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Savings

Savings

We all like to dream. Bigger, brighter, and always better. For ourselves and our loved ones. Whether it's a family home, brand new car, or dream vacation, we'll help you get it. We work with you to make your dreams a reality. With a variety of savings products, you can customize your savings plan and turn your financial goals into fantastic realities. Whatever an amazing life looks like for you, a Maui Federal Credit Union savings account is a great place to start and we'll help you get there quicker.

Regular Share

A Regular Share account establishes your membership with Maui Federal Credit Union and opens the door for you to enjoy all the benefits of membership. Once this account is open, you are eligible to take advantage of all products and services we offer. Watch your money grows safely – building dividends – until you need it.

Benefits

  • Great cash reserve to serve as an emergency cushion to cover unexpected expenses or to pay for planned expenses
  • Competitive savings rate compounded and paid monthly
  • Quickly and easily transfer funds via Online Banking, Mobile Banking, or Audio Response
  • Enjoy peace of mind knowing your Regular Share account is federally insured to at least $250,0001, combined with your other accounts

Features

  • $25 minimum opening deposit, plus a one-time non-refundable membership fee of $1
  • $25 minimum balance to maintain account
  • Earns dividends on daily balances of $100 or more
  • Dividends are calculated on the daily balance and paid monthly
  • Build your savings faster with direct deposit or payroll deductions

View Rates and Fee Schedule

Secondary Share

Need a separate savings account to save for something special while keeping the funds separate from your Regular Share account? All members are eligible to open a Secondary Share account that you can designate for a particular purpose – to help you budget and organize your savings to achieve personal goals. It comes with all the free services and benefits from our Regular Share account. And just like our Regular Share account, with competitive dividends working for you, you'll be able to reach your goals and celebrate even sooner.

Benefits

  • Save for a special purchase or occasion
  • Withdraw funds as you need them
  • Enjoy peace of mind knowing your Secondary Share account is federally insured to at least $250,000¹, combined with your other accounts

Features

  • $100 minimum opening deposit
  • $100 minimum balance to maintain account
  • Earns dividends on daily balances of $100 or more
  • Dividends are calculated on the daily balance and paid monthly
  • Build your savings faster with direct deposit or automatic payroll deductions

View Rates and Fee Schedule

Christmas Club Share

A Christmas Club Share account is the perfect way to save for your holiday shopping and travel. The holidays can be a very busy and expensive time of year, and we want to help you reduce some of the financial stress through the convenience of a Christmas Club Share account. By making regular deposits, you can save painlessly all year to build up your holiday spending cash…giving you the ability to comfortably shop for gifts or plan a holiday trip! For added convenience, we recommend setting up payroll deduction or automatic transfers to help you reach your goal.

Benefits

  • Plan year-round for the busiest holiday season
  • Help alleviate debt from holiday spending
  • Earn more for holiday shopping with competitive dividends
  • Enjoy peace of mind knowing your Christmas Club Share account is federally insured to at least $250,000¹, combined with your other accounts

Features

  • No minimum opening deposit
  • No monthly service fee
  • No deposit restrictions –save as little as $5 per month
  • No minimum balance required
  • Open any time of the year
  • Dividends are calculated on the daily balance and paid annually
  • Funds are automatically transferred to your Regular Share account on or around October 1st of each year
  • Your account remains open for future deposits after funds are distributed each year, unless you specify otherwise

View Rates and Fee Schedule

Checking

With our checking account, LESS is MORE. A lot of banks seem to have a fee for everything. Fortunately, we’re not a bank. We are owned by you and work for you to give you control of your financial future. We want to help you pay less, so we provide our members with great features, like free easy-to-use online access, and the potential to earn dividends on your balance.

Benefits

  • Enjoy less fees which means more money in your pocket
  • Enjoy peace of mind knowing your Checking account is federally insured to at least $250,000¹, combined with your other accounts

Features

  • $1 minimum opening deposit
  • No monthly service fee
  • No minimum balance required
  • Dividends are calculated on the daily balance and paid monthly

View Rates and Fee Schedule

Share Certificates

Make your money work harder for you with a Share Certificate so you can live the life you want, faster. A Share Certificate is a great low risk savings option that typically earns more than a savings account, rewarding you with a higher return. It is a fantastic way to save with flexible terms ranging from 3 months to 5 years to achieve your short term or long term goals. With a Share Certificate, you get fixed rates and a fixed rate account that combines a guaranteed rate of return – all with the security of a federally insured account. And you don’t need a lot of money to get started! You can invest in a Share Certificate with as little as $1,000.

Benefits

  • Begin saving with as little as $1,000
  • Enjoy convenient and flexible terms
  • Earn a higher return on investment – while it’s good to have a savings account, if you have extra savings, a share certificate will return much higher dividends
  • Enjoy peace of mind knowing your Share Certificate is federally insured to at least $250,000¹, combined with your other accounts

Features

  • $1,000 minimum deposit
  • Terms ranging from 3 months to 5 years
  • Earn dividends monthly
  • No annual fee
  • Early withdrawal penalties apply

View Rates and Fee Schedule

Individual Retirement Accounts (IRAs)

It’s never too early or too late to start saving for retirement. Planning for life after your career can be challenging – but we’re here to help. IRAs give you competitive credit union rates as you save for your future. Open your IRA with any amount and make regular contributions through payroll deduction, by mail or in person and know you have made a secure investment in your retirement planning.

