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CD Rates in Minnesota for June 2026

Updated June 21, 2026

Written by
Rhys Subitch
Edited by
Pippin Wilbers

If you're looking for a guaranteed return on your money in Minnesota, certificates of deposit (CDs) may be the way to go. It doesn't take too much effort to open a CD, but you'll need to do your research to find the right one. 

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How to compare the best CD rates in Minnesota

  1. Term

    These often range from three months to five years, and are the defined period your funds are locked in for. Because your cash is inaccessible, you won't want to use a CD for your emergency fund or anything you might need to access before the term is up.

  2. Yield

    The annual percentage yield (APY) is one of the most important numbers for determining how much you will earn. It's the amount of interest earned on a CD over one year, and includes compound interest.

  3. Minimum deposit

    Make sure you can afford the minimum deposit when you're researching options. Most CDs require a minimum deposit of $500 or $1,000, but some may require more or less.

  4. Fees and penalties

    CDs often come with an early withdrawal penalty. These activate if you take out your funds before the term is up. You may be charged several months' worth of interest.

Don't forget about credit unions

You may be able to find more competitive yields with online banks and credit unions than you would with a national, or even regional, bank. Banks are for-profit institutions, and pass money along to shareholders. Credit unions, on the other hand, are nonprofit and pass money along to their members in the form of higher APYs and lower fees.

You can find several credit unions in Minnesota that may have membership you're eligible for as a resident. As of the fourth quarter of 2025, the top three credit unions in Minnesota have a combined membership of over 900,000.

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Keep in mind: Many credit unions call their CDs share certificates or just certificates. 

How to decide whether you want a long- or short-term CD

Shorter terms typically offer significantly lower yields. And even shorter terms with higher rates may earn less than a longer term due to the amount of time your money is gaining interest.

Next steps to take out a CD in Minnesota

Compare the best CD rates

Find the best nationally available CDs.

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Investigate credit union rates

Make sure you qualify for membership before you apply.

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Calculate how much you can save

Bankrate's CD calculator can help you get in-depth information about your options.

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Learn about CD ladders

Keep your savings growing with a CD ladder.

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Research methodology

Since 1976, Bankrate has been a leading publisher of rates and personal finance articles. We help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.

Part of Bankrate’s editorial team is made up of a group of banking experts. These experts have collectively researched over 100 banks and review current details at least monthly to make sure readers stay up to date on the latest rates and bank products. If you see a star rating next to a product, that has been established by one of our banking experts, and is not influenced by partner status.

Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.

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