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Save & Invest > Deposit Options

Deposit Options

Saving for retirement, helping pay for college, taking a dream vacation...whatever it is, we have a variety of deposit options to achieve your financial goals.

Certificate of Deposit

A CD (Certificate of Deposit) is a simple and secure way to invest money in the form of a time deposit. It has a low minimum deposit of $1,000 if you are over the age of 18, and it has short and long term options with competitive rates. The money must stay in the account for a certain length of time to earn the promised return. There is no risk in losing your initial deposit and you will gain money with your investment, as long as you keep it open until maturity. A CD generally earns more interest than a regular savings account. Please see below for current rates.

Low minimum deposit of $1,000 (over age 18)
Low minimum deposit of $100 (under age 18)
Short and long term options
Competitive fixed rates
Interest may be compounded or transferred to the account of your choice
.25% APR loan rate discount based on relationship with credit union

Certificates of Deposit and IRA Certificates of Deposit
Effective Date: Friday, July 19th, 2019
TermsInterest RateAnnual Percentage YieldMinimum Balance
6 Months†† 1.30% 1.31% $1,000.00
44 Week Special† 2.01% 2.01% $1,000.00
12 Months†† 2.14% 2.16% $1,000.00
15 Month Special†† 2.53% 2.56% $1,000.00
24 Months†† 2.48% 2.51% $1,000.00
27 Months Special†† 2.62% 2.65% $1,000.00
36 Months†† 2.58% 2.61% $1,000.00
48 Months†† 2.77% 2.81% $1,000.00
60 Months†† 2.97% 3.01% $1,000.00
For members under the age of 18 the required minimum balance on all CDs is only $100.00
.10% APY bonus earned if you also have a MFCU Premier Checking Account.

† Interest is calculated by the daily balance method and credited at maturity.  Fees and withdrawals of funds from this account prior to maturity will reduce earnings.  See chart for penalty information.

†† Interest calculated by the daily balance method and credited monthly. Fees and withdrawals of funds from this account prior to maturity will reduce earnings. See chart for penalty information.

Certificate Early Withdrawal Penalties
Effective Date: Friday, July 19th, 2019
TermPenalty
6 Months Up to 90 days interest
44 Weeks Up to 90 day interest
12 Month Up to 180 days interest
15 Month Up to 180 days interest
24 Month Up to 180 days interest
27 Month Up to 180 days interest
36 Month Up to 180 days interest
48 Month Up to 180 days interest
60 Months Up to 180 days interest

IRAs

Roth IRA
Traditional IRA
Educational and Coverdell IRA
IRA Savings
IRA High Yield Savings
IRA CD (Certificate of Deposit) We offer Roth, Traditional, Educational and Coverdell IRAs.

Did you know you can open an IRA Savings with as little as $10 or an IRA Certificate for $1,000?

Earnings are tax-deferred, tax-deductible and tax-exempt in many cases
No annual maintenance or closing fees
Insured by the National Credit Union Administration

Individual Retirement Accounts (IRA)
Effective Date: Friday, July 19th, 2019
Account TypeDividend RateAnnual Percentage YieldMinimum Balance
Individual Retirement Account * 0.15% 0.15% N/A
Rates are variable and may change after account is opened.

*Dividends are calculated by the daily balance method and credited to the last day of each month. Rates are variable and may change after account is opened.

 

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Members First Credit Union | P.O. Box 2165 | Midland, MI 48641
Phone 855-835-MFCU (6328) | mail@mfcu.net

Federally insured by NCUA.
We do business in accordance with the Fair Housing Law.