MAX Credit Union’s (MAX) Elevate Money Market account offers tiered APYs that earn higher rates on smaller balances. Originally added to the product line about a year ago, the Elevate Money Market offered excellent initial rates (5% and 3%) on the first two tiers. Those rates were lowered to the current levels about seven months ago and are competitive today.
The current APY tiers are as follows:
3.00% APY - Up to $2.5k
2.00% APY - $2.5k-$5k
1.00% APY - $5k-$15k
0.50% APY - $15k+
MAX’s Earnings Calculator can determine annual earnings on any amount and shows the corresponding blended APY.
$5k balance will earn a blended rate of 2.50% APY
$10k balance will earn a blended rate of 1.75% APY
$15k balance will earn a blended rate of 1.50% APY
$20k balance will earn a blended rate of 1.25% APY
$25k balance will earn a blended rate of 1.10% APY
$30k balance will earn a blended rate of 1.00% APY
$50k balance will earn a blended rate of 0.80% APY
While individual preferences and situations may vary, any balance above $50k seems to have passed the competitive cut-off point. Higher balances are still competitive when compared to online savings accounts, many of which have rates that have fallen to 0.50% and below.
The Elevate Money Market requires a $50 minimum opening deposit, but there is no minimum balance requirement or monthly maintenance fee. Check writing is available and the number of checks written will count toward the six transactions allowed per month. As stated in the Truth-in-Savings disclosure,
If you exceed the transfer limitations set forth above in any statement period, your
account will be subject to closure by the credit union or to a fee of $30.00 per item.
Headquartered in Montgomery, Alabama, MAX Credit Union field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in any of 17 East and Central Alabama counties or five West Georgia counties.
Alabama counties: Autauga, Bullock, Butler, Chambers, Chilton, Coosa, Crenshaw, Dallas, Elmore, Lee, Lowndes, Macon, Montgomery, Pike, Russell, Shelby, and Tallapoosa.
Georgia counties: Chattahoochee, Harris, Marion, Muscogee, or Troup.
Relatives of current MAX members are also welcome to apply.
Joining MAX and/or opening an Elevate Money Market account can be done online. The membership application is also available as a PDF that can be returned by snail-mail or in person. (If returned by mail, your signature must be notarized.) MAX’s 18 Alabama full-service branches (located in Auburn, Millbrook, Montgomery (10), Opelika, Prattville (2), Tallassee, Troy, and Wetumpka) are open to walk-in traffic and appointments are available, but not required.
There is a one-time membership fee of $1, and a minimum deposit of $5
into a MAX account to get started, which represents one share of MAX.
MAX participates in Credit Union Service Centers Network, giving members access to more than 7,600 branches worldwide.
Credit Union Overview
MAX Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.18% (excellent) based on September 30, 2020 data. In the past year, MAX has increased its total non-brokered deposits by $256.58 million, an excellent annual growth rate of 21.29%. Please refer to our financial overview of MAX Credit Union (NCUA Certificate # 68575) for more details.
Currently the fifth largest credit union headquartered in Alabama, MAX Credit Union has more than 115,000 members and assets in excess of $1.7 billion. Established in 1955 as the Maxwell Federal Credit Union, the original FOM was exclusive to Maxwell Air Force Base airmen. In addition to providing the basic services of saving and lending money, the credit union offered financial education to the airmen enrolled in Air University. (As the home of Air University, Maxwell has become the postgraduate academic center of the U.S. Air Force.) The 15 founding members were airmen who contributed a total of $125, which was put into a cigar box – a very typical story of fledgling credit unions. What’s not typical is who the founding members chose to organize and run the credit union – a woman. Miss Mamie Maples, the Director of the Management and Training Office at Maxwell AFB, successfully started and ran the credit union for many years.
How the Elevate Money Market Compares
Rather than comparing APYs, I’ve chosen to compare potential annual earnings on a $15k deposit. When compared to Money Market Accounts tracked by DepositAccounts.com that are available within the FOM, MAX Credit Union’s Elevate Money Market account current annual earnings equals that of Affinity Plus Federal Credit Union's Superior Money Market annual earnings..
|Annual Earnings||Interest Rates||Account Name||Credit Union/Bank|
|$225||1.50% APY (blended)||Elevate Money Market||MAX Credit Union|
|$225||1.50% APY||Superior Money Market||Affinity Plus Federal Credit Union|
|$150||1.00% APY||Money Market Account||Merchants Bank of Indiana|
|$112||0.75% APY||Money Market||Latino Credit Union|
The above rates are accurate as of 12/29/2020.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.