What if your daily banking choices could help fight hunger, provide shelter, and give clothing to those in need? At Magnifi Financial Credit Union, they do exactly that—while also ensuring their members have the financial tools they need to succeed.
Banking is often seen as a routine transaction—opening accounts, securing loans, managing finances. But at Magnifi Financial, it’s more than that. Banking here means investing in the well-being of the community. Opening a checking account ensures a child in need receives warm clothing. Refinancing a mortgage helps provide shelter for someone without a home. Every financial decision made with Magnifi contributes to something bigger, strengthening the communities it serves.
Magnifi Financial was founded in 1939 to help individuals facing financial hardships during the Great Depression, providing them with access to borrowing and saving opportunities. Over the decades, it has grown into one of Minnesota’s largest credit unions, now managing $2.4 billion in assets. Even through economic challenges—local, national, and global—it has maintained strong earnings and stability while staying committed to its mission.
Over the past five years, Magnifi Financial has continued to experience remarkable growth in asset size while maintaining strong earnings and equity compared to industry peers. This financial stability enables Magnifi to continue supporting both its members and the broader community.
As part of this growth, Magnifi has expanded its footprint, bringing its personalized approach to banking to more communities. With a commitment to accessibility and innovation, it offers a wide range of financial services, from personal and business banking to mortgages and wealth management. Its modern digital banking solutions—including credit score tracking, budgeting tools, and seamless money transfers—help members take control of their finances with ease.
Beyond financial services, Magnifi actively invests in the community through volunteerism, sponsorships, and charitable contributions. One of its most impactful initiatives is the 3 Essentials Program, which helps address food insecurity, housing instability, and clothing needs.
Through this program:
- Every auto loan financed provides 100 pounds of food to a local food shelf.
- Every new home mortgage or refinance covers the cost of one night of shelter for someone in need.
- Every new personal checking account opened donates an essential clothing item to a local organization.
Since launching in 2016, the initiative has led to over 1.1 million pounds of food donations, more than 3,500 nights of shelter, and over 10,000 clothing items for individuals and families in need.
Strong partnerships with local organizations ensure that Magnifi’s contributions make a meaningful impact.
“Magnifi has been donating food, money, and volunteering for many years. They helped us when we needed it most and have been a great community partner. They sponsored our first-ever Hops for Hunger event, which has now turned into an annual fundraiser for SACA over the last 13 years,” said Dave Rudolph, Co-Director of Southern Anoka County Assistance (SACA) Food Shelf.
Additionally, Magnifi’s support extends to clothing drives and housing programs. One of its clothing partners used donations to provide socks, shoes, and clothing for over 180 children before the start of the school year—ensuring kids have the essentials they need to thrive.
Julie Jeppson, Anoka County Commissioner, has also praised Magnifi’s commitment to community support, calling its efforts “impressive and life-changing.”
Unlike one-time fundraising efforts, the 3 Essentials Program is an ongoing initiative that grows with Magnifi. By tying donations directly to financial products, the program ensures consistent and scalable support for local organizations. Since its inception, the program has expanded its reach, helping an increasing number of families each year.
Magnifi’s financial strength also enables it to support local businesses and economic development. The credit union has been honored by the U.S. Small Business Administration as the top-producing credit union in Minnesota from 2019 to 2024 and was named in the Top 1% of Performing Credit Unions Nationwide by Rising Above Enterprises in 2024.
Beyond financial support, the credit union invests in financial literacy and business education, providing training and resources that empower members to make informed financial decisions. Employees also take an active role in volunteer efforts, local sponsorships, and outreach initiatives, reinforcing the credit union’s dedication to serving its communities.
As Magnifi continues to grow, so does its commitment to making a difference. The 3 Essentials Program will remain at the heart of its mission, ensuring that food, shelter, and clothing remain accessible to those who need them most.
With expanding services, strong community partnerships, and a solid financial foundation, Magnifi Financial is positioned to continue leading the way in both banking and social responsibility.
To learn more about Magnifi’s programs and services, visit mymagnifi.org. Because at Magnifi Financial, every dollar does more—not just for members, but for the entire community.