Savings Accounts
Make your money work for you with a variety of savings options to help you reach your goals. In addition, your initial $5 savings account represents your ownership share of MidWest Financial. Or, perhaps you’re looking for an account for your Business?
All MidWest Financial savings accounts are:
- Insured by the
NCUA up to at least $250,000
- Accessible via Internet Banking, including free e-Alerts
- Available with free, environmentally-friendly e-Statements and e-Notices
Regular Savings
Also known as a Share account, it is an interest-bearing savings account and your initial $5 deposit represents your ownership share of MidWest Financial.
- Earn interest with a low minimum balance of $500
- No monthly maintenance fees with e-Statements
- $5 minimum to open
- Subshare Accounts available
- Save for car insurance, a vacation, etc., in a separate account without a 2nd account number
- Name your account whatever you choose for easy tracking
- Compare with other savings options
Learn More
Drive Up Savings
Add it to your new MidWest Financial auto loan and watch your savings grow!
How It Works*
|
Auto Loan: | $20,000 for 60 months at 4.00% APR |
| Monthly Payment: | $396.00 |
| Drive Up Savings: | You deposit additional funds, up to 20% of your monthly payment |
| Monthly Deposit: | $73.80 |
| Savings Rate: | 4.00% (same rate as your auto loan;
that’s 4.07% APY*) |
Over the life of your loan you will have saved:
12 months – $903.06
24 months – $1,841.87
36 months – $2,818.93
48 months – $3,835.79
60 months – $4,894.09
*APY= Annual Percentage Yield. All rates and figures for example only. Savings
rate effective while loan is in repayment and good standing only. Subject to
credit approval. To qualify for Drive Up Savings, borrower must use electronic
payment for the loan payment and savings deposit. The payment quoted doesn't include payment protection. Withdrawal restrictions and early closure penalties may
apply. Membership eligibility required. Please see a
Representative for details.
Youth Savings Account
It’s never too early to begin learning good financial habits. Accounts are available by age level:
Buck-aroos Youth Savings
Designed especially for members 9 years of age and younger, because it’s never too early to start saving.
- Get them started with a $5 minimum deposit, plus a free gift for joining!
- Teach your little ones the importance of saving with a $5 minimum to earn interest.
- Keep their money working with no monthly maintenance fees
- Lay a foundation for a future of financial responsibility with online resources and games
- Celebrate their savings accomplishments with rewards and an annual party
- Open Certificates of Deposit with just $500
- Automatically graduate to a Youth Plus account at age 10
Interest is calculated daily and paid monthly on $1 increments.
Youth Plus Account
Reinforce savings values with the tools and solutions geared for members ages 10-14.
- Get them started with a $5 minimum deposit.
- Help them learn the importance of saving and the value of compounding with a $5 minimum to earn interest.
- Keep their money working with no monthly maintenance fees
- Reinforce the importance of savings with online resources and games
- Open Certificates of Deposit with just $500
- Automatically graduate to a Backpack account at age 15
Interest is calculated daily and paid monthly on $1 increments.
Backpack Youth Savings
Young adults need an account to call their own. Members ages 15-17 use this account to help learn money management skills.
- Get started with a $5 minimum deposit.
- Earn interest
- Keep your money working with no monthly maintenance fees
- Get a checking account with an ATM and/or pre-paid Visa card when you have a qualified adult co-signer.
- Learn how to create and use a budget, buy your first car, balance a checkbook, and more with online interactive coached and guides.
- Open Certificates of Deposit with just $500
- Automatically graduate to a Regular Membership at age 18
Interest is calculated daily and paid monthly on $1 increments.
Holiday Savings Account
Conveniently save a little each pay period for your holiday spending needs.
- Get started with a $5 minimum deposit
- Earn interest on your savings
- Add to your balance through Direct Deposit or regular automatic transfers
- Funds are disbursed to Checking or Savings each year in time for the holiday shopping season
- Compare with other savings options
Checking account approvals are subject to credit qualifications. Rates and fees are subject to change at any time without notice.
Learn More
Business Savings
Also known as a Share account, it is an interest-bearing savings account and your initial $5 deposit represents your Business’ ownership share of MidWest Financial.
- Earn interest with a low minimum balance of $500
- No monthly maintenance fees with e-Statements
- $5 minimum to open
Need a Business Checking account or a Business Loan?
Learn More
Money Market Accounts
Money Market Account
Higher rates of return without a long-term commitment.
- Start with an affordable minimum balance of $2,500
- Earn more as you save more with a balance-tiered interest rate structure
- Access funds in person, online or over the phone; some withdrawal limitations may apply
- Deposits are insured up to at least $250,000 by the NCUA
- Compare with other savings options
Interest is calculated by the average daily balance method and paid monthly on $1 increments. Interest is paid the first day of the month for the previous month.
Money Market Plus Account
For the serious saver or as a safe place to park significant funds without a long-term commitment.
- Satisfy a larger-than usual minimum opening balance of $100,000 and earn among the highest interest rates available
- Access funds in person, online or over the phone; some withdrawal limitations may apply
- Deposits are insured up to at least $250,000 by the NCUA
Interest is calculated by the average daily balance method and paid monthly on $1 increments.
Interest is paid the first day of the month for the previous month.
Learn More
Certificate Accounts
Also known as Certificates of Deposit or CDs. Guarantee your rate of return and build wealth with this safe, smart, and easy solution. All Certificate products feature flexible terms, allowing you to control the length of your commitment.
Youth Certificates
Get the children in your life investing sooner with a lower minimum opening deposit of just $500.
Early withdrawal penalties may apply.
Learn More
Individual Retirement Accounts
Traditional and Roth IRAs let you determine the right course for where you want and need to be tomorrow.
- Offered in the form of Certificates of Deposit, so your retirement savings are insured by the
NCUA up to at least $250,000
- Earn more as you save more with tiered interest rates
- Compare with other savings options
Traditional IRAs
Traditional IRA Certificates offer tax-deferred earnings as well as the possibility for tax-deductible contributions. These advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan and are a great way for you to earn a higher, guaranteed interest rate on retirement funds without risk of loss.
- Low opening balance of just $100
- Earn more as you save more with tiered interest rates
- Maximum contribution limits, tax advantages, and withdrawal penalties may apply; consult your tax advisor or check IRS Publication 590
Learn More
Roth IRAs
Roth IRA Certificates offer tax-deferred earnings as well as the tax-free withdrawals of your contributions. These advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan. Early withdrawals related to home purchases are also allowed.
- Low opening balance of just $100
- Earn more as you save more with tiered interest rates
- Maximum contribution limits, tax advantages, and withdrawal penalties may apply; consult your tax advisor or check
IRS Publication 590
Learn More
Coverdell Education Savings Accounts (ESAs)
Coverdell ESAs are a tax-advantaged way to save for future education expenses.
- Offered in the form of Certificates of Deposit, so your ESA savings are insured by the NCUA up to at least $250,000
- Low opening balance of just $100
- Earn more as you save more with tiered interest rates
- Maximum contribution limits, tax advantages, and withdrawal penalties may apply; consult your tax advisor or check
IRS Publication 970
- Compare with other savings options
Learn More
Health Savings Accounts (HSAs)
Participating in a High Deductible Health Plan (HDHP)? An HSA may be just what the doctor ordered.
- Conveniently access your HSA funds when and where you need them with a Debit card
- Use your HSA funds without worrying about maintenance fees
- Earns interest.
- Earn a competitive interest rate [link to rates]; earnings are tax-free when used for qualified medical expenses*
- Continue growing your funds until retirement; roll unused funds over from year to year
- Compare with other savings options
*Consult your tax advisor. For compete tax and contribution information regarding HSAs, please check
IRS Publication 969.
HSA FAQs:
What is an HSA?
Similar to an IRA, a Health Savings Account is a tax-sheltered savings account earmarked for medical expenses. Deposits are generally 100% tax deductible; however, HSAs must be paired with a High Deductible Health Plan (HDHP).
How does it work?
Withdrawals from an HSA are tax-free when paying for qualified medical expenses. For your convenience, those expenses can be paid with an HSA Debit card. Funds not used in any given year are rolled over to the next year and grow tax free with interest earned.
Am I eligible for an HSA?
You must have a High Deductible Health Plan (HDHP); not be covered by any other health plans; not be enrolled in Medicare; and not be claimed as a dependant on another person’s tax return to be eligible for an HSA.
Are there contribution limits?
Yes. Please see IRS Publication 969 for contribution limits and other information.
