Holiday and Vacation Savings
Want to save for the holidays or a vacation?
MECU makes it easy to set money aside.
Looking forward to special times? We’ll help make sure that when the holiday season or a vacation rolls around, you have the money to make those occasions even more memorable.
Setting up an MECU holiday or vacation savings account is an excellent way to help you save and contribute regularly for special times.
The holiday savings account is designed to put away funds specifically for holiday shopping and gift-giving. There is no start date for the holiday savings account. You can open the account at any time. And the money you save is automatically deposited into your savings account on the first business day of November.
The vacation account also has no start date. The money you save is automatically deposited into your savings on the first business day of June. Money saved, plus the dividends earned during the year, will be transferred to your MECU savings account.
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% | 0.15% |
| Money Market | $1
$25,000
$100,000 | monthly | 0.20%
0.31%
0.40% | 0.16%
0.26%
0.35% |
| IRA Market | $1
$25,000
$100,000 | monthly | 0.20%
0.31%
0.40% | 0.36%
*
* |
| Health Savings Account | $1
$25,000
$100,000 | monthly | 0.20%
0.31%
0.40% | *
*
* |
| 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.