Products & Services

Savings

MCU savings products are simple, convenient, and helpful.Whether you are looking to save for a vacation, a holiday, your retirement, or you just need a basic savings account, MCU is here for you.

A savings account that offers convenience and easy access to funds with limited check writing ability.

Features & Benefits:

  • Minimum opening deposit of $2,500
  • Earn higher dividends when your balance reaches certain amounts.
  • Limited check-writing ability – no more than six (6) checks during any monthly cycle
  • Dividends are compounded monthly and credited monthly
  • Deposit via Payroll Deduction or Direct Deposit
  • Unlimited mail or branch withdrawals
  • Easy balancing using duplicate checks
  • Earn competitive dividends as your balance grows

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 of $500
  • Dividend rate fixed for a specific term. Terms of 3, 6, 9, 12, 24, 30 or 36 months available

Option 2: Fixed Rate Deposit Plus

  • Minimum opening deposit of $250
  • Account term is 18 months
  • Make additional deposits automatically through Direct Deposit or Payroll Deduction

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 of $500
  • Dividend rate fixed for a specific term. Terms of 3, 6, 9, 12, 24, 30 and 36 months available
  • Dividend rate at opening remains in effect for full term of account

Option 2: Variable Rate

  • Minimum opening deposit of $100
  • Account term is 18 months
  • Dividend Rate may vary on a monthly basis after account is opened depending on market conditions
  • Additional deposits may be made 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:
Call 212-693-4900

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 of $500
  • Dividend rate fixed for a specific term. Terms of 3, 6, 9, 12, 24, 30 and 36 months available

Option 2: Variable Rate

  • Minimum opening deposit of $100
  • Account term is 18 months
  • Dividend Rate may vary on a monthly basis after account is opened depending on market conditions
  • Additional deposits may be made 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 (Ages 0-12)

Future Investors (Ages 13-21)

Features & Benefits:

  • Minimum opening deposit of $10
  • No minimum balance charge
  • Dividends are compounded quarterly and credited quarterly
  • ATM access available for Future Investors accounts
  • Quarterly statements
  • Deposit via Payroll Deduction or Direct Deposit

Provide one document from each section below to open a Youth Club Account (or activate within 15 days if account 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
  • Learner's Permit
  • Working Papers
  • U.S. Passport
  • Valid Non-Driver ID

For more information or to open a Youth Account:
Call 212-693-4900

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:

  • Low $5 minimum opening deposit
  • May be opened at any time during the year
  • Dividends compounded and paid monthly
  • The balance from your Club Account will be deposited into your FasTrack Checking Account or Basic Share Draft Account, or if you have no FasTrack Checking Account or Basic Share Draft Account, to your Regular Share Account on the following dates:
    • Vacation Club – May 1st
    • Holiday Club – November 1st
  • 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 Share Certificates. All other deposit accounts are limited to one of each type.

SavingsAPY*
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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Routing Number: 226078036

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