Save, manage and secure your money with ease.
Whether it’s planning for the future, saving for retirement, or having emergency cash set aside, an MECU savings account is a solid tool to help you get ahead and stay ahead.
There’s no better feeling than knowing whatever happens in life, you’ll be prepared financially. MECU savings accounts provide a variety of ways to build your wealth, manage your money, and enjoy valuable peace of mind.
If you’re not a member, simply open an MECU savings account with as little as $5, and immediately start enjoying a lifetime of outstanding credit union benefits for you and your family.
An MECU savings account helps you make the most of your time and money:
For a list of our fees, please check our fee schedule.
| Account Type | Minimum To Earn APY | Compound Frequency | APY | National Average APY | | Savings | $100 | monthly | 0.20% | 0.16% |
| Money Market | $1
$25,000
$100,000 | monthly | 0.20%
0.33%
0.42% | 0.17%
0.28%
0.38% |
| IRA Market | $1
$25,000
$100,000 | monthly | 0.20%
0.33%
0.42% | 0.38%
*
* |
| Health Savings Account | $1
$25,000
$100,000 | monthly | 0.20%
0.33%
0.42% | *
*
* |
| Holiday Savings | none | monthly | 0.20% | * |
| Vacation Savings | none | monthly | 0.20% | * |
APY -- Annual Percentage Yield (the yield you earn on a deposit over a year) * No national averages are shown for these products/tiers due to the fact that this offering is not commonly available at other financial institutions.
Savings insured up to $250,000, and Individual Retirement Accounts are separately insured to $250,000, by the National Credit Union Administration, a U.S. government agency. An additional $250,000 of coverage is provided by Excess Share Insurance. Federal regulations prohibit the payment of dividends in excess of available earnings. All dividends are calculated using the average daily balance method, compounded monthly and paid monthly. Any deposits or withdrawals will affect the actual APY earned. Fees may reduce earnings. These are variable rate accounts; rates are subject to change without notice.
Savings account dividend rates are based on the credit union’s earnings at the end of the dividend period, and thus cannot be declared in advance. Vacation and holiday savings withdrawals are limited to program parameters.
Money market accounts have a withdrawal minimum of $500. On all MECU savings or money market accounts, you are permitted to make up to six preauthorized, automatic, telephonic, audio response or Internet transfers to another of your accounts, or to the account of any other person or organization, during a calendar month. Monthly minimum balance fee of $10 is assessed on account balances less than $2,500. Fees may reduce earnings. These are variable rate accounts; rates are subject to change without notice.
Compare savings rates
| Financial Institution | APY |
|---|
| MECU | 0.20% |
| Bank of America | 0.05% |
| Citibank | 0.05% |
| Chase | 0.01% |
| Wells Fargo | 0.01% |
Competitor APYs are for Illinois only and are based on mybanktracker.com. All rates assume a $100 minimum deposit, and are effective as of February 21, 2012.