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Midland Teachers Credit Union savings accounts

Savings

Helping you reach your financial goals

MTCU offers a variety of savings options for your short-term and long-term planning, including retirement.

Share Savings

This basic savings account, called a share account, represents your share of ownership in the credit union. With a minimum $25 deposit, you will have access to any of our other services and a minimum balance of $100 earns you dividends.

Rates are set by the Board of Directors and dividends are paid monthly from current income and available earnings, after required transfers to reserves at the end of a dividend period.*

Kasasa Saver

Kasasa Saver is a higher yielding savings account that is partnered with Kasasa Cash or Kasasa Cash Back checking accounts.  If you qualify each month for rewards with your Kasasa Cash or Kasasa Cash Back Checking account, you'll automatically earn the higher rate with your Kasasa Saver account. If you miss your qualifications for the month, you still earn our base interest rate.  Rewards will be transferred from your Kasasa Checking into the Kasasa Saver Account at the end of each monthly billing cycle.

  • No Monthly Maintenance Fee
  • No Monthly Minimum Balance

Money Market

With a minimum deposit of $2,500, you can open a high-yield money market account. Dividends are computed daily and paid monthly. Dividend rates are set monthly by the Board of Directors and paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

If the balance falls below $2,500, your account is charged a fee as disclosed in your TIS disclosure.*

 

Certificates of Deposit

A wide variety of investment plans are available that offer higher interest than regular share accounts. Regular & IRA certificates require a minimum deposit of $1,000. Terms of 90 days to 5 years are available. Rates are updated weekly to reflect current market conditions.

The annual percentage yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. For Certificate of Deposit accounts, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account.

For accounts subject to interest compounding, the annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.

  • Early Withdrawal Penalties
    • If the account has an original term not exceeding one year, loss of 90 days interest whether earned or not.
    • If the account has an original term greater than one year and up to three years, loss of 180 days interest whether earned or not.
    • If the account has an original term greater than three years and up to five years, loss of 365 days interest whether earned or not.

    No additions to principal are permitted and no partial withdrawals of principal are allowed.  If insufficient dividends are available to pay the entire penalty, the penalty will be assessed against principal.

  • CD Renewal-Your account will automatically renew for another term upon maturity. You have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty.

 

IRA

IRA accounts are available for your future retirement needs. Neither the amount invested nor the dividends earned on the investment are taxable until the money is withdrawn which is usually after retirement when you are in a lower tax bracket for Traditional IRAs.

We also offer the Roth IRA, which interest earned is not taxed, but initial deposits are. Rates are set by the Board of Directors and dividends are paid monthly.

 

Special Savings

Set up a special savings account for Christmas, vacation, etc.! Rates are set by the Board of Directors and dividends are paid monthly from current income and available earnings, after required transfers to reserves at the end of a dividend period.

*Account Limitations: You may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic or internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed.



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