Michigan First Credit Union Savings Rates and Money Market Rates

Michigan First Credit Union headquartered in Lathrup Village, Michigan, is advertising several different types of savings rates all above the current national average savings account rates. Michigan First Credit Union's highest savings account rates right now are on the credit unions Savings Plus Accounts. Michigan First Credit Union's dividend rates are not the best savings rates but their rates are better than most.

Current dividend savings rates on balances of $0 to $4,999 are 0.65 percent with an APY of 0.65 percent. Savings Plus savings rates on account balances of $5,000 or more earn a savings rate of 0.80 percent with an APY of 0.80 percent. The current national average savings rate this week in the FDIC survey is at 0.08 percent.




Most of the time you can find credit unions offering rates higher than bank rates but right now there are bank savings account rates higher than Michigan First Credit Union's rates. The highest savings rates right now from banks on our rate list are at 1.04 percent with an APY of 1.05 percent.

To earn these higher savings rates at Michigan First Credit Union you have to meet these monthly requirements.
1) Get monthly statements electronically
2) Have a Michigan First Premier Checking Account
3) Perform no more than 2 “in-person” and/or “mail-in” transactions a month
4) Maintain a minimum of $400 deposited through Direct Deposit in any Michigan First account
5) Use your Michigan First Debit Card 10 or more times a month for signature based purchases (transactions made online and over the phone as well as those for which you choose credit and sign the receipt are considered signature-based transactions). Debit transactions have to post within the month authorized in order to qualify for the Savings Plus rate.

If you don't want to bother with the requirements listed above here is a list of current savings dividend rates on regular savings accounts this week.

  • Savings Rate and APY 0.15% Balances of $0.00 to $999 

  • Savings Rate and APY 0.20% Balances of $1,000 to $4,999

  • Savings Rate and APY 0.20% Balances of $5,000 to $24,999

  • Savings Rate and APY 0.25% Balances of $25,000 and up


Michigan First Credit Union money market account rates:

  • Money Market Rates and APY 0.00% Account balances of $0.00 to $2,499 

  • Money Market Rates and APY 0.20% Account balances of $2,500 to $4,999

  • Money Market Rates and APY 0.20% Account balances of $5,000 to $24,999

  • Money Market Rates and APY 0.25% Account balances of $25,000 to $99,000


For information about joining Michigan First Credit Union or for a list of current savings rates and money market rates please visit the credit union at michiganfirst.com.
 
Author: Lisa Graham
October 3rd, 2012