Savings and Checking Accounts

This is the main statement savings account offered by Molokai Community Federal Credit Union. There is a minimum deposit of $25.00 dollars and a minimum balance requirement of $25.00 dollars to receive dividends.

Features:

• Members can apply for an ATM Card

• Dividends are paid quarterly on this type of account

• Online Banking

• Direct Deposit

• E-Statements

• Electronic Transfers

Share Draft (Checking) Account

A share draft account is our checking account. Members are able to apply for a debit card with their new checking account. We also pay dividends on our checking accounts. Members are also able to view transactions online with our online banking to help keep accounts balanced.

Features:

• Members can apply for a debit card

• Dividends are paid quarterly on this type of account

• Online Banking

• Overdraft Protection (contact us to opt-in for Overdraft Protection)

• Direct Deposit

• E-Statements

• Online Bill Payer

• Electronic Transfers

Special Savings Accounts

These savings are designed for specific purposes like retirement, holiday savings, short-term savings, or savings for a specific purchase!

Types of Special Savings Accounts:

• Subsidiary (Secondary) Share Account

• Christmas Club Account

• Certificate Accounts

• Individual Retirement Account (IRA)

Subsidiary Share Account

Subsidiary Share Accounts are secondary savings accounts. Members with an established regular share account can add an additional savings account. This feature is often helpful to members who would like to keep funds separate from their regular shares to save for different family reunions, vacations, schooling, or even a new car. Subsidiary Share Account earns the same dividend rates as our Regular Share Account. However, a Subsidiary Share Account cannot have an ATM card.

Save for your Christmas Shopping and open a Christmas savings account. The account is active from October 1 through September 30 then funds are distributed to members via mailed check or account transfer (member’s choice). Dividends are paid quarterly.

Also known as Certificates of Deposits are term savings accounts. The member agrees to leave money on a deposit for a chosen period of time, and Molokai Community Federal Credit Union agrees to pay that member a higher rate of return than our share accounts. We currently offer 6-month, 12-month, and 24-month certificates, all with a required minimum deposit amount of $500.00 dollars. Should a certificate need to close before the designated maturity date, there are penalties that will be applied for early withdrawal.

Start planning for your retirement today by opening an IRA account at Molokai Community Federal Credit Union today. With outstanding rates and funds that grow tax deferred year after year, an IRA account is an important part of your long-term savings portfolio.