Savings Accounts - Mutual First Federal Credit Union
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Savings Accounts

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Savings Account

By opening up a savings (share) account, you establish your membership at Mutual 1st Federal. Each member must hold a minimum balance of $5.00 in a share savings account to maintain a membership with the credit union.

Savings Account Features:
  • Dividends paid quarterly
  • No minimum balance (after $5 membership)
  • No monthly fees when enrolled in estatements
  • Free direct deposit
  • Free online and mobile banking with mobile deposit

Kasasa Saver

Kasasa Saver® Account

Make saving effortless with this free account that links to your free Kasasa Cash® or Kasasa Cash Back® checking. Your Kasasa® checking earnings automatically transfer in — meanwhile, Kasasa Saver pays a high rate of return.

Kasasa Saver Features:
  • Links to free Kasasa Cash or Kasasa Cash Back checking
  • 0.50% APY* on balances up to $15,000
  • 0.05% APY* if qualifications are not met in Kasasa Cash or Kasasa Cash Back
  • No monthly maintenance fee
  • No minimum balance to earn rewards
  • Free direct deposit
  • Free online and mobile banking with mobile deposit

Kasasa Checking

*Qualification Information: Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards. The following activities do not count toward earning account rewards: ATM-processed transactions or transfers between accounts. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards. “Monthly Qualification Cycle” means a period beginning one (1) day prior to the first day of the current month through one (1) day prior to the close of the current month. Reward Information: When your Kasasa Cash or Kasasa Cash Back account qualifications are met during a Monthly Qualification Cycle, the following rewards will be distributed to your accounts on the last day of the current statement cycle: Kasasa Saver: Balances up to $15,000.00 receive APY of 0.50%; and balances over $15,000.00 earn 0.15% interest rate on the portion of balance over $15,000.00, resulting in a range from 0.05% to 0.50% APY depending on the account’s balance. Kasasa Cash: Balances up to $15,000.00 receive a non-compounding APY* of 1.49%; and balances over $15,000.00 earn 0.15% interest rate on the portion of balance over $15,000.00, resulting in a non-compounding range from 0.32% to 1.49% APY* depending on the account’s balance. Kasasa Cash Back: 3.00% cash back on up to a total of $300.00 debit card purchases that post and settle to the account during that cycle period. A maximum of $9.00 cash back may be earned per Monthly Qualification Cycle. When Kasasa Cash or Kasasa Cash Back qualifications are not met, Kasasa Saver: All balances earn 0.05% APY. Kasasa Cash: All balances earn a non-compounding APY* of 0.05%. Kasasa Cash Back: No cash back payments are made. *When linked to the Kasasa Saver account, the dividends earned within the Kasasa Cash or Kasasa Cash Back account does not compound since it is automatically transferred to the Kasasa Saver account within one day. This automatic transfer may cause an overdraft to your Kasasa Cash or Kasasa Cash Back account if the account’s balance is less than the transferred amount when transfer occurs. APY = Annual Percentage Yield. APYs accurate as of 08/07/2017. Rates and rewards are variable and may change after account is opened. Fees may reduce earnings. Additional Information: Account approval, conditions, qualifications, limits, timeframes, enrollments and other requirements apply. $5.00 minimum deposit is required to open the account. Monthly direct deposit/ACH credit and enrollment in electronic statements are conditions of this account. Limit 1 account per social security number. A Kasasa Cash or Kasasa Cash Back account is required to have a Kasasa Saver account. A linked Kasasa Saver account is required for automatic savings. There are no recurring monthly maintenance charges or fees to open or close this account. Contact a Mutual 1st Federal representative for additional information, details, restrictions, processing limitations and enrollment instructions. Federally insured by NCUA. Kasasa, Kasasa Cash Back and Kasasa Saver are trademarks of Kasasa, Ltd., registered in the U.S.A.

Money Market Accounts

Money Market accounts are the best of both savings and checking accounts. As your money grows you will earn higher rates while still being able to make withdrawals when you need to access funds.
First Market Money Market Account High Yield Money Market Account
Dividend Rate .15% APY* for balances $2500 - $24,999.99. .20% APY* for balances over $25,000 .30% APY* for balances over $50,000
Minimum balance required to earn dividends $2,500 $50,000
Monthly fee $15 (waived on balances over $2500); no fees for statements when enrolled in estatements $15 (waived on balances over $50,000); no fees for statements when enrolled in estatements
Dividends Paid Quarterly
Quarterly
Withdrawals 6 free withdrawals per month 1st withdrawal free; $5.00 per withdrawal after
Access funds Via check or transfers using online or mobile banking Via check or transfers using online or mobile banking
Online banking Free Free
Mobile banking with mobile deposit Free Free
Direct deposit Free Free
Open Account Open Account
Not a member? Join us Not a member? Join us

Your Money Market Account is safe and secure, insured up to $250,000 by the National Credit Union Administration (NCUA).

Certificate Accounts

Mutual 1st Federal certificates are a solid choice for your savings needs. You will receive attractive yields on terms from 6 to 60 months. Start a certificate today with as little as $1,000 and watch your money grow, on your terms.

Certificate Account Features
  • Compounding interest allows the certificate to grow and reinvests the dividends, resulting in a higher yield
  • Option to receive certificate dividends as they are paid, instead of compounding
  • Fixed rates
  • Terms from 6 months to 5 years
  • Penalty for early withdrawal*
  • $1,000 minimum deposit; $500 minimum deposit for minors
  • Members are notified when certificates reach maturity
  • Certificates are automatically renewed 5 days after maturity unless otherwise requested*

Our Save to Win certificates have unique features, view details here.

*APY = Annual Percentage Yield. APY assumes dividends will remain on deposit until certificate maturity date. Standard certificates are automatically renewed at maturity to same term as original certificate; specialty certificates are automatically renewed to 12 month term. Penalty for early withdrawal; standard certificate penalty is 90 days of dividends; specialty certificates penalty is 180 days of dividends. Withdrawals or fees may reduce earnings. Minimum balance $1,000. Minimum balance for Youth Accounts is $500 (under age 18).

IRAs (Individual Retirement Accounts)

Boost your retirement or educational savings with a separate account from Mutual 1st Federal. We offer Roth IRAs, Traditional IRAs and Coverdell Education Savings Accounts as additional savings options for you.

Traditional Individual Retirement Account (IRA)

If you wish to have transactions approved when funds are not available in your checking account, you will need to complete this form and ‘opt-in’ to agree to pay an overdraft fee, otherwise the transaction will be denied.

Roth IRA

Contributions are taxed up front with a Roth IRA, but earnings are withdrawn tax-free as long as you are at least 59 ½, the account is at least 5 years old and you meet other income requirements. *

Coverdell Education Savings Account

Earnings in a Coverdell ESA grow tax-free if distributions are used for qualified education expenses.* This account is available as a savings or certificate account with annual contribution limits of $2000.

We recommend consulting a tax advisor to help you make the best choice for IRAs, then call us or visit us to open the IRA that will work best for you.

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