MECU Has Nationally Available Money Market, 2.25% APY


Deal Summary: Money Market Promotion, 2.25% APY, $10k min/$1 million max deposit, new money.

Availability: Easy membership requirement

Now through November 30, 2019, MECU (pronounced “ME-q”) is offering 2.25% APY on its Money Market Promotion on balances between $10k and $1 million. The minimum opening deposit is $10k of new money, defined as “funds not on deposit at MECU during the past 90 days.” Average daily balances below $10k and above $1 million earn 0.05% APY.

I had hoped there was a rate guarantee, but the fine print on the Savings Rates page states,

Promotion period and APY are subject to change at any time without notice.

Money Market Promotion Facts

  • One Money Market Promotion per member.
  • Rate not available on current MECU Money Market, Premier Money Market, or other promotional Money Market products.
  • No opening or monthly maintenance fees.
  • There is limited checking writing privileges.
  • Transactions in excess of the six allowed monthly transactions may be subject to a $10 fee and/or account closure.


Headquartered in Baltimore, Maryland, MECU’s field of membership (FOM) offers a path to membership for almost any U.S. citizen or resident alien (18 years or older) with a valid Social Security number.

The online Membership Application lists four ways to join:

1. “I live, work, worship or attend school in Baltimore City.”

2. “I am a relative or housemate of someone who is eligible.”

3. “I’m affiliated with a qualifying employer/organization” (more than 250).

4. “Need another way to qualify?”

You can choose to support American Consumer Council (ACC), a non-profit that provides financial education to consumers. I would like to support ACC, making me eligible for MECU membership. I understand MECU will make a one-time support payment to ACC on my behalf.

Joining MECU and/or opening a Money Market Promotion can be done online or at any of eleven Maryland branches located in Baltimore (6), Catonsville, Cockeysville, Dundalk, Pikesville, and Randallstown (newly opened).

Prime Savings is your membership account ($5 minimum deposit) and
your gateway into MECU. It is required to open any additional accounts.

MECU participates in the CO-OP ATM network, but not the Share Branching network.

Credit Union Overview

MECU has an overall health grade of "B+" at, with a Texas Ratio of 10.56% (excellent) based on June 30, 2019 data. In the past year, MECU has increased its total non-brokered deposits by $26.34 million, an above average annual growth rate of 2.63%. Please refer to our financial overview of MECU (NCUA Charter # 66787) for more details.

Chartered in 1936 as the Municipal Employees Credit Union, the founding members were Baltimore City employees who saw the need for affordable financial services for the working class. The original FOM was exclusive to those who worked for the City of Baltimore, including teachers, firefighters, and construction workers, in addition to Baltimore City government employees. Eighty-three years later, MECU is currently the sixth largest credit union in Maryland, with more than 109,000 members and assets in excess of $1.2 billion.

In 2018, MECU was one of 17 credit unions recognized with an American Saves award given out by the Washington, D.C. based Consumer Federation of American.

America Saves is a campaign that leverages the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth.

How the Money Market Promotion Compare

When compared to 292 Money Market Accounts tracked by that are available nationwide and have a minimum balance requirement of $10k or less (and without a low balance cap), MECU's Money Market Promotion APY currently shares the top spot with three other Money Market APYs offered by, State Bank of India (IL), and MemoryBank.

The above rates are accurate as of 10/19/2019.

Looking for the best Money Market Account rates, either nationwide or state specific? Please refer to our Money Market Account Rates Table page.

Related Pages: Baltimore money market accounts, money market accounts, nationwide deals

  |     |   Comment #1
This means nothing without a rate guarantee.
  |     |   Comment #2
You want a "rate guarantee", put your money in a CD.
  |     |   Comment #12
CDs usually aren't consumer friendly liquid accounts. If you want rate guarantee go with Customers Bank, Elementis or a few others provide decent interest.
Predatory Depositor
  |     |   Comment #3
I think there's still a game to be played with no rate guarantee liquid accounts. It depends on how much money you're dealing with versus the cost of movimg your money around. If it's profitable enough it's worth taking a chance that the rate won't last long and then moving to the next available liquid account if things change for the relative worse.

Rate guarantees make more predictable returns of course, but no guarantee account still have their place. Theoretically they should pay higher rates than rate guaranteed accounts. So if you're in the zone for that game you could see a a better return with no rate guarantee accounts.
Hard Pull
  |     |   Comment #4
To be CLEAR, all FIs (Financial Institutions (TM)) can change the terms of any account by sending a post card or email.

  |     |   Comment #5
What game is being played? There never was a rate guarantee for liquid accounts accept for a select few financial institutions for a specific limited time period.

Just don''t deposit more than a million here or your rate will drop to 0.05% APY for anything over.
  |     |   Comment #6
I looked this up on Weiss Ratings (it is listed under their original name: Municipal Employees Credit Union). It has only a B- rating, and their .39% return on assets is well below credit union average. Also, while customer ratings are only one factor to consider; the institution has mediocre to poor customer ratings. I did a double take on the name. My main credit union is MECU also (Michigan Educational Credit Union) so the acronym is not unique.
Predatory Depositor
  |     |   Comment #7
All important considerations. But let's try to roughly quantify the importance of their financials.

Since they are NCUA, as long as you set up your account correctly so you are covered, your general exposure is roughly equal to the return on your investment lost between the time interest is no longer paid on your account and the time you reinvest the funds after receiving the proceeds from the NCUA. Plus of course the value of the time you have to devote to it.

Given that, I don't think most people care much about how safe an FI is as long as it's insured unless they have an account so large that the cost of uninvested funds is extreme or a particular aversion to going through that experience.

