Savings Account

Enjoy a savings account that secures your funds and earns dividends for life. Building your savings has never been easier. We offer multiple savings accounts and member benefits to make your banking easy and exciting. Open an account that’s right for you today.

savings account - basic

The basics of a savings account.

Savings accounts are a secure location to deposit money and earn dividends on your funds. Dividends are the credit union’s version of interest earned. Savings accounts differ from checking accounts in the fact that they earn interest.

The idea behind a savings account is that you place money into a financial institution for us to use in lending. In return, you get paid dividends on your investment. Also, when you need cash or a loan, it’s equally there for your use.

Additionally, when using a bank or credit union, your money is federally insured which means your funds are protected in case of loss or disaster. Learn more about how federal insurance for a credit union works at www.mycreditunion.gov.

Savings Account - watching money grow

How does your money grow?

Watching your money grow is the best part of having an account. Your money grows by compounding interest. The interest rate is the percentage of funds compounded monthly or annually on the savings in the account. The interest rate on your account depends on the specific type of account you choose for savings. Many accounts require a minimum balance to earn dividends in regular savings. Money Federal Credit Union has a $100 minimum balance to earn dividends on a personal savings account. Other types of accounts have different requirements. In any case, your money grows by compounding interest on the savings.

Savings Account Options

The regular savings account is generally an easy-to-use savings account that accrues interest and has online access for easy maintenance, review, and viewing transactions. The personal savings account is usually for long-term savings, not daily expenditures.

With credit unions, your savings account is considered your “share” in the credit union, and is required to become a member. It only takes $5 to open a savings and join our credit union family.

A Money FCU Money Market Savings account receives a higher interest rate than a regular savings account. This account requires a minimum deposit of $2,500 and must maintain a minimum balance in order to earn dividends. It is split into different tiers, so the more you save, the more you earn. There are no penalties for dropping below the minimum amount, but you will no longer earn any interest if you do. This account is perfect for those who don’t want to lock up their money in certificates, but want to earn more interest than a regular savings account provides. You can make up to 6 withdrawals a month without a penalty, but can deposit as much as you’d like, at any time. See all tiers and interest rates.

MONEY MARKET RATES as high as 0.85% APY*

*APY = Annual Percentage Yield

This account is a second savings account to help you put aside funds for whatever holiday you may celebrate. Having a second account helps keep savings for a specific purpose separate from your everyday savings account.

Any money you have in your Holiday Savings will automatically transfer over to your Regular Savings account on October 1st. Like a standard savings account, you may deposit and withdraw money as needed. Additionally, setting up an automatic transfer continues to grow your funds throughout the year without you having to think about it.

Where do you want to go? Paris? Alaska? Japan? This account helps you save up for that dream vacation! Having a second account helps keep savings for a specific purpose separate from your everyday savings account. Like a standard savings account, you may deposit and withdraw money as needed. You can also set up an automatic transfer to help grow your money throughout the year without you having to think about it.

What are you saving for? This account is a second savings account where you can stash money for whatever you need. Save for a house, car, wedding, surgery, anything! Having a second account helps keep savings for a specific purpose separate from your everyday savings account. Like a regular savings account, you may deposit and withdraw money as needed. Set up an automatic transfer every payday so you can watch your savings grow without even thinking about it!

IRAs are individual retirement accounts. These accounts earn a higher interest rate. This account comes with tax benefits, and there are multiple accounts to choose from. These accounts usually have early withdrawal penalties and are meant for use after retirement age of 59 ½. Read on planning for retirement with our article Preparing for Retirement in an Uncertain World.

Unlike an employer-funded retirement plan, you may withdraw money from your personal IRA account whenever needed once you reach a certain age. There are two main types of IRA accounts: Traditional IRA and Roth IRA. Both IRA options have different tax benefits.

An IRA account is a smart investment opportunity because it both builds assets and has tax advantages that regular savings accounts don’t offer. It is best to sit down and review your choices with a professional who helps you decide which arrangement works best for you and what qualifications you meet. Start building your retirement savings account now with a Money FCU IRA account.

A kids account comes with joint monitoring features, birthday deposit matching, and a mail club built specifically for kids. Deposit matching gives children the incentive to make deposits and learn good savings habits. Want to learn more about the benefits of opening an account for kids? Please read our article, 5 Tips for Raising Money Smart Kids.

A youth account has all the features of a regular deposit account with the bonus of the ability monitor your teen’s financial activity. You also have the option to open a checking account as they get older. It comes with a free debit card that has optional spending limits and transaction alerts you can set up for your teen and the joint owner (typically a parent.) Most beneficial to this account, it comes with a college scholarship opportunity that no other account provides.

