Savings & Share Certificates
Savings Benefits…
Savings and share certificates at Manville Area FCU are financial products offered by credit unions to their members. Credit unions are financial cooperatives that are owned and controlled by their members, who are also known as depositors or shareholders. Manville Area FCU offers a range of financial products and services, including checking and savings accounts, loans, and investment options such as share certificates.
Effective Date 4-10-2024
| Savings | Rate | APY* | Term |
|---|---|---|---|
| Savings including Club Accounts & Regular IRA Accounts | 1.00% | 1.00% | n/a |
| *APY = Annual Percentage Yields |
| Certificate Rates & IRA Certificate Rates | Rate | APY* | Term |
|---|---|---|---|
| Variable Rate Certificate | 1.05% | 1.05% | n/a |
| 3 month Certificate** | 1.15% | 1.15% | 3 |
| 6 month Certificate** | 1.30% | 1.30% | 6 |
| 12 month Certificate** | 1.50% | 1.50% | 12 |
| *APY = Annual Percentage Yields ** Penalties may apply for early withdrawals |
Open an Account
To open a savings or share certificate account at Manville Area FCU, individuals must first become a member of the credit union. Credit union membership is open to individuals who live, work, worship, or attend school in Manville, or who belong to a specific group or organization.
Membership
To open an account at MAFCU, individuals will need to provide identification and proof of membership eligibility. Members must have a minimum deposit of $25.00 for opening a savings account.
Savings rates
Savings rates at MAFCU refer to the interest rate that is paid on deposits made into a savings account. Credit unions typically offer higher savings rates than traditional banks, as they are not-for-profit organizations and are focused on serving the financial needs of their members. Credit union savings rates can vary depending on the amount of money deposited and the length of time it is left in the account.
Share certificate rates
Share certificate rates, also known as certificate of deposit (CD) rates, refer to the interest rate paid on deposits made into a share certificate account at Manville Area FCU. Share certificates are a type of time deposit, which means that the money is invested for a specific period of time, usually ranging from a few months to several years. Share certificate rates are usually higher than savings rates, as the money is committed for a longer period of time and is not as easily accessible as funds in a savings account.
Typically Fixed
Both savings and share certificate rates at MAFCU are typically fixed, meaning that the interest rate remains the same for the duration of the investment. Credit unions may also offer variable rate savings and share certificate accounts, where the interest rate can fluctuate over time based on market conditions. In addition to the interest earned on deposits, credit unions often offer other benefits to their members, such as lower fees and better customer service.