Whether you are saving for a rainy day or for retirement we have a savings product to help you achieve your goals.
MCB Passbook Savings
A traditional savings account.
- $1.00 minimum opening deposit required
- $1.00 minimum balance required to earn interest
- Interest compounded semiannually
- Interest is calculated by the daily balance computation method*
- Rates are tiered based on the following balances
- $0.00 - $24,999.99
- $25,000.00 - $74,999.99
- $75,000.00 and above
- If you have a checking account, you will receive a savings account statement monthly with your checking account statement. You will get a monthly account statement from us for your savings account(s), unless there are no trasfers in a particular month. In any case, you will get a statement at least quarterly.
- During any statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. No more than three of the six transfers may be made by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution. However, withdrawals can be unlimited if the customer makes withdrawals for loan payments at the same legal entity, by mail, fax, or in person.
* Daily balance computation method – Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of interest on noncash deposits – Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
If you close your account before interest is paid, you will not receive the accrued interest.
MCB MMDA
This account gives you the opportunity to earn interest with a better rate
- The minimum balance required to open this account is $1,000
- $1,000 minimum daily balance requirement. If your balance falls below $1,000 on any day in the statement cycle, your account will be subject to a $15.00 service charge* for that statement cycle. Interest is calculated by the daily balance method.**
- Interest compounded monthly, interest will be credited into this account monthly.
- Monthly Statements
- Rates are tiered based on the following balances
- $0.00 - $24,999.99
- $25,000.00 - $74,999.99
- $75,000.00 and above
- During any statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. No more than three of the six transfers may be made by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution. However, withdrawals can be unlimited if the customer makes withdrawals for loan payments at the same legal entity, by mail, fax, or in person.
* Fees may reduce earnings. Please contact a Personal Banker for current tier & rate information.
* * Daily balance computation method – Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of interest on noncash deposits – Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
If you close your account before interest is paid, you will not receive the accrued interest.
Savings Bonds
For current Interest rates on Series EE and H Bonds click on http://www.treasurydirect.gov/.
Certificates of Deposit
CD’s reward you with higher interest rates than savings accounts.
- Minimum balance of $100 to open a CD
- Interest compounded quarterly (with the exception of the 6 month CD interest compounds semiannually)
- Various options to choose from – 3 months to 48 months
- Automatic renewals
- Interest payment options – by check, transfer to checking/savings, or added to the CD
- Penalties may apply for early withdrawal
IRA Accounts
If you are looking to save money for retirement, please contact us about our various IRA options.