Choose the IRA that is right for you:

  • Traditional IRA – With this IRA, you may qualify for a tax-deductible contribution—and that means your overall tax bill at the time of funding will be lower.

  • Roth IRA – Contributions are made with after-tax dollars. At retirement, both your contributions and the earnings may generally be taken out as tax-free withdrawals.

Benefits

  • Put money aside so you can enjoy the retirement you deserve
  • May produce a great wealth-transfer vehicle to passing money onto your heirs if you don’t spend it all yourself
  • IRAs provide a great tax benefit. Earnings within Traditional IRAs are tax-deferred until they are distributed from the Traditional IRA. Earnings within Roth IRAs may be distributed tax-free
  • Enjoy peace of mind knowing IRAs are federally insured up to $250,0002, separately from other accounts you maintain at Maui Federal Credit Union

Features

  • No monthly service fees
  • No minimum balance requirements
  • Contributions may be made in "lump sums" or by setting up payroll deduction or automatic transfers. The best time to save money for retirement is every time you get money

Your tax adviser can offer more guidance on which type of IRA may be best for your needs. Maui Federal Credit Union cannot provide tax advice regarding IRAs. Of course, we are always here to answer your questions and assist you with opening an IRA.

View Rates and Fee Schedule

Coverdell Education Savings Account (Coverdell ESA)

Invest in your child’s education and future. A Coverdell ESA is the perfect tool for saving money to pay for a child’s educational expenses – from kindergarten through college.

Benefits

  • Give your child the gift of education so they will not be burdened or saddled with student debt
  • Enjoy peace of mind knowing a Coverdell ESA is federally insured up to $250,0003, combined with your other irrevocable trust accounts

Features
  • Must be established in the name of a child who is a Maui Federal Credit Union member under the age of 18 or with special needs
  • A parent or legal guardian must be named as a responsible individual to oversee the account
  • Contributions can be made until a child reaches 18. Children with special needs may be eligible for contributions beyond their 18th birthday
  • Total contributions for each child cannot exceed more than $2,000 in any year, no matter how many Coverdell ESA accounts have been established
  • Anyone – family member or nonfamily member – can contribute to a child’s Coverdell ESA, as long as the contributor meets the income requirements
  • Contributions to a Coverdell ESA are not deductible but grows tax-free
  • Distributions are not taxed as long as the funds are used for the child’s qualified education expenses
  • If the child is not going to use the funds for education expenses, it must be distributed by age 30 (except for children with special needs)
  • Unused funds can be transferred into the Coverdell ESA of another eligible child in your family, so long as the beneficiary receiving is under the age of 30

Your tax advisor can guide you on whether a Coverdell ESA is your best option. Of course, we are always here to answer your questions and assist in opening your accounts.

View Rates and Fee Schedule

Youth Share Accounts

Teaching our kids the value of saving money is essential for their financial futures. It's never too early or too late to encourage good savings habits that will allow your child to make smart financial choices as they grow. When it comes to helping children understand the value of money and the responsibilities that go with it, the earlier, the better. The future comes all too quickly! By introducing your child to financial matters early, you'll help them understand the concept of money and how it works.

No matter what your personal financial situation is like, it's important to help your kids understand from a young age how important making smart financial decisions can be. Even with a small amount of money, experiencing interest rates and the growth of money over time is an important lesson for children of all ages. By helping your child to set aside portions of cash gifts and allowances, you can grow their savings and promote economic education.

Maui Federal Credit Union is ready to partner with you as you start your child’s financial journey. Our sprout and ithrive Youth Share Accounts are designed to grow as your child grows, encouraging them to save money and learn how to make good financial decisions now and in the future.

Accounts for our Youngest Savers under age 13

Accounts for our Teens ages 13 - 17

Features

  • Free opening gift
  • Laminated membership card
  • Special birthday treat
  • Special rewards
  • Youth share certificates with an affordable minimum balance
  • $25 minimum opening deposit, plus a one-time non-refundable membership fee of $1
  • $25 minimum balance to maintain account
  • No minimum balance to earn dividends
  • Dividends are calculated on the daily balance and paid monthly

Maui Federal Credit Union is a great place for your child to open their first savings account. Help your child, grandchild, niece or nephew develop good savings habits. Start a Youth Share Account for the children in your life today by visiting a branch. Youth Share Accounts are in the name of the minor, with an adult as joint on the account.

View Rates and Fee Schedule

1 Generally, if a member has more than one account of the same ownership, those accounts are added together and insured in the aggregate. There are exceptions though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. Visit https://www.mycreditunion.gov for more information.

2Traditional IRAs and Roth IRAs will be added together and insured up to $250,000. You may qualify for additional coverage on revocable trust accounts. Visit https://www.mycreditunion.gov for more information.

3Coverdell ESAs are insured as irrevocable trust accounts and will be added to a member’s other irrevocable trust accounts and insured up to $250,000. Visit https://www.mycreditunion.gov for more information.


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