High-yield savings in Minnesota.
Who regulates the banks and credit unions here, how your deposits are protected, and what to compare before you choose. We're not a bank and we open nothing — this is the context laid out in plain English. The rate itself is set nationally by each institution, not by Minnesota.
The Minnesota savings landscape
Minnesota has a strong banking market anchored by Wells Fargo (headquartered in Minneapolis) alongside a robust credit union sector. Minnesota's economy is diversified across healthcare, agriculture, manufacturing, and financial services. Treasure Island Credit Union, Wings Financial, and Affinity Plus are among the competitive deposit-taking credit unions.
Who regulates it
Minnesota Department of Commerce
Regulates state-chartered financial institutions, insurance companies, and securities dealers in Minnesota.
How your deposits are protected
FDIC (banks) · NCUA (credit unions)
Deposit insurance is federal and uniform in every state: up to $250,000 per depositor, per insured institution, per ownership category — from the FDIC for banks and the NCUA for credit unions. It comes from the institution, not from ClearValue Banking. Confirm a bank's status with FDIC BankFind before you move money.
What to focus on in Minnesota
Minnesota savers should compare Wings Financial Credit Union and Affinity Plus FCU — both are well-regarded for competitive savings rates and are accessible to broad categories of Minnesota residents.
One thing that isn't local
The APY. High-yield savings rates are set nationally by each institution, so a top online bank pays the same in Minnesota as anywhere else — which is why you won't find a Minnesota-specific rate here. For how to read an APY, weigh the fees and minimums, and spot the catch, start with the high-yield savings guide.
Next step
See how your savings options compare.
We don't open accounts or hold your money. We lay out the account types and the tradeoffs against a published standard — real yield, fees, minimums, access — so you can decide with the fine print in plain sight, then take it to the bank or credit union that holds the account.
Compare savings accountsGet an email when high-yield savings rates change.
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Frequently asked
Who regulates banks in Minnesota?
The Minnesota Department of Commerce (mn.gov/commerce) supervises state-chartered banks and credit unions. National banks are regulated by the OCC.
Are Minnesota savings deposits FDIC-insured?
Yes — FDIC insurance is federal and applies in Minnesota. Deposits at FDIC-insured banks are covered up to $250,000 per depositor, per institution.
What is a high-yield savings account?
A HYSA is an FDIC-insured deposit account paying a higher APY than traditional savings. Minnesota residents can access national online HYSAs; some Minnesota credit unions also offer competitive rates.
Does Minnesota tax savings account interest?
Yes — Minnesota has a graduated state income tax. Interest income is subject to Minnesota state income tax. Verify rates at revenue.state.mn.us.
Educational only — not a bank. ClearValue Banking is an independent education and comparison publisher, not a bank, credit union, or FDIC/NCUA-insured institution. We do not open accounts, hold deposits, or provide personalized financial advice. Any account is opened with and held by the partner bank — the FDIC-insured institution; deposit insurance is provided by that bank (or, for a credit union, the NCUA), not by us. Rates, terms, and eligibility are set solely by the institution.