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Last Updated: 04/18/2025

Magnifi Financial WINcentive® Savings Account

from Magnifi Financial

Last Updated: 04/18/2025

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Highlights

APY (Annual Percentage Yield)

0.05%(Verified 06/21/2024)

Minimum Opening Deposit

Minimum Balance to Earn APY

Magnifi Financial WINcentive® Savings Account Review

Magnifi Financial WINcentive® Savings Account is offered by Magnifi Financial, a credit union founded in 1939 and based in Melrose, MN. Magnifi Financial WINcentive® Savings Account are available in 2 states.

Key Takeaways

Low interest rate. The maximum annual percentage yield for this account is only 0.05%.
No monthly maintenance fees. This account does not charge any monthly account fees.
Small minimum initial deposit. You only need $5.00 to open an account.

Magnifi Financial WINcentive® Savings Account Pros & Cons

Pros

Cons

Dividend-yielding account.
Insured by NCUA.
Access to physical branches.

Does not offer mobile check deposits.
Does not provide access to a nationwide ATM network.
Does not come with a debit card
Only available in 2 states.
No signup bonus.

Magnifi Financial WINcentive® 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 WINcentive® Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for Magnifi Financial WINcentive® Savings Account?

The minimum deposit to open a Magnifi Financial WINcentive® Savings Account is $5.00.

Magnifi Financial WINcentive® Savings Account Minimums

Description

Minimum Average Balance to Avoid Monthly Service Fee

$0.00

Minimum Balance to Earn APY

$5.00

Minimum Opening Deposit

$5.00

Minimum Required Balance

$25.00

What APY does Magnifi Financial WINcentive® Savings Account offer?

Magnifi Financial WINcentive® Savings Account offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

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 WINcentive® Savings Account charge?

Magnifi Financial WINcentive® 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 WINcentive® Savings Account offer?

This savings account includes the following features:

Can you set up a direct deposit to Magnifi Financial WINcentive® 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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

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.

Contact

Headquarters

20 4th Ave SE

Melrose, MN 56352

(888) 330-8482

Visit Site

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

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-1000+100

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