Minnwest Bank headquartered in MN and SD offers their high yield savings account called Performance MMA with a current interest rate of 2.50% APY for balances above $10,000. This savings interest rate is guaranteed to be glued until January when it will revert to 50% of the Prime Rate published by the Wall Street Journal.

This high interest savings account is not posted on the bank’s website. We receive an email from one of our readers. We called the bank and the customer service representative confirmed that it is a savings account so you do not have check writing privileges. The rate for deposits below the $10K line is just 0.10% APY but what you can be thankful for is that there are no service fees monthly.

The best savings account does not offer an ACH service to transfer funds from bank to bank but Minnwest should process incoming ACH transfers from your other banks. Like other savings account, this is limited to six withdrawals per month.

Interested consumers can open an account by visiting a branch. It appears that this special money in the bank deal is offered in all branches.

Minnwest Bank has offices in Redwood Falls, Minnetonka, Tracy, Luverne, and Montevideo in Minnesota. They also operate a branch in Sioux Falls in South Dakota.

The bank actually consists of six different bank entities with their own FDIC coverage. All of these six banks operate under the umbrella of Minnwest Corporation which is a bank holding company.

The ratings of the Minnwest Bank range from 2 to 4 stars with BauerFinancial. Bankrate.com stamps their safety and soundness reports with 1 to 4 stars. These were based on their March 2009 data.