Personal Savings

Statement Savings

Need your funds readily available? You don’t have to sacrifice earning potential. Our Statement Savings Account offers an attractive variable annual percentage yield. Flexibility and convenience rolled into one product makes it perfect for meeting your individual goals.

It only takes $1 to open this account; it is your traditional savings account plus today’s conveniences! E-statements simplify your budgeting and financial planning while eliminating paper clutter. Use your ATM/Debit card for easy access to your money.

Avoid a monthly fee by maintaining a minimum balance in any combination of MCT accounts, no matter if they’re checking, savings, money market or CD accounts.

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Dream Builders Savings

Build your nest egg quickly with this automatic savings program! Transfer a designated amount of $5 or more directly from your MCT checking account each month and be surprised at how fast you can your goal. Automatic transfers ensure you pay yourself first. When it’s time for that new car or dream vacation, you’ll be ready!

It only takes $1 to open this interest-bearing account. Plus it offers all the benefits of eStatements, ATM access, Online Banking and Express Phone Banking that allow you to manage your account 24-hours, 7 days a week!

Avoid a monthly fee by maintaining a minimum balance in your account and limit your withdrawals as an excessive withdrawal fee will be assessed if you exceed three (3) transfers or withdrawals per month .

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Money Market

Investor's Money Market CD*

• Make unlimited deposits
• Access to funds every 3 months
• $50,000 minimum deposit required to open account
• Rate is variable and may change after the account is opened.

* A penalty may be imposed for early withdrawal.

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Investor’s Money Market **

This account is a high-yield, short-term investment. FDIC-insured with complete liquidity. Lock in high earnings, easy fund access with NO penalties. An MCT Investor’s Money Market account is perfect for individuals, non-profit organizations and municipalities who need access to the significant balance they keep in their account.

The more you deposit, the more you’ll earn. Interest is accrued daily on four competitive tiers based on your daily balance, and credited monthly.

Make unlimited withdrawals by check, at teller windows and MCT ATMs with no early withdrawal penalties. You can’t do that with a CD or other type of insured investment!

• FDIC insurance coverage.
• $5,000 minimum deposit to open account.
• Unlimited withdrawals at MCT teller windows and ATMs.
• E-statements simplify money management
• Write as many checks as you want per month ($500 minimum per check).
• Interest accrues daily and is credited monthly.
• NO yearly maintenance, management or commission fees.
• Four competitive interest-earning tiers based on the daily balance.
• Convenient monthly statement itemizes all transactions and interest earned.

**Avoid a monthly fee by maintaining a minimum balance in your account.

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Certificates of Deposit

Safety plus a solid rate of return makes MCT’s Certificate of Deposit one of the safest investments around.

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We offer three products to meet your specific needs:

Individual Retirement Accounts

Traditional Individual Retirement Account (IRA)/Certificate of Deposit

FDIC-insured, tax-deferred interest retirement savings plan.

Contributions are made on a pre-tax basis, lowering your liability at tax time. You only pay taxes on amounts you withdraw or use as retirement income when your tax bracket is typically lower.

• Minimum to open is $100.00.
• You can make a minimum deposit of $50.00 anytime during the taxable year.
• Available terms are 1, 2, 3, 4 and 5 year. We also offer a 3-1/2 year Step-Up IRA; at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term. Other terms may be available.
• You will receive an annual status report every January, with a renewal notice at maturity.

Penalties/Restrictions:

• No IRS or bank penalties assessed on withdrawals made after age 59-1/2, disability, death, and certain circumstances as allowed by law. These include certain health insurance premiums, deductible medical expenses, or first time home buyer.
• An IRS penalty of 10% is assessed on withdrawals made by persons under the age of 59-1/2, as well as a bank penalty of three months interest for 1 year CDs and six months interest for CDs over 1 year.
• No bank penalty is assessed on withdrawals at certificate maturity or within the 20-day grace period. An IRS penalty of 10% still applies to withdrawals made by a person under age 59-1/2.

Consult your tax advisor for tax implications specific to your individual situation. Please refer to IRA documents for additional terms and conditions.

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Roth Individual Retirement Account (IRA)/Certificate of Deposit

A flexible retirement vehicle for those who expect to be in a higher tax bracket when they retire. Contributions are considered taxable income, so you won’t face that liability when you withdraw funds.

• Certain income limits apply to be eligible for this account.
• Open with a minimum deposit of $100.00 and make minimum deposits of $50.00 anytime during the taxable year.
• Available terms are 1, 2, 3, 4 and 5 year. We also offer a 3-1/2 year Step-Up IRA; at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term. Other terms may be available.
• You will receive an annual status report every January, with a renewal notice at maturity.

Penalties/Restrictions:

• No IRS or bank penalties assessed on qualified withdrawals made after the age of 59-1/2, permanent disability, first-time home purchase, or in the event of your death.
• The 10% IRS penalty is also waived for certain other distributions. Taxes will be applied to any earnings. These situations may include:
  
  • Substantially equal periodic payments
  • Medical expenses in excess of 7.5% of your adjusted gross income (AGI)
  • Health care insurance if you’ve been receiving unemployment compensation for at least 12 weeks
  • Qualified higher education expenses

Distributions taken for any reason other than those listed above are subject to both taxes and a 10% IRS penalty on any earnings withdrawn. No bank penalty is assessed on withdrawals at certificate maturity or within the 20-day grace period.

Consult your tax advisor for tax implications specific to your individual situation. Please refer to IRA documents for additional terms and conditions.

Coverdell Education Savings Account (IRA)/Certificate of Deposit

Plan ahead for a child’s higher education expenses!

This non-deductible account features tax-free withdrawals for only one purpose – a child’s higher education expenses. It’s available to any person wishing to set up an account for the benefit of a child.

• Certain income limits apply for account eligibility.
• Contribute as long as you like – even above the age of 70-1/2 or if you no longer have earned income.
• Open this account with only $100.00 and make minimum deposits of $50.00 anytime during the taxable year.
• Available terms are 1, 2, 3, 4 and 5 year. We also offer a 3-1/2 year Step-Up IRA; at your discretion you may change the interest rate on the account by stepping-up to a higher interest rate 1 time during the certificate’s 3 ½ year term. Other terms may be available.
• You will receive an annual status report every January, with a renewal notice at maturity.

Penalties/Restrictions:

• Make contributions on behalf of the child until the day of their 18th birthday
• Total aggregate contribution into one or more Education IRAs on behalf of a child cannot exceed $2,000 for the taxable year
• Your allowable contribution is based on your modified adjusted gross income (MAGI)
• Taxes plus a 10% penalty is assessed for non qualified distributions

Consult your tax advisor for tax implications specific to your individual situation. Please refer to IRA documents for additional terms and conditions.