Emergency funds are one of the most important things you can do for yourself financially. You never know when you will need quick access to several hundred, or a couple thousand dollars to deal with a car repair or a quick plane ride to visit family who lives far away. Your emergency fund gives you the financial flexibility to take care of these expenses as they arise, and help you stay out of debt. MVFCU offers a variety of savings accounts where you can earn interest and have easy access to your cash.
Primary Share Savings (S1)
A simple deposit of $25 into this account makes you part-owner of MVFCU and eligible for all other credit union products or services. No, this is not a fee and in fact, if you were to close your accounts at MVFCU, you'd get the $25 back. With a $100 minimum deposit, your entire balance earns a competitive rate of interest, in the form of dividends-declared monthly by the board of directors.
Money Market Account (S6)
Earn more interest when you save more! This account offers a tiered rate based upon the amount you have on deposit. See our current rates for the different tier pricing. You still have easy access to your money and retain the security of federal deposit insurance up to $250,000.
Holiday Club Accounts (S3)
Plan ahead to avoid the financial pressure the holidays can bring. Deposit a set amount every pay day (maximum $300/month), and you'll have the money you need for gifts, travel, entertainment, etc. when that time of year rolls around. The money will be automatically deposited into your S1 on November 1st, every year. Withdrawals prior to maturity may be subject to penalty.
Vacation Savings Account (S14)
Looking for a way to save money for that special vacation? Invest in a high yielding vacation savings account. You can deposit up to $300 per month and the account balance will automatically be deposited into your S1 on June 1 every year. Withdrawals prior to maturity may be subject to penalty.
How much will you save?
Even small additions to your savings add up over time. See how to put this savings strategy to work for you!
As of December 31, 2011, the U.S. Department of Treasury ended over-the-counter sales of paper savings bonds through financial institutions. Electronic Series EE and Series I bonds are available for purchase at TREASURYDIRECT.GOV. We continue to redeem paper savings bonds.
Your Insured Savings
Your accounts are federal insured by the National Credit Union Administration. Determine how to structure your accounts to include joint accounts, payable upon death accounts, and others to receive greater coverage than the $250,000 that is NCUA's standard maximum share insurance amount per account. INSURANCE CALCULATOR