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What's important to you when it comes to investing your cash?

 

 

Savings Accounts

Statement Savings Account

Establishing a regular savings account is one of the smartest things you can do. It's the first step toward building your nest egg.

 

Three withdrawals per month at no charge

Detailed quarterly interest

Tiered interest rates

No-fee ATM card

24 hour account information with DIRECT ACCESS or MFBonline

No monthly maintenance fee with balances of $200 or greater

 

Minimum to open   $ 25.00
Minimum balance to earn interest   $ 100.00
Withdrawal fee per month   $ 2.00 each item over three
Maintenance fee   $ 3.00 per month
To waive maintenance fee   $ 200.00 minimum daily balance OR
    $ 500.00 average daily balance
To waive withdrawal and ATM fee  

$2,500.00 average daily balance

Transfers and Withdrawals   Up to six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions from your account per month or statement cycle

 

Interest rates are tiered according to account balance, and are subject to change. See current interest rates , or contact the branch nearest you for details.

 

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Golden Years/Youth Savings Account

These low-cost accounts are reserved for individuals at least 55 or older, and 21 or younger.

 

No monthly maintenance fee

Tiered interest rates

Three withdrawals per month at no charge

No-fee ATM card

24 hour account information with DIRECT ACCESS or MFBonline

 

Minimum to open   $ 25.00
Minimum balance to earn interest   $ 50.00
Withdrawal fee per month   $ 2.00 each item over three
To waive withdrawal and ATM fee   $2,500.00 average daily balance
Transfers and Withdrawals   Up to six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions from your account per month or statement cycle

 

Interest rates are tiered according to account balance, and are subject to change. See current interest rates , or contact the branch nearest you for details.

 

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Christmas Club Account

This account provides a systematic savings plan for holiday or other expenses. You can choose to save constant or variable amounts.

 

No monthly maintenance fee

No minimum balance requirements

Flexible savings options

24 hour account information with DIRECT ACCESS or MFBonline

 

Minimum to open   $ 25.00

 

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INVESTMENT ACCOUNTS/CDS

Money Market Investment Account (MMIA)

This is a limited-transaction account for customers who want to earn interest at money market rates while maintaining their ability to withdraw funds when necessary.

 

You may make no more than six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions from your account per month or statement cycle.

 

Tiered, Money Market interest rates (see current interest rates)

Detailed monthly statement

24 hour account information with DIRECT ACCESS or MFBonline

FDIC insured

 

Minimum to open   $ 1,000.00
Minimum to earn interest   $ 1,000.00 minimum daily balance
Maintenance fee   $ 10.00 per month
To waive maintenance fee   $ 2,500.00 minimum daily balance OR
    $ 5,000.00 average balance
Withdrawal Fee   $ 5.00 each over three
Transfers and withdrawals   

Up to six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions from your account per month or statement cycle.

 

 

 

 

 

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Certificate of Deposit (CD)

Certificates of Deposit give you investment flexibility. The interest rate is guaranteed for the entire term of the CD. The more you invest, the better the interest rate (see current interest rates ). You may choose to have interest added back to the CD principal, to have the interest deposited into an M&F Bank checking or savings account, or to have an interest check mailed monthly, quarterly, semi-annually, or annually.

 

Rate of return is fixed for the entire term

Short and long term investment options available

Investment principal is protected

Automatic renewal

 

Minimum to open   $ 1,000.00

Substantial penalty for early withdrawal

 

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Individual Retirement Account (IRA)

This is a secure way to save for retirement while deferring taxes until monies are withdrawn. If you and your spouse do not have qualified retirement plans, some or all of your IRA contribution may be tax-deductible. (Consult your tax advisor.) You may begin to withdraw from your IRA account at age 59 ½.

 

Features

Variety of fixed-rate investment options

No start up or annual fees

Detailed quarterly statements

 

Minimum to open   $ 1,000.00

Substantial penalty for early withdrawal

 

 

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Individual Retirement Account Accumulator

The Individual Retirement Account Accumulator gives you the same privileges as a regular IRA with no minimum deposit requirements for Certificates of Deposit. You can make periodic deposits into a savings account until you accumulate $1000, then the money is transferred into an IRA certificate.

 

Features

No start up or annual fees

Tax-deferred savings

Detailed quarterly statement

Minimum to open   $ 100.00
Balance to transfer to IRA certificate   $ 1000.00

Substantial penalty for early withdrawal

 

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