Youth Account
Pee Wee Penguin Young Saver's Club
The Pee Wee Penguin and Friends Young Saver's Club aims to teach your child the essential skills of spending, saving, investing, and donating in a fun way. With the help of Pee Wee, Kiwi and Sheldon, children will discover the principles of smart saving and spending. This program offers financial literacy opportunities, as well as other fun activities for kids in kindergarten through sixth grade. All youth accounts for those aged 12 and under are automatically enrolled in this fun club! Pee Wee members will receive quarterly newsletters / activity pages, a Credit Union Youth Month celebration each April, and more!
Credit Union Youth Month
M-O Federal Credit Union celebrates Credit Union Youth Month every April for all members aged 12 and under. This special month aims to educate our young members about smart money habits and the importance of saving for a bright financial future.
Christmas Club
Christmas Club Accounts
We all know gifts can be expensive; it's also important to remember other expenses such as food, decorations, travel, donations, and party supplies too. Holiday shopping can be overwhelming, but M-O FCU is here to assist you! To prepare for your Christmas shopping, consider setting aside funds throughout the year. Establish a goal based on your spending from last year. By saving a little from each paycheck, you can alleviate financial stress and help enhance your enjoyment of the holiday season! Automatic payroll deductions can simplify reaching your savings goal easier.
Funds in the Christmas Club account are accessible from October 1 to December 31 each year. There is a minimum balance requirement of $5 and a maximum limit of $2,000. Please note that a $10 fee will apply for withdrawals made prior to October 1, unless it's due to a hardship.
Life Events
Life Event Savings
If anything in life is certain, it's that change is inevitable. Every phase of life presents its own challenges and often requires careful planning and substantial savings. To help prepare you for each stage of life, we recommend establishing a secondary savings account dedicated to your future goals. These special savings accounts are linked to your main account but allow you to save for specific purposes. You can name the account whatever you would like, giving you the flexibility to save for anything important to you. If you have multiple savings goals, consider opening more than one secondary savings account.
Here are some examples:
- Vacation - Save for any destination you dream of, whether it's a sandy beach, an adventurous tour in a foreign country, an ocean cruse, a trip to the State Fair, or any vacation you desire.
- College - Easily save for tuition, textbooks, housing, and more. (You might also consider a Coverdell Education Savings Account which is an educational IRA).
- Vehicle - Save for a new vehicle or necessary repairs to your current vehicle.
- Wedding/Honeymoon - When it's time to celebrate a wedding, the last thing you want to stress over is finances. Save ahead to ensure this event is joyful and memorable.
- Home - Whether you're saving to buy your first home, make improvements to your current place, or set aside funds for taxes or insurance, this savings can help you manage those finances effectively.
Money Market
Money Market Accounts
If you are looking for an investment option that offers flexibility along with a higher return, a Money Market share account may be the answer. This account allows more freedom than a share certificate, allowing you to withdraw funds from it (see withdrawal information below). Deposits can be made by payroll deduction and/or deposits of cash or check in person or by mail.
Dividends: Dividends are paid quarterly on the account on the last day of each quarter, which is calculated based on the average daily balance across specific tiered balances. The Board of Directors establishes the dividend rate.
Minimum Balance: To maintain a Money Market account, a minimum balance of $10,000 is required. If your average daily balance falls below $10,000 for the quarter, you will receive the regular share dividend rate.
Withdrawals: The Money Market account is not intended as a transactional account. Therefore, there are two criteria for withdrawals: a minimum withdrawal of $250 and a maximum of four withdrawals per month. Any withdrawals above the four allowed will incur a $10 fee.