Minnesota First offers a variety of savings accounts designed to help you maximize your banking experience. Our savings accounts make it easy to watch your money grow.
We offer savings accounts for individuals, businesses and trusts.
|Regular Savings||Smart Savers||Little Savers|
(18 years of age and under)
|Minimum Opening Deposit||$200||$200||$20|
|Minimum Daily Balance||$200||$200||$20|
|FDIC Insured||Up to $250,000.00||Up to $250,000.00||Up to $250,000.00|
Truth in Savings Disclosure
Regular Savings and Smart Saver
Minimum balance to open the account – You must deposit and maintain a minimum of $200.00 in this account.
Deposits and withdrawals – You can make additional deposits in any amount. The minimum withdrawal is $25.00. We have the right to require 60 days notice of a withdrawal. If you make a deposit by a check or other instrument like a check, you cannot withdrawal the amount of the check or instrument until we have collected it, or such earlier date as may be required by applicable law.
Variable rate feature – Your Interest Rate is variable and the Annual Percentage Yield may be changed at any time at our discretion.
Compounding and crediting frequency – Interest will be compounded monthly. This means that, for the purposes of computing interest, the interest that you have accrued is added to your balance monthly, and we compute interest from that date based on the new balance. Interest is credited to your account on the last day of each month.
Daily balance computation method – We use the Daily Balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit cash or noncash items (for example, checks).