Money Market Accounts

Money Market Savings Account: This money market account is available to members who wish to deposit a minimum of $2,500 to receive a higher dividend rate. Members may make up to four withdrawals and/or transfers of at least $500 per month. Accounts that fall below the minimum balance limit of $2,500 will earn the regular savings dividend. Dividends are compounded and paid quarterly.

Premium Money Market Account: This money market account is available to members who wish to deposit a minimum of $20,000 to receive a premium dividend rate. Members are required to have a minimum of three account relationships at MEFCU (one of which is the Premium Money Market Account). Members may make up to four withdrawals and/or transfers of at least $500 per month. Accounts that fall below the minimum balance limit of $20,000 will earn the regular savings dividend. Dividends are compounded and paid quarterly.

Payroll Deduction

Pay yourself as you pay your other monthly obligations. You may set up separate "sub-accounts" for any purpose and deposit through payroll deduction.

Account for Revocable Living Trust

For eligible members, an additional savings account, with a variable interest rate, is being offered as an account for trust. Mayo Employees Federal Credit Union will serve as "holder" of the trust, and will not be responsible for ensuring that the trust terms are carried out. To determine if an account for Revocable Living Trust is something you should pursue, first seek the advice of legal counsel.

Deposit Insurance

Your savings are insured with the highest level of security provided by the National Credit Union Administration, A U.S. Government Agency.

Deposit accounts are insured up to $100,000 per account ownership. In addition, these same accounts are insured up to $250,000 per account ownership by Excess Share Insurance, the nation's largest private deposit insurer.