All savings deposits are insured to $250,000 by the National Credit Union Administration, an agency of the U.S. Government. Monad has a variety of savings programs to meet most members needs.


Membership Share Account
The minimum balance is $5.00 and is your membership share in the credit union. Dividends are paid monthly on this account, with a minimum balance requirement to earn a dividend of $50.00. The current annual percentage rate is 0.50% with an annual percentage yield of 0.50%.

Share Draft (Checking) Account
There are no monthly service charges, per check charges, or a minimum number of checks per month that you can write on this account. We offer automatic overdraft protection from your Monad savings at no charge, automatic overdraft protection from your Monad line of credit, direct deposit of your net salary, payroll deduction, and a VISA check card.

Super Saver Account
Minimum balance $2,500.00, three withdrawals per month, $300 minimum withdrawal amount. The current dividend rate is 1.50% APR for an annual percentage yield of 1.51%. Dividends are paid monthly.

Christmas Club Account
Make your next Christmas merrier, by opening a Christmas Club Account today! Club checks are mailed in early October so you can start your Christmas shopping early. The minimum balance required to earn a dividend is $50.00, and dividends are paid monthly. The current annual percentage rate is 1.50%, with an annual percentage yield of 1.51%. Sign up for payroll deduction and watch your account grow!

Vacation Club Account
Just like our popular Christmas Club Account, you can save today for next year's vacation. Funds can be withdrawn from this account after May 1st. The minimum balance required to earn a dividend is $50.00, and dividends are paid monthly. The current annual percentage rate is 1.50%, with an annual percentage yield of 1.51%.

Johnny Appleseed Junior Ecology Club Account
This is a club for our member's age 13 and younger. This program teaches kids to save through bi-monthly incentives. Cards are mailed to club members every other month. When brought into the credit union with a minimum $2.00 deposit, club members receive a reward. Club members can enter coloring contests held at Monad along with entering contests sponsored by Appleseed headquarters. Visit Appleseed headquarters web site at (www.appleseed.net). Dividends are paid monthly on this account, with a minimum balance of $5.00 required to earn a dividend. The annual percentage rate is 0.50%, with an annual percentage yield of 0.50%.

Teen Club Account
The Teen Club Account is for our members age 13-20. Dividends are paid monthly and the minimum balance required to earn a dividend is $5. The annual percentage rate is 0.50%, with an annual percentage yield of 0.50%.

Share Certificates
Monad offers five different share certificates. Dividends are paid quarterly and deposited into your savings account with Monad; therefore, the certificate dividends do not compound. There are penalties for early withdrawal of funds. Rates change frequently, contact our office for current rates. Terms and minimum deposits are as follows:

• 6 month share certificate - minimum balance $10,000.00
• 1 year share certificate - minimum balance $1,000.00
• 18 month share certificate - minimum balance $1,000.00
• 2 year share certificate - minimum balance $5,000.00
• 3 year share certificate - minimum balance $5,000.00

Individual Retirement Accounts
It’s easy to invest in your future at Monad Federal Credit Union. We offer Traditional and Roth IRAs, along with and Coverdell Education Savings Accounts. Dividends are paid monthly, with a minimum balance of $50 required to earn a dividend. There are no monthly or annual fees; however there are penalties for excessive withdrawals and if the account is closed within the first year it is opened.

Traditional IRA

• You can contribute up to $5,000 per year or 100% of compensation, whichever is less, for tax years 2008-2010. For individuals age 50 and older you can make a “catch-up” contribution of $1,000 extra, for a total of $6,000 per year. Anyone under age 70 ½ who has income from compensation (or who is filing jointly with a spouse who earns compensation) can contribute.
• Earnings grow tax-deferred until withdrawal. Contributions may be tax-deductible depending on your income level.
• You can withdraw up to $10,000 penalty-free towards the purchase of your first home.
• Traditional IRA funds used to pay for qualified educational expenses can be withdrawn penalty free. There is not dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
• Funds to pay for certain medical expenses can be withdrawn from your Traditional IRA without paying a 10% early distribution tax.

Roth IRA

• Contribution limits for a Roth IRA are the same as for a Traditional IRA.
• Roth IRAs serve as a great retirement tool because qualified withdrawals, including earnings, are tax free
• If you have had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax and penalty free.
• There are no mandatory withdrawals, so you could leave money from your Roth IRA to your heirs tax-free
• Qualified educational expenses are penalty free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
• You have access to your regular contributions tax and penalty free at any time for any reason.

Coverdell Education Savings Account
Save up to $2,000 per child per year in a Coverdell Education Savings Account (ESA) here at Monad Federal Credit Union. There are a number of benefits to a Coverdell ESA:

• While your contributions are made with after-tax dollars, the earnings and withdrawals are tax-free when used for qualified educational expenses. And you or any of your family members can contribute to the account, up to the $2,000 total annual limit.
• You can continue saving each year until the child reaches 18. When the money is withdrawn, it can be applied to a broad range of qualified expenses for college and public or private K-12 education 0 including tuition, tutoring, room and board, and even computer equipment.
• A unique Coverdell ESA feature is your ability to transfer funds from one child’s account to another child’s account in the same family. Also, contributions can be made on behalf of the same child to both a Coverdell ESA and a 529 plan.

Contact us online to request rate and fee schedule, or additional information on any of our savings accounts, or call our office at 545-1406.