnifi Financial Boom! Savings Account offer?
This savings account includes the following features:
- Mobile Banking Services - Magnifi Financial Boom! Savings Account allows you to manage your money online or with a mobile app.
Can you set up a direct deposit to Magnifi Financial Boom! Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
8:00AM - 3:00PM
Tuesday
8:00AM - 3:00PM
Wednesday
8:00AM - 3:00PM
Thursday
8:00AM - 3:00PM
Friday
8:00AM - 3:00PM
Saturday
Closed