Rates

Save more in two ways: Earn faster with your savings accounts, and pay less for the money you borrow.

Savings Accounts*

Account Type Minimum Balance Term Dividend Rate APY
(Annual Percentage Yield)
Smart Money
Rewards APY***
Savings $100* N/A 0.05% 0.05% N/A
IRA (Traditional & Roth) $100 N/A 0.25% 0.25% N/A
Select Savings $25,000 N/A 0.20% 0.20% N/A
Money Market $50,000 N/A 0.25% 0.25% N/A
$10,000 N/A 0.15% 0.15% N/A
$1,000 N/A 0.10% 0.10% N/A
Club Accounts N/A N/A 0.10% 0.10% N/A

Checking Accounts*

Account Type Minimum Balance Term Dividend Rate APY
(Annual Percentage Yield)
Smart Money
Rewards APY***
Select Checking $100,000 N/A 0.20% 0.20% N/A
$50,000 N/A 0.15% 0.15% N/A
$25,000 N/A 0.10% 0.10% N/A
$10,000* N/A 0.05% 0.05% N/A
Plus Checking $2,500 N/A 0.05% 0.05% N/A
Basic Checking N/A N/A N/A N/A N/A

Share Certificates

Account Type Minimum Balance Term Dividend Rate APY
(Annual Percentage Yield)
Smart Money
Rewards APY**
Share Certificate $500 60 months 1.39% 1.40% 1.65%
$500 48 months 1.19% 1.20% 1.45%
$500 36 months 1.04% 1.05% 1.30%
$500 24 months 0.70% 0.70% 0.95%
$500 18 months 0.60% 0.60% 0.85%
$500 12 months 0.45% 0.45% 0.70%
Jump-Up $500 28 months 0.90% 0.90% 1.15%
$500 16 months 0.60% 0.60% 0.85%
Jumbo Certificates $50,000 60 months 1.54% 1.55% 1.80%
$50,000 48 months 1.34% 1.35% 1.60%
$50,000 36 months 1.19% 1.20% 1.45%
$50,000 24 months 0.85% 0.85% 1.10%
$50,000 18 months 0.75% 0.75% 1.00%
$50,000 12 months 0.60% 0.60% 0.85%
Jumbo Jump-Up $50,000 28 months 1.04% 1.05% 1.30%
$50,000 16 months 0.75% 0.75% 1.00%

IRA Share Certificates**

Account Type Minimum Balance Term Dividend Rate APY
(Annual Percentage Yield)
Smart Money
Rewards APY**
IRA Certificates $500 60 months 1.49% 1.50% 1.75%
$500 48 months 1.29% 1.30% 1.55%
$500 36 months 1.14% 1.15% 1.40%
$500 24 months 0.80% 0.80% 1.05%
$500 18 months 0.70% 0.70% 0.95%
$500 12 months 0.55% 0.55% 0.80%
IRA Jump-Up $500 16 months 0.70% 0.70% 0.95%
IRA Jump-Up $500 28 months 1.00% 1.00% 1.25%
IRA Jumbo Certificates $50,000 60 months 1.64% 1.65% 1.90%
$50,000 48 months 1.44% 1.45% 1.70%
$50,000 36 months 1.29% 1.30% 1.55%
$50,000 24 months 0.95% 0.95% 1.20%
$50,000 18 months 0.85% 0.85% 1.10%
$50,000 12 months 0.70% 0.70% 0.95%
IRA Jumbo Jump-Up $50,000 16 months 0.85% 0.85% 1.10%
IRA Jumbo Jump-Up $50,000 28 months 1.14% 1.15% 1.40%

Deposit Accounts Disclosures

* A $5.00 balance is required to open a Savings Account, which is required for membership at MIT Federal Credit Union. There is no minimum balance to open any additional products listed in the “Savings Accounts” and “Checking Accounts” categories. To earn a  dividend on the aforementioned products, you must maintain the Minimum Daily Balance listed above. No dividend will be paid on days when the balance falls below the required minimum. Fees: Select Savings — If the number of withdrawals or transfers exceeds one per month, a $25.00 fee will be assessed on each withdrawal or transfer thereafter. Money Market Accounts — If the number of withdrawals or transfers exceeds three per month, a $25.00 fee will be assessed for each transaction above the allowed minimum. Select Checking - If the daily balance falls below $10,000, an $8.00/month Below Minimum Balance Fee will be withdrawn from your account. Plus Checking - If the daily balance falls below $2,500, a $5.00/month Below Minimum Balance Fee will be withdrawn from your account. The rate may change after account opening. Fees could reduce earnings on the account.

** APY=Annual Percentage Yield. Share Certificate APY assumes dividends are retained in the Certificate; there may be a penalty for early withdrawal. The required Minimum Daily Balance must be maintained at all times. Other terms and conditions apply. Rates are accurate as of March 1, 2017. Rates are subject to change without notice. Please consult a Representative for complete savings information.            

*** This rate is for members who qualify for Smart Money Rewards. To qualify for Smart Money Rewards, we must receive your net pay, pension, or Social Security via direct deposit in excess of $100. If at any time your Checking Account is closed or becomes inactive (zero transaction/s within the past 90 days or direct deposit is cancelled), the rate will be decreased by 0.25%. One or more direct deposits must post and clear to the checking account within each monthly statement cycle.

