Products & Services

Savings

With a variety of savings account options, MCU makes it easy to put money away and watch it grow.

A savings account that offers limited check writing ability, convenience, and liquidity.

Features & Benefits:

  • Minimum $2,500 opening deposit
  • Limited check writing ability – no more than six (6) checks during any monthly cycle
  • Competitive interest rates
  • Monthly statements
  • Dividends are compounded and credited monthly
  • Earn competitive dividends as your balance grows
  • Add additional funds to the account via automatic payroll deduction / direct deposit
  • Unlimited mail or branch withdrawals
  • Easy balancing using duplicate checks

Note: multiple accounts are only allowed for Share Certificates. All other deposit accounts are limited to one of each type.

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A savings account that offers competitive fixed rates and a variety of terms that will help you meet your long or short term savings goals.

Option 1: Fixed Rate

  • Minimum opening deposit: $500
  • Rate fixed for a specific term of 3, 6, 9, 12, 24, 30 or 36 months

Option 2: Fixed Rate Deposit Plus

  • Minimum opening deposit: $250
  • Rate fixed for a term of 18 months
  • $50 minimum monthly deposit by electronic funds transfer, payroll deduction or direct deposit is required

Features & Benefits:

  • Earn higher dividends than basic savings accounts
  • Additional deposits permitted at the time of maturity. Automatic rollover available.
  • Renewal grace periods of 10 days
  • Maturity notices mailed 20 days before maturity date

Note:multiple accounts are only allowed for Share Certificates. All other deposit accounts are limited to one of each type.

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MCU members can save for retirement with either a Traditional IRA, which allows tax-deductible contributions today, or a Roth IRA, which allows tax-free earnings in the future.

Traditional and Roth IRA Options include:

Option 1: Fixed Rate

  • Minimum opening deposit: $500
  • Rate fixed for a specific term of 3, 6, 9, 12, 24, 30 or 36 months

Option 2: Variable Rate

  • Minimum deposit: $100
  • Rate may vary on a monthly basis depending on market conditions
  • Account term is 18 months
  • Deposits may be made via payroll deduction to build up to the full year contribution (18 month variable only)

Note: Consult with your tax advisor regarding contribution limits and deductibility.

Features & Benefits:

  • Members can rollover and transfer IRA’s from other institutions.
  • Members can renew the IRA Share Certificate

For more information or to open an IRA

A Coverdell ESA (Educational Savings Account) allows an adult to contribute up to $2,000 per year on behalf of a child. Contributions are non-deductible, but may be withdrawn tax-free when used for qualified education purposes at any time before the beneficiary reaches age 30.

Option 1: Fixed Rate

  • Minimum opening deposit: $500
  • Rate fixed for a specific term of 3, 6, 9, 12, 24, 30 or 36 months

Option 2: Variable Rate

  • Minimum deposit: $100
  • Rate may vary on a monthly basis depending on market conditions
  • Account term is 18 months
  • Deposits may be made via payroll deduction to build up to the full year contribution (18 month variable only)

For more information or to open a Coverdell ESA:

  • Call 212-693-4900

Teach your children the value of saving.

Smart Apple Savers (Newborn - 12 years old)

Future Investors (13-21 years old)

Features & Benefits:

  • Minimum opening deposit of $10
  • Earned share dividend rates
  • Quarterly statements
  • Dividends compounded and credited quarterly
  • No minimum balance requirements, changes or fees
  • Deposits can be made via Payroll Deduction or Direct Deposit
  • ATM access and MCU Online Banking available for Future Investors accounts
  • For Smart Apple Savers: Only custodians are able to withdraw from Youth Custodial Accounts

Note: When opening a Youth Club Account, you must provide one document from each column (or activate within 15 days if account is opened off-site):

Proof of Relationship

  • Valid Birth Certificate
  • Social Security Number
  • Adoption Papers
  • Proof of Guardianship

Proof of Identification (over 13)

  • Valid School ID
  • Learners Permit
  • Working Papers
  • U.S. Passport
  • Valid Non-Driver ID

For more information or to open a Youth Account:

Each account holds a one year term, and can be transferred at the end to your FasTrack Checking or Share Account for easy access.

Features & Benefits:

  • No minimum balance requirement, fees, or charges
  • Dividends compounded and paid monthly
  • The balance from your Club Account will be deposited into your Share or FasTrack Checking account on the following dates:
    • Holiday Club – First week of November
    • Vacation Club – First week of May
  • May be opened at any time during the year
  • Automatic Payroll Deduction/ Direct Deposit
  • Allowed one complimentary withdrawal without penalty of closing account
  • Option to rollover funds to next year
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Note: multiple accounts are only allowed for Certificates of Deposit (CDs). All other deposit accounts are limited to one of each type.

SavingsAPR
Holiday/Vacation Club0.20%
Money Market Account0.40%
36-Month Share Certificate0.60%
IRA 36-Month Share Certificate0.60%
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*Annual Percentage Yield Visit our Rates page for more information

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