Certificates, otherwise known as savings certificates, offer some of the highest interest rates around. These accounts have a minimum $500 deposit to open, and rates depend on the length of the term. Most certificates carry an early withdrawal penalty. A certificate is different than a regular savings account in several ways. Savings accounts let you deposit and withdraw funds relatively freely. With a certificate, you agree to leave your money at the Credit Union for a set number of months, called the term. You won’t have access to the funds you put into that Certificate for the term you choose. If you decide to take the money out before the term is up there is a fee to do so, called a penalty.

CERTIFICATE RATES as high as 4.15% APY*

*APY = Annual Percentage Yield. Programs, rates, terms and conditions may change at any time.

A savings account is the first step to joining the credit union family! It’s your “share” in Money FCU. Open it with as little as $5.

The benefit of earning interest on your savings account.

Earned interest depends on the savings account rates for which type of savings account you choose. Earning dividends on your holdings and deposits is an essential aspect of banking. Each type of account has its own annual percentage yield. Keeping money in a non-interest bank account is losing valuable earnings potential.

No conditions!
Easy access to your money.

When choosing what kind of savings account is best for you, knowing how quickly you’ll have access to your funds plays a fundamental role in your decision. Many accounts that offer a higher APY have conditions for accessing your money. You can incur penalties if you try to withdraw money too soon or too often. Therefore, it’s best to have two accounts used for savings. One general savings account that provides easy access to your funds without penalties and a second high-yield account with potentially more limitations. A financial coach helps you decide what high yield account works best for your specific living situation and anticipated economic goals. Money FCU has free financial coaches for all members.

Federally insured security of credit union savings accounts.

One of the most important benefits of a savings account is that your money is in a safe and secure location. When your money is in a credit union, it’s federally insured up to $250,000. Being insured gives you security against theft, bank closure, funding loss, or any other disaster a financial institution encounters. Additionally, consider if your money was in a safe at home, and there was a fire, flood, or any natural disaster. In this case, you would never recover those lost funds. Secure your money at an insured institution and live with peace of mind knowing your money is safe.

Mobile banking options for a savings account.

Online banking provides access to your account from anywhere at any time. Money FCU has a mobile app for quick, convenient banking, including deposits, transfers, loan payments, bill payments, and viewing transaction history from your mobile device. Our priority is making financial management easy for you. Join our mobile family and see the difference.

The Credit Union is where I got my start and has always taken good care of me despite moving 10 different times.

Bruce – Tallahassee, FL
credit union testimonial Kelli

You guys are always so friendly when I call, I love calling all of you because you’re always so upbeat and nice!

Kelli – DeWitt, NY

I started banking with you in 2000, almost 19 years ago. Best bank ever, I moved to CA and you made banking easy when doing electronic banking wasn’t really popular yet.

Jesse – Syracuse, NY

Everything, anything you guys do with me is done 200%. I KNOW that you’ve got my back.  Thank you for this, and for everything you help me with. I truly appreciate it.

Marian – Mahopac, NY

I commend your staff; they are always very pleasant and willing to assist my needs.  Customer Service is very important to me and the credit union definitely shines in this area.

Kathy – Clay, NY

This is by far the best credit union, you guys are so good, you’re always on top of everything and you make me feel like my account is safe.

Regina – Phoenix, NY

I do not say it often enough, but you have great staff!  Nothing is ever a problem, they are terrific!  Amy just helped me out big time and Debbie is always my #1 at the credit union.

Jeff – Wake Forest, NC

I just wanted you to know that it is so nice to get a real person when I call in instead of an automated machine.  I really appreciate it.

Anne – Pittsboro, NC

I just LOVE all of you there. People ask me why I use a credit union in Syracuse and I tell them you can’t beat the customer service!

Denise – Monroe, NY

Thank you for watching for fraudulent activity so diligently.  Not only do you notify me when there is suspicious activity, but you are quick to help recover the money.

Sandy – Liverpool, NY

I’ve been in Charlotte for 7 seven years and I will not change banks because of this type of customer service.

Elliot – Charlotte, NC
credit union testimonial Catherine

Thank you MFCU for all the work you do and for really treating your customers like family.

Catherine – Baltimore, MD
credit union testimonial Michelle

I have to say it again – our credit union is absolutely the best! Hands down, no one else even comes close to the exceptional customer service and knowledge that you receive at Money FCU.

Michelle – Syracuse, NY
credit union testimonial Cindy

I told the car dealer I am sure that I want use Money for financing. The difference is only $7.00 per month. You have the very best customer service of any financial institution that I have worked with. Your customer service is worth every penny of the $7 per month and then some!

Cindy – Tully, NY
credit union testimonial Diane

Each representative takes a special interest in any request made, with coordinating efforts by everyone. At a time when I was in transition, MFCU gave attention to what I needed to continue with them, now over 40 years.

