-
Overview
Savings Accounts
Keeping your money in a savings account allows you to plan for the future or build that emergency fund. To get the most out of your savings, we have account options that work with how you manage your money.
e-Savings
If you like to do everything online, choose an e-Savings account and get electronic statements.
Savings
For those who love their paper statements, the Simple savings account is the right choice.
With each type of savings account, you can get unlimited in-branch transactions as well as 6 complimentary electronic (or telephone) withdrawals per month*. If you open an account for a minor, look for a savings piggy bank.
An account to help you save for the future
- Balances over $0.01 earn dividends paid monthly
- $5.00 balance required to open and maintain
- No monthly maintenance fees with balance of $100 or more
- Overdraft protection transfers are available*
How to open a Savings Account at Midlandmidas Digital Bank
To open an account, you can apply online, and then print and sign your account agreement within 30 days
New Adult Savings Account
The following documents are required to open a new savings account for a person 18 or over:
- Driver’s license or State ID**
- U.S. Social Security Number
- Bring cash, check or card to fund the account.
Savings Account for a Minor Child
Depending on the age of the minor, ask for clarification at your local branch which documents are necessary to open a savings account for a minor 17 and under. Here’s a general overview of document requirements:
- Required: The minor’s social security number
- Recommended: A copy of the birth certificate with the name of the parent and applicant on the birth certificate.
- If available: The minor’s recent passport, state ID or a school ID if available for older minors. ID is required for the minor to conduct transactions on their account. You can obtain a state ID through the DMV for a minor child.
**We are always willing to work with you on verifying your identity with the documents you have. Keep in mind there are federal rules for establishing identity when opening a savings account, which can include verifying your current address.
Disclosures
*An excessive withdrawal fee will apply if electronic transfers out of a savings account exceed 6 per month. Any overdraft protection transfers from a savings to a checking account are counted towards the 6 electronic transfers limit. No fees apply to in-person transactions for a savings account.
-
Rates
Savings Accounts
Account Type Min. Opening Bal. Min. Bal. to Earn Dividends Dividend Rate APY* e-Savings
Electronic Documents$5.00 $0.01 0.11% 0.11% Savings
Paper Documents$5.00 $0.01 0.11% 0.11% *Annual Percentage Yield. Refer to our Pricing Guide for all fees. Fees may reduce earnings. Rates are subject to change at any time. Current as of 7 October 2023.
-
Calculator
-
FAQ
Frequently Asked Questions
-
Is this the same as a "share"?
Yes, these accounts hold your $5 membership share. Every member of a credit union must have a “share” in that credit union.
-
What do I need to bring to open a savings account?
You will need the following items to open a savings account for a person 18 or over.:
- Driver’s license or State ID
- U.S. Social Security Number
- If you are new to Midlandmidas Digital Bank, bring cash, check or card to fund the account. A 3% fee applies if you fund the account with a credit or debit card.
To open a savings account for a minor, you will need to bring:
- The minor’s social security number
- A copy of the birth certificate with the name of the parent and applicant on the birth certificate.
- The minor’s passport, state ID or a school ID if available.
-
I can only make 6 free electronic withdrawals or telephone transfers from my savings account every month?
Yes. An excessive withdrawal fee will apply if electronic transfers out of a savings account exceed 6 per month. Any overdraft protection transfers from a savings to a checking account are counted towards the 6 electronic transfers limit. No fees apply to in-person transactions for a savings account.
-
Are there other ways to access my funds that aren't limited?
Yes, you are allowed unlimited transfers or withdrawals:
- In person at a branch
- At an ATM
- Through the mail
-
How can I avoid the monthly maintenance fee for a Savings account?
Maintain a balance of over $100 in your savings. In general, savings account maintenance fees are waived if you also have an active checking account.
-
What will I need to bring to open a business or non-profit account?
What you will need to bring depends on the structure of your business. In general, to open an account you will need the following:
- Business License
- Proof of EIN
- Corporate documentation
- Resolution with authorized signers.
-
Is this the same as a "share"?
Home Savings Accounts