Montgomery County EFCU
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Savings

The Savings account is an account that establishes your membership in the Credit Union. Every member is required to open and maintain a Savings Account with a minimum deposit of $5.00. All other accounts opened (sub-accounts, checking accounts, IRAs, loans, etc.) will be under this primary account number.

By establishing a savings account with MCEFCU, you earn membership privileges, including voting privileges. You may establish a savings account with a minimum deposit of $5.00, but do not earn dividends until your balance reaches $100.00.

Once you have established the base savings account, you are eligible to use any of the other services offered by MCEFCU.

All savings accounts earn dividends on an average daily balance method (once your account has a minimum balance of $100.00). Dividends on savings accounts (except IRAs) are paid and compounded on a monthly basis. The Board of Directors declares the dividend rate monthly.

  • Cooperative: No one person or organization owns a credit union. It is owned and governed by its members. As a cooperative, it exists solely to provide members with affordable, convenient financial services. Other financial institutions, such as banks, are not cooperatives, don't have members and are owned by individuals or corporate stockholders who may or may not also be the bank's customers.
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