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

Option 2: Variable Rate

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

Features & Benefits:

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 Contributions are non-deductible, but may be withdrawn tax-free when used for qualified education purposes at any time before the beneficiary reaches age 30.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 charge
• Deposits can be made via Payroll Deduction or Direct Deposit
• ATM access and NYMCU 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 section below (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

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:

• 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:
  • Holiday Club – November 1^st
  • Vacation Club – May 1^st
• 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 Share Certificates. All other deposit accounts are limited to one of each type.