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Certificates

Type of Investment

Terms

Minimum
Tax-Favored Ownership Available

Regular Certificate

6 months -
5 years

$1000

Yes Traditional, Roth, HSA & SEP

Market Index Certificate

3 years, 5 years

$500

Yes Traditional or Roth IRAs

Coverdell Educational Savings Account

1 year



6 months -
5 years

$100
(can add at any time,
$50 minimum)

$500

N/A

PayDay Certificate

1 year

$100
(with automatic deposits at paydays, $10 minimum)

Yes Traditional or Roth IRAs

 

Preferred Youth Certificate

1 year
$100
(can add at any time, $50 minimum)
No

(Traditional IRA Savings, Roth IRA Savings, Coverdell Educational Savings, Simplified Employee Pension and Health Savings Accounts are available for members who wish to start tax-favored accounts with lower initial deposits than listed above. See our Savings Account page for more information.)


Regular Certificates

A regular certificate starts with a $1000 minimum investment, with a wide range of terms, from six months to five years. Regular certificates may also be held in Traditional or Roth IRA, SEP, HSA and Coverdell Educational Savings investments. There is a penalty for early withdrawal.

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Market Index Certificates

The Market Index Certificate offers returns based on the S&P 500 Average in three or five year terms. With the Market Index Certificate, you enjoy the potentially high returns of the stock market with the safety of an insured certificate. If the S&P does not appreciate or falls in value during the term of your Market Index Certificate, you will earn a guaranteed dividend. There are no fees or other charges—only upside to a Market Index Certificate. Also available for Traditional or Roth IRAs.

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PayDay Certificate

The PayDay Certificate lets members enjoy certificate earnings with an opening deposit of just $100 on a one year certificate. Then automatic transfers, timed to the individual's payday, are set up to increase the certificate amount ($10 minimum transfer monthly). There is a penalty for early withdrawal.

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Preferred Youth Certificate

Help a young person (through age 24) prepare for the future with a Preferred Youth Certificate, for just a $100 opening deposit. Then make deposits of $50 or more into the certificate at any time. This one year certificate earns the regular one year certificate rate. The Preferred Youth Certificate is not available for IRA ownership. There is a penalty for early withdrawal.

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Coverdell Educational Savings Account (CESA)

There are two types of educational accounts to meet different member needs. The one year educational certificate has a low opening deposit of just $100, and additions of $50 or more are allowed at any time, up to the $2,000 annual limit. Terms of 6 months, 18 months, 24 months, 36 months, 48 months and 60 months are available with a minimum deposit of $500. See Coverdell Educational Savings Account for more information about eligibility and contribution limits.

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More Information

Whatever your certificate or tax-favored needs, Mid American can help you meet them. Please contact Financial Services, (316) 722-3921, ext. 202.

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Mid American Credit Union8404 West Kellogg DriveWichita, KS 67209316.722.3921Fax 316.722.0920Privacy Policy