We all have different savings goals, whether they're short term, long term or a combination of both. With Manatee Community Federal Credit Union, you can plan your future with a number of strategic savings plans. MCFCU's deposit accounts are insured $250,000 by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States.
You can enjoy greater earning potential with MCFCU's Money Market Savings Account. A minimum deposit of $2,500 will open your Money Market Account and start you on the road to higher dividends! Money market accounts earn interest daily and distribute dividends quarterly. The annual percentage yield (APY) may change quarterly.
Club accounts can help you plan ahead for vacations, holidays or whatever additional need you may have. A club account is a separate savings account that allows you to set aside money for a special need. Deposits may be made by payroll deduction, in person, or through online banking transfers.
|Effective Date: Monday, January 27th, 2020|
|Name||Minimum Deposit to Open Account||Minimum Balance to Obtain Dividend||Rate||APY*|
|Regular Savings||$25.00||$100 - $2,499||0.10%1||0.10%3|
|$25.00||$2,500 - $24,999||0.10%1||0.10%3|
|$25.00||$25,000 - greater||0.10%1||0.10%3|
|Money Market Savings5||$2,500||Under $2,500||0.00%1||0.00%3|
|$2,500||$2,500 - $24,999||1.30%1||1.30%3|
|$2,500||$25,000 - greater||1.40%1||1.40%3|
|Club Accounts||$10.00||Same as regular savings shown above|
Dividends begin to accrue on the business day you make your deposit as long as the minimum balance to obtain the APY is met. Dividends are compounded and credited quarterly on the last day of March, June, September, December, and at maturity, as in the case of Certificates; [and on the last day of the month on Checking Plus]
Service Charges and other conditions can reduce the earnings on your account. Dividend rates and APY are accurate as of the date stated on this Rate Sheet. Ask an employee or call us at 748-7704 for further information about applicable service charges, current rates, account conditions or to receive a particular account disclosure and/or accounts agreement.
Member accounts are federally insured up to $250,000 by the National Credit Union Share Insurance Fund. IRA accounts are insured up to $250,000.
1 These accounts bear a variable dividend rate. The dividend rate and APY (Annual Percentage Yield) may change quarterly (monthly in the case of Checking Plus and Money Market Savings) after the account is opened. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend rate and the APY are the prospective rates and yields that MCFCU anticipates paying for the applicable dividend period. Dividends are calculated by applying a daily periodic rate to the principal in the account each day the minimum balance is maintained.
3 APY means a percentage rate reflecting the total amount of dividends that will be paid on an account, based on the dividend rate and frequency of compounding for a 365-day period. The APY is based on the assumption that dividends will remain on deposit. A withdrawal will reduce earnings.
*APY-Annual Percentage Yield