Savings at MAFCU
Putting money aside on a regular basis for unexpected expenses is a good financial habit. MAFCU savings, checking, and money market accounts give you quick and easy access to your money if you need funds for unexpected expenses or unforeseen events. Depositing a certain amount of each paycheck into a savings account makes it easy to save for a vacation or make a major purchase.
Share Savings
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To become a member of MAFCU, you must be an employee, student, or volunteer of one of our affiliate groups or have a family member who is a Credit Union member. Then you may join by opening a Share Savings Account with a minimum deposit and minimum balance of $25. Since credit union members are credit union owners, that $25 is your share in MAFCU. Once you make your initial depost, you are eligible to take advantage of all MAFCU products and services.
Holiday Club Account
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Get a jump on seasonal shoppng with a Holiday Club Account. You can earn higher rates of interest than what is offered with a regular savings account, and saving can be easy with the convenience of payroll deduction. MAFCU's Holiday Club Accounts run from the first week in November to the last week of October, at which point the funds are transferred to your Share Savings Account. You can open a Holiday Club Account at any time, but if you access your funds prior to the end of the term of the account, you will be charged a $20 fee.
Vacation Club Account
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Start saving now for the vacation of a lifetime. MAFCU's Vacation Club Account lets you put money away each paycheck at a higher rate of interest than what is offered with a regular savings account. The convenience of payroll deduction makes saving easy. This account runs from the first week of May through the last week of April, and the funds are transferred to your regular Share Savings Account at the end of the term. You can open a Vacation Club Account anytime, but if you access your funds prior to the end of the term, you will accrue a $20 fee.
Back-to-School Club
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Be prepared for school early. Open a MAFCU Back-to-School Club Account and earn a higher rate of interest than what is offered with a regular savings account. Saving is easy through automatic payroll deduction. The Back-to-School Club Account runs from the first week of August through the last week of July, and your money is transferred to your regular Share Savings Account at the end of the account's term. You can open a MAFCU Back-to-School Account anytime, and you will incur a $20 charge for early withdrawal.
Term Certificates
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A term certificate is an investment option which allows you to earn higher interest in a short period of time. Unlike most financial institutions that require a $1,000 minimum deposit, MAFCU requires only a $500 minimum deposit. MAFCU term certificates are available for terms of three months to five years.
MAFCU Money Market Accounts
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Investing in a money market is another way of earning higher dividends and keeping the funds in your account accessible to you. A MAFCU Money Market Account is a savings account that earns higher dividends than a regular savings plan, and gives members limited check-writing ability and your check order is free. Deposits can be made at anytime. The minimum balance required for opening and maintaining this account is $1,500.
If the balance falls below $1,500 at any time during the month, the dividend rate will default to the regular share rate.
Transaction Limitations
Three withdrawal transactions per month, which could include, but are not limited to the following: ·
- a direct check withdrawal
- a draft written on the account
- an ACH withdrawal or preauthorized debit
- a transfer to another account or between accounts
After 3 withdrawals within a one-month period, there is a $5 charge per withdrawal. There is a $20 returned item fee.
For more information on any of MAFCU’s investment options, contact MAFCU Member Services at 617-278-5600.
IRAs ( View Rates)