Customer service is another matter. The primary issue there is whether or not you can get reliable information when you set up the account. Many FIs give incorrect information at this stage, especially if you are doing an unusual transaction such as dealing with a much larger amount of funds than typical. There are special issues involved with these transactions that many CS reps are unequipped to handle. I always recommend speaking only to a manager if you are in this situation. You still have a significant chance of getting wrong answers, but it is typically a reduced chance. And of course read all the fine print. Unfortunately many of the issues are not addressed in writing that is readily available to you, so you cannot do a proper due diligence. But with effort you can take a pretty good guess about what to expect.
  |     |   Comment #11
PD: Your points are all well taken. I do agree that the NCUA insurance is a significant mitigating factor. For that reason I might consider a lesser rated credit union if there were value added for choosing that institution over a higher rated one (e.g., significantly higher interest rate, low EWP). If all things are equal, I would choose a higher rated institution, as there would be a lower chance of the institution failing; and having to go through the trouble of using the NCUA insurance. One of my main reasons for posting is my hope (that I expressed to Ken privately as well) that he would include Weiss ratings on the website. Their ratings are more conservative, and thus an "A" rating means something. For example, one of the institutions that folded (can't remember if it was a credit union or bank) was highly rated on Deposit Accounts and one other rating site, which led to comments of the closing being a surprise. However that institution was poorly rated on Weiss (C- or D+).
Predatory Depositor
  |     |   Comment #13
I agree that in theory an FI's rates should be inversely proportional to their financial ratings in order to be competitive in the market for depositors.

But in practice I think most depositors demand very little financial rating risk premium due to the insurance and also due to the fact that the vast majority of depositors have no idea what financial rating the FI they are depositing in is. The expected losses in the event of failure are minimal. So the relative chance of the FI's failure is not a critical variable in their calculus and the vast majority of depositors don't even bother finding out what it is.

That calculus might change a little for the most poorly rated FIs which may cause even an average depositor to think twice unless there is a significant risk premium. But again, most depositors in a poorly rated FIs are likely not even aware of their poor ratings.
  |     |   Comment #14
I agree with Predatory. Personally, I could care less what a FI’s rating is because I keep my deposits under the NCUA or FDIC limits. I’m with some dogs right now getting a nice yield. For me, it’s worth it and I never lose sleep over this
  |     |   Comment #17
CDmanFL, be careful, FDIC may take up to six months to release your funds should there was fraud and if the banks has not enough assets or insurance to pay the funds, everybody may take a hair cut and no interest earned during that time.
  |     |   Comment #19
PD: I appreciate your thoughtful, well-informed comments. They are a reminder that excessive or unnecessary concern for risk can be just as problematic as lack of concern for risk. I'll keep your points in mind.
  |     |   Comment #15
#11 When the FDIC or NCUA have to take over an institution in most cases the failing institution is taken over by another.

In some cases they will just close the CU and pay depositors their funds. I have had banks that I had CDs taken over by the FDIC and the funds were paid out by the FDIC in less than a week. If you are over the insurance limits then you have to wait and see how much the FDIC pays out once the liquidate the failed institution. An example of this was Advanta bank.
Predatory Depositor
  |     |   Comment #16
I've had only one personal experience as a depositor in a failed bank. It was in the pre-internet days at a local bank.

The FDIC actually had a desk set up in the bank where they handed out checks to depositors. I remember standing on line for about 10 hours outside the bank.

I actually enjoyed myself because it was fun talking to the people in the line. But I was just a kid what did I know!
  |     |   Comment #18
#16 How long ago did this happen? When Advanta went under I got an email from the FDIC I believe Friday or Saturday and a check mailed to me I less than a week.
  |     |   Comment #21
"The Money Market promotional account is available until November 30, 2019."

They still list the 2.25% rate on their website, however, the footnote said it is good until November 30.
  |     |   Comment #22
The promotional money market account that was available until December 31, 2019 has a revised rate of 1.00% when I looked at the bank website. The 2.25% rate is no longer listed.
  |     |   Comment #23
Just a note regarding promotional rates, I opened a 2.5% savings account back in early 2019 at another bank. The rate was much higher than the standard "non-promotional" account rate (which was 1%).. The rate has now been adjusted to 1.29%. A drop of nearly 50%.
Attractive Liquid Certificates of Deposit at MECU in Maryland - Local Only

MECU (Municipal Employees Credit Union) is offering several types of liquid CDs and IRA CDs with competitive rates. Some CDs have a have a bump-up feature that allows one or two bump-ups in the CD rate during the term. Others allow CD holders to make additional deposits, and one CD allows both additional deposits and penalty-free withdrawals.

Bump-Up Certificates of Deposit

The following Bump-Up CD rates are listed in the credit union's rate page as of 4/25/2010:

  • 3.25% APY 60-month CD
  • 2.85% APY 48-month CD
  • 2.40% APY 36-month CD
  • 2.25% APY 24-month CD

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7.00% 7-Month CD at a Baltimore CU (MECU).
MECU (Municipal Employees Credit Union) will be offering from a 7.00% APY 7-month certificate of deposit. The minimum is $500 and the maximum allowed deposit is $100K. It'll be offered from 10/16 to 10/23.

This special isn't listed at the credit union's website. It was mentioned in the FatWallet CD thread. I called to confirm. I was told the maximum is $100k which is a nice max for a 7% CD (often it's under $10k).

The field of membership includes those who live, regularly work, worship or attend school in Baltimore, Maryland....

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