FAQs

Everyone who opens an account with UMCU has a savings account. The $5.00 minimum deposit holds your place at the credit union.

All members of UMCU are assigned a savings account because it holds your place at the credit union. You don't have to use it if you don't want to. All that it requires is the $5.00 minimum balance.

A savings account and a CD are both great ways to grow your funds. A savings account is a flexible way to store and access funds. They're great for keeping emergency funds on hand and can pay monthly interest. On the other hand, CDs are an excellent, low-risk option for short-term investing. You choose a set amount and agree to leave it untouched for a period of time. In return for not touching your funds, you'll learn a dividend at the end of the term. For example:

You receive cash gifts at your high school graduation party and decide to put $5,000 in a CD for four years at a rate of 3.00% so you can earn a dividend when you graduate college. After four years, your funds will grow to $5,150 - just for sitting in a CD!

Here's some more key differences to consider.

Each UMCU savings product has a different minimum balance! For most accounts, the minimum balance is just $5.00.

Our interest rates for savings accounts depend on what type of account you choose and the amount of funds kept in your account. For the most up-to-date interest rates on UMCU's savings accounts, please visit our Rates Page.

Sometimes! Generally, our savings accounts don't incur fees, but there are a few specific instances where a fee may be charged.