Diane – Wilton, CT
credit union testimonial Michael

I have been a member since 1987 and would NEVER, NEVER, EVER leave Money FCU under ANY circumstances!!

Michael – Clifton Park, NY
credit union testimonial Lisa

I wanted to let you know how much I love having Money instead of Chase! You guys have all been amazing since I have opened my account and I am so happy that I switched!!

Lisa – Syracuse, NY
credit union testimonial Henry

I just love Debbie. She’s my hero!

Henry – Gastonia, NC
credit union testomonial Tony

As we are wrapping details around our third vehicle loan inside of a year or so, I just want to say thank you again. Your customer service is off the charts, and you are a pleasure to deal with.

Anthony – Phoenix, NY
credit union testimonial Pat

Thank you to all of you! You girls are so wonderful! I love my credit union.

Pat – Syracuse, NY
credit union testimonial Lisa too

I thought I would take this opportunity to share with you what phenomenal employees you have. We couldn’t be happier to be blessed enough to have found MONEY FCU, and all that this bank encompasses.

Lisa – Baldwinsville, NY
credit union testimonial Angela

I moved everything out of M & T Bank to you because of the service I receive. I just love you guys!

Angela – Manlius, NY
credit union testimonial Robin

MONEY Federal Credit Union is people – a great group of people – who leave no doubt that while they are helping me, I am the most important thing going on that day.

Robin – Chappaqua, NY
credit union testimonial Jason

I am not sure who is working their magic, but without it my wife and I wouldn’t be able to purchase this house we fell in love with in a neighborhood we fell in love with. I truly appreciate everything Money Federal Credit Union does for my family!

Jason – Baldwinsville, NY

YOU ROCK!!

Kerry – Ossining, NY
credit union testimonial Erik

I have been a member since around 1992 or so and, even though I no longer work at Mutual of New York I have had nothing but excellent service from EVERYONE and I will never stray.

Erik – East Syracuse, NY

When you walk in the door you are always welcomed with a smile and happy greetings. Nothing is ever hard to do. When I need a loan it’s done and ready for me and I don’t even have to do anything! Just come in and sign!

Deb – Liverpool, NY
credit union testimonial Vera

You guys are the greatest. So professional and up to date with technology!

Vera – Warners, NY
credit union testimonial Danielle

I have been banking with MFCU since I was 17 years old. I left NY and banked with other companies but I came back to MFCU. I am so happy that I did!! Your staff has always been so helpful. I just figured you would want to know that your staff is great and they deserve an extra day off :)

Danielle – East Syracuse, NY
credit union testimonial Eileen

You guys haven’t changed a bit since I opened my account in 1987! You are all still so nice to deal with and I’m glad the changing times hasn’t hardened you into being unappreciative of your members. I now live in NJ and you are the best Credit Union I have ever had the pleasure of doing business with!

Eileen – North Arlington, NJ

I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.

Joanne – Syracuse, NY

I just wanted to let you know that your staff has been so helpful since the move out of the building. The staff is always quick and kind. You said that a Credit Union is much like a Bankâ€ĤI would say that the Credit Union is much better than a bank. I appreciate you guys!!

Michele – Baldwinsville, NY
credit union testimonial Lisa 3

I just wanted to let you know how awesome you are! I tell anyone who’ll listen about the GREAT customer service I get from the MONEY FCU. With commercial banks becoming less and less friendly and helpful and more and more costly, you guys are the best thing around!

Lisa – East Syracuse, NY
credit union testimonials John

I just went through one of the most painless processes getting a home improvement loan. I couldn’t believe how quick and smoothly everything went. I was quite impressed at the level of service. A special thank you also goes out to Debbie for her efficiency and for being so easy to work with!

John – Camillus, NY

I love you guys, one call and it’s done. Love, love, love you all.

Kathy – Fair Lawn, NJ

I just went through the process of taking out a car loan. If it weren’t for Melissa, I wouldn’t have been able to get things done. I wasn’t sure about what to do for so many things, but Melissa did! She was always there for me, quick, soooooo much help. Lucky for me I was smart enough to join your credit union years ago.

Katie – Syracuse, NY
credit union testimonials Meg

I am so grateful to have such kind and helpful people to work with on my banking needs.

Meg – Webster, NY
credit union testimonial Tom

When our office moved I decided to keep my account with you because I don’t mind the 10 minute drive downtown to deal with you guys because you’re always so helpful and friendly.

Tom – Syracuse, NY

Ready to open a Money FCU savings account?

Great, let’s get you started! Open a savings account today. Want to learn more about any of our services before you join us? Call (315) 671-4000 or chat with our friendly agents. We are ready to answer any of your questions.

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