Monad Savings Information

All savings deposits are insured to $100,000 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 1.10% with an annual percentage yield of 1.11%. There is also a life insurance death benefit provided through Minnesota Life Insurance Company on this account. The maximum insurance benefit is $2,000 and is based on your age at the time of deposit. To receive the full insurance benefit, you must have deposited the full $2,000.00 before your 55th birthday and it must remain on deposit until your death.

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. Dividends are paid monthly on this account, with a minimum balance requirement to earn a dividend of $500. The current annual percentage rate is .25%, with an annual percentage yield of .25%.

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 1.10%, with an annual percentage yield of 1.11%. 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 Funds can be withdrawn from this account after May 1st.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 1.10%, with an annual percentage yield of 1.11%.

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 1.10%, with an annual percentage yield of 1.11%.

JA 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 1.10%, with an annual percentage yield of 1.11%.

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

Monad offers Traditional and Roth IRA's, along with and Education IRA's, that are now called Coverdell Education Savings Accounts. Dividends are paid monthly, with a minimum balance of $50 required to earn a dividend. The current annual percentage rate is 2.20%, with an annual percentage yield of 2.21%. There are no monthly or annual fees, however there is a $50 early withdrawal fee if the account is closed the first year it is opened.

• Traditional IRA -- Total combined contributions to Roth and Traditional IRAs are up to $3,000 per year or 100% of compensation, whichever is less, for tax years 2002-2004. For tax years 2005-2007 total combined contributions are $4,000 per year. For tax year 2008 the total combined contributions is $5,000 per year. After tax year 2008 contribution limits will be adjusted annually for inflation in $500 increments. Anyone under age 70 who has income from compensation (or who is filing jointly with a spouse who earns compensation) can contribute. In tax years 2002-2004 a married couple can each contribute up to $3,000 for a total contribution of $6,000. Earnings grow tax-deferred until withdrawal. Contributions may be tax-deductible.
• Roth IRA -- Total combined contributions to Roth and Traditional IRA's are the same as for a Traditional IRA. Contributions limits are based on your modified adjusted gross income (MAGI) from your federal tax form. You can contribute to a Roth IRA if your MAGI is up to $95,000 for single filers, and $150,000 for joint filers. Reduced contributions are allowed for higher income (up to $110,000 for single filers and $160,000 for joint filers). Most contributions can be withdrawn tax and penalty free at any time. After the account has been open five tax years, earnings can be withdrawn tax and penalty free for the following reasons: age 59 , disability, death, or for the first time purchase of a home (lifetime limit of $10,000 on home purchase).
• Coverdell Education Savings Account (formerly Education IRA) -- Maximum contribution is $2,000 per child, and account is opened in your childs name. Eligibility requirements based on income is the same as for a Roth IRA, except the contributors income does not have to come from compensation. In addition, the phase out rate for joint filers (to make reduced contributions) increased to MAGI of $190,000 to $220,000. Contributions are not allowed once the child reaches age 18, or in any year that is contribution is made to a state tuition program. Withdrawals are allowed tax free if used for qualified higher education expenses, plus expenses for primary and secondary education (K-12), including home computers to be used by the beneficiary and his or her family during that period.

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.

PASCO - Main Office 1817 W. Sylvester Avenue Pasco, WA  99301 (voice) 509-545-1406 (fax) 509-545-1450 (free) 888-488-1406 (MARS) 509-545-1989			KENNEWICK - Branch Office 1838 S. Washington Avenue Kennewick, WA  99337 (voice) 509-582-8866 (fax) 509-582-9715
Hours:	10:00 AM to 6:00 PM Monday to Friday		Hours:	9:30 AM to 5:30 PM Monday to Friday
Drive-up:	8:30 AM to 7:00 PM Monday to Friday			(closed for lunch 1 to 1:30 PM)