Unsecured Loans

Loan Type Term APR* Smart Money
Rewards**
Payment/$1000 # of Payments
Tuition Assistance Loan 12 months 6.50% 6.25% Balloon Payment 12
Overdraft Protection Line of Credit**** Line of credit 15.00% 14.75% Variable
Computer Loan 24 months 8.50% 8.25% $45.34 24
Fuel Assistance Loan 12 months 6.50% 6.50% $86.30 12
Personal Loan + Co-Applicant/Guarantor Loan 12 months 6.24% 5.99% $86.06 12
24 months 7.24% 6.99% $44.77 24
36 months 8.24% 7.99% $31.33 36
48 months 9.24% 8.99% $24.88 48
60 months 10.24% 9.99% $21.24 60

Secured Loans

Loan Type Term APR* Smart Money
Rewards**
Payment/$1000 # of Payments
Auto, New and Used Up to 5 Years 2.24% 1.99% $17.53 60 or less
Auto, New 61-84 Months 2.74% 2.49% $12.99 61-84
Auto, Used 61-72 Months 2.74% 2.49% $14.97 61-72
Motorcycles, New Up to 7 Years 5.00% 4.75% $14.02 84 or less
Motorcycles, Used Up to 6 Years 5.00% 4.75% $16.00 72 or less
Boats, New or Used Up to 10 Years 5.00% 4.75% $10.49 120 or less
RV, New or Used Up to 10 Years 5.00% 4.75% $10.49 120 or less
Utility Trailer, New or Used Up to 5 Years 5.00% 4.75% $18.76 60 or less
Share Secured (Frozen Share) Up to 5 Years 5.00% 4.75% $18.76 60 or less
Share Certificate Secured (Frozen Share) Up to 5 Years Certificate + 3.00% Certificate + 2.75% Variable 60 or less
Credit Builder Loan Up to 5 Years 5.00% n/a $85.61 60 or less

Credit Cards

Credit Card Maximum Credit Limit APR***
Visa Platinum Credit Card $15,000 9.49%
Visa Onyx Smart Rewards Credit Card $25,000 12.49%
Visa Alumni Credit Card $25,000 12.49%
Secured Platinum Visa $15,000 9.49%

 

*Rate disclosed is based on a highly qualified credit candidate. Rates may vary based on individual creditworthiness. Rates are valid as of March 1, 2017 and are subject to change without notice.

**The Smart Money Rewards rate on loans reflects a 0.25% discount on published loan rates and requires Smart Money Rewards membership with the automatic payment method of repayment. If you discontinue Smart Money Rewards during the term of the loan, your discounted rate will no longer be valid and it will revert back to the prevailing rate at the time of the loan open date. To qualify for Smart Money Rewards, we must receive your net pay, pension, or Social Security via direct deposit in excess of $100. If at any time your Checking Account is closed or becomes inactive (zero transaction[s] within the past 90 days or direct deposit is cancelled), the rate will be increased by 0.25%. Direct deposit must be set up within 90 days of loan closing date. One or more direct deposits must post and clear to the checking account within each monthly statement cycle.

***Rate disclosed is based on a highly qualified credit candidate. Rates may vary based on individual creditworthiness. Rates are valid as of March 1, 2017 and are subject to change without notice. This rate is variable and will vary with the market based on the Prime Rate, but shall not exceed 18%.

**** The fees for the payment of each overdraft: $25 Negative Balance fee. If multiple items are presented against your account on the same day, each item will be assessed a Negative Balance fee.

Transactions for which a fee for paying an overdraft may be imposed include insufficient balances may result from, but are not limited to, check payments and ACH debits, including Bill Pay Transactions or other electronic means.

The time period by which the member must repay or cover any overdraft: Funds must be deposited to cover the overdraft and the account must remain positive for at least one day-end cycle, within 30 days of the account entering a negative status. If additional overdraft items occur during those 30 days that the account has continued to be negative, the account must be brought positive on or before the 30th day from the date of the initial overdraft, and remain positive for at least one day-end cycle. Any deposits received by the credit union during the 30 days will be applied first to the overdrawn account. If an account is not brought to a positive balance and allowed to remain positive for at least one day-end cycle within 30 days, the privilege will be suspended.

Conditions which the credit union will not pay an overdraft: May limit the amount of overdrafts per account, reserve the right to not approve any overdrafts against the account until we can verify that the account is being maintained in good standing.

Home Equity Loans

Type of Loan Term APR* Payment/$1000 # of Payments
Home Equity Loan 15 years 4.50% $7.65 180
Home Equity Loan 20 years 5.00% $6.61 240
Home Equity Loan 10 Years 4.00% $10.13 120
Home Equity Loan 5 Years 3.75% $18.31 60

Home Equity Lines

Type of Loan Repayment Period Loan to Value Ratio Index APR***
Home Equity Line of Credit - Monthly Adjustable Up to 15 years 90% 3.75% (0% margin) 3.75%
Home Equity Line of Credit - Annually Adjustable Up to 15 years 90% 3.50% (1% margin) 4.50%

Mortgages

Rates available as fixed or monthly adjustable options. 

Real Estate Accounts Disclosures

Maximum APR: The maximum APR on Home Equity Loans and Lines of Credit is 18%.

* APR = Annual Percentage Rate. Rates are valid as of March 1, 2017 and are subject to change without notice. Payment example: A loan of $15,000 with a term of 180 months and an APR of 4.50% has a monthly payment of $114.77.

** Payment example included principal and interest only, payment does not include amounts for taxes and insurance premiums, if applicable, which will increase your payment obligation; you are responsible to ensure that taxes and insurance obligations are satisfied.

*** Real Estate Equity Lines of Credit are indexed to the Prime Rate published in the “Money” section of The Wall Street Journal. For monthly adjustable Home Equity Lines of Credit, the APR can change on the first day of each month and is established ten days prior to the first day of the month. For annually adjustable Home Equity Lines of Credit, the APR can change once per year on January 1, and the rate is established 30 days prior to this date.