Savings Accounts

Savings Benefits

• Great cash reserve to serve as an emergency cushion to cover unexpected expenses or to pay for planned expenses
• Dividends are calculated on the daily balance and paid monthly
• Competitive savings rate compounded and paid monthly
• Quickly and easily transfer funds via Online Banking, Mobile Banking, or Audio Response
• Enjoy peace of mind knowing your Share account is federally insured to at least $250,000¹, combined with your other accounts

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Regular Share Account

Start with a Regular Share account to establish your membership with Maui Federal Credit Union and open the door for you to enjoy all the benefits of membership. Once this account is open, you are eligible to take advantage of all products and services we offer.

• $25 minimum opening deposit, plus a one-time non-refundable membership fee of $1
• $25 minimum balance to maintain account
• Earns dividends on daily balances of $100 or more
• Build your savings faster with direct deposit or payroll deductions

Secondary Share Account

Do you need a separate savings account to save for something special while keeping the funds separate from your Regular Share account? All members are eligible to open a Secondary Share account that you can designate for a particular purpose – to help you budget or organize your savings to achieve personal goals. It comes with all the free services and benefits from our Regular Share account. And just like our Regular Share account, with competitive dividends working for you, you'll be able to reach your goals and celebrate even sooner.

• $100 minimum opening deposit
• $100 minimum balance to maintain account
• Earns dividends on daily balances of $100 or more

A Christmas Club Share account is the perfect way to save for your holiday shopping and travel. The holidays can be a very busy and expensive time of the year, and we want to help you reduce some of the financial stress through the convenience of a Christmas Club Share account. By making regular deposits, you can save painlessly all year-round to build up your holiday spending… giving you the ability to comfortably shop for gifts or plan a holiday trip! For added convenience, we recommend setting up payroll deduction or automatic transfers to help you reach your goal.

Christmas Club Features

• No minimum opening deposit
• No monthly service fees
• No deposit restrictions –save as little as $5 per month
• No minimum balance required
• Open any time of the year
• Dividends are calculated on the daily balance and paid annually
• Funds are automatically transferred to your Regular Share account on or around October 1st of each year
• Your account remains open for future deposits after funds are distributed each year, unless you specify otherwise

Christmas Club Benefits

• Plan year-round for the busiest holiday season
• Help alleviate debt from holiday spending
• Earn more for holiday shopping with competitive dividends
• Enjoy peace of mind knowing your Christmas Club Share account is federally insured to at least $250,000¹, combined with your other accounts

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With a Share Certificate, you can make your money work harder for you so you can live the life you desire, faster. A Share Certificate is a low-risk savings option that often earns more than a regular savings account, rewarding you with a higher return. It's a terrific method to save, with flexible terms from three months to five years to help you reach your short-term or long-term goals. With a Share Certificate, you get a guaranteed rate of return – all with the security of a federally insured account. And you don’t need a lot of money to get started! Start your investment today as little as $1,000.

Share Certificate Features

• $1,000 minimum deposit
• Terms ranging from 3 months to 5 years
• Earn dividends monthly
• No annual fee
• Early withdrawal penalties apply

Share Certificate Benefits

• Begin saving with as little as $1,000
• Enjoy convenient and flexible terms
• Earn a higher return on investment – while it’s good to have a savings account, if you have extra savings, a share certificate will return much higher dividends
• Enjoy peace of mind knowing your Share Certificate is federally insured to at least $250,000¹, combined with your other accounts

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It’s never too early or too late to start saving for retirement. Planning for life after your career can be challenging – but we’re here to help. IRAs give you competitive credit union rates as you save for your future. Open your IRA with any amount and make regular contributions through payroll deduction, by mail or in person and know you have made a secure investment in your retirement planning.

Choose the IRA that is right for you:

IRA Features

• No monthly service fees
• No minimum balance requirements
• Contributions may be made in "lump sums" or by setting up payroll deduction or automatic transfers. The best time to save money for retirement is every time you get money.
• Your tax adviser can offer more guidance on which type of IRA may be best for your needs. Maui Federal Credit Union cannot provide tax advice regarding IRAs. Of course, we are always here to answer your questions and assist you with opening an IRA.

IRA Benefits

• Put money aside so you can enjoy the retirement you deserve
• May produce a great wealth-transfer method to pass money onto your heirs if you don’t spend it all yourself
• IRAs provide a great tax benefit. Earnings within Traditional IRAs are tax-deferred until they are distributed. Earnings within Roth IRAs may be distributed tax-free.
• Enjoy peace of mind knowing IRAs are federally insured up to $250,000², separately from other accounts you maintain at Maui Federal Credit Union

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Invest in your child’s education and future. A Coverdell ESA is the perfect tool for saving money to pay for a child’s educational expenses – from kindergarten through college.

Coverdell ESA Guidelines

• Must be established in the name of a child who is a Maui Federal Credit Union member who is under the age of 18 or with special needs
• A parent or legal guardian must be named as a responsible individual to oversee the account
• Contributions can be made until a child reaches 18. Children with special needs may be eligible for contributions beyond their 18th birthday
• Total contributions for each child cannot exceed more than $2,000 in any year, no matter how many Coverdell ESA accounts have been established
• Anyone – family member or nonfamily member – can contribute to a child’s Coverdell ESA, as long as the contributor meets the income requirements
• Contributions to a Coverdell ESA are not deductible but grows tax-free
• Distributions are not taxed as long as the funds are used for the child’s qualified education expenses
• If the child is not going to use the funds for education expenses, it must be distributed by age 30 (except for children with special needs)
• Unused funds can be transferred into the Coverdell ESA of another eligible child in your family, so long as the beneficiary receiving is under the age of 30
• Your tax advisor can guide you on whether a Coverdell ESA is your best option. Of course, we are always here to answer your questions and assist in opening your accounts.

Coverdell ESA Benefits

• Give your child the gift of education so they will not be burdened or saddled with student debt
• Enjoy peace of mind knowing a Coverdell ESA is federally insured up to $250,000³, combined with your other irrevocable trust accounts

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Free Benefits with our Deposit Accounts

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Other deposit accounts include: