MidMinnesota Federal Credit Union Review

MidMinnesota Federal Credit Union is my focus here for you today. We’ll be looking at a few things about this CU, including whether you can join, what they offer, and other important details about them.

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Routing #: 291973360*

Membership Requirements

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You can either live, work, worship, or go to school in a few areas of mid-Minnesota in order to qualify as a member. Those are all of Becker, Cass, Crow Wing, Douglas, Morrison, Norman, Otter Tail, Todd, and Wadena counties. You can also be in the cities of Aitkin, McGregor, and Palisade. Plus, various townships of Aitkin County.

Those townships are Aitkin, Farm Island, Fleming, Glen, Hazelton, Jeven, Kimberly, Lakeside, Logan, Malmo, McGregor, Morrison, Nordland, Shamrock, Spencer, Turner, Wealthwood, and Workman Townships.

Immediate family members can also get you in. If any of yours do one of those things listed above in any of the places, you can become a member through them. We’ll get into the specifics soon, but, all you need to do to officially become a member is make a $5 deposit to MidMinnesota Federal Credit Union.

Their Offerings

You can find a lot of different financial products here. You can get a deposit account, a Kasasa Checking/Savings account, and more traditional checking or savings accounts.

They also carry certificates and investment services so you can plan for the future. There’s even a WINcentive Savings program like Mayo Federal Credit Union does.

Do you own your own business? They offer business checking, lending, PPP loan forgiveness and other services, too. I was a little surprised to see that they don’t currently mention business savings accounts, although, there is a business checking account that pays dividends.

Lots of Lending Options

You can choose from many different lending products at MidMinnesota Federal Credit Union. There are home loans, home equity loans, auto loans, recreational loans, and student loans. You also get some more unique loan products here than you would find at other credit unions throughout Minnesota.

Those include property improvement loans, loans for consumer goods, single-pay loans, and a few others. You can also get your insurance through them.

Let’s take a closer look at that Kasasa checking & savings account they were talking about.

MidMinnesota Federal Credit Union Kasasa Accounts

They ask, “Do you Kasasa?” on their website. I don’t have an answer because I don’t know what Kasasa is. According to the Wikipedia page for Kasasa Ltd, it’s basically a special type of reward-earning checking or savings account. The ones available at MidMinnesota federal credit union comes with a few options.

The Free Kasasa Cash Checking account doesn’t have a minimum balance, which is cool. There’s also no monthly maintenance fee, which I can appreciate. As of this writing, the annual percentage yield for it is 2.00% on balances up to $10,000 at MidMinnesota Federal Credit Union.

After $10,000, the APY as of this writing is .15%. You can even link to a Kasava Saver account to automatically build savings. There’s a free Visa debit card and free eStatements in it for you, too. This is pretty standard, but, also free online and mobile bill payment.

Kasasa Savings at MidMinnesota Federal Credit Union

The Kasasa savings account is also free, and that word definitely reminds me of Cassava, a plant that’s a really healthy source of carbs.

Anyway, getting back to the account: you don’t need to pay a monthly maintenance fee or keep a minimum balance to earn rewards. However, as in most cases, you do need to have a lot of account activity to get the most rewards possible.

This account links for free to a Kasasa Cash or Kasasa Cash Back Checking account at MidMinnesota Federal Credit Union. As of this writing, the current APY on balances up to $25,000 is 1.00%. Balances above 25k at the time of this writing are .15% APY.

You still benefit from .01% APY if qualifications aren’t met in Kasasa Cash or Kasasa Cash Back. There are a handful of disclosures that you can look at here, too.

MidMinnesota Federal Credit Union Review – Final Thoughts

This credit union has some unique offerings that could be a great fit for keeping your money safe.

Their business offerings are a little bit more slim compared to how many personal financial products there are.

I like that they have so many different kinds of personal products. The Kasasa products are especially interesting, because I really haven’t seen them at other Minnesota credit unions until reviewing this one. Other CU’s do have unique reward programs, but this one definitely gets your attention. Check out MidMinnesota Federal Credit Union today!

*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.

*This site is not affiliated with the Credit Union mentioned in this article.

Bob Buckley

Bob Buckley writes about food and business.