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 DepositAccounts.com, 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 DepositAccounts.com 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 earn.bank, 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.