Mid American offers savings accounts for every purpose. There's no monthly service fee whenever a minimum balance of just $100 is maintained in any combination of deposit accounts (Preferred Youth accounts don’t have a monthly fee and no minimum balance is required). Dividends are calculated daily and are paid quarterly, except where noted otherwise.
To apply for any savings account, simply fill out the Membership Application.
If you work for one of Mid American's employee groups, you may use payroll deduction to make automatic deposits into your account, or another family member's account. You can also make automatic transfers into most savings accounts from another account.
Basic Membership Savings
As a member with a Basic Savings account, you can use it for any purpose you have in mind. This account offers three free withdrawals per month. Nationwide ATM access is available on this account and this account can be used for Overdraft Protection.
Plan ahead for holiday expenses with a Christmas Savings account. Start your account at anytime, and then make penalty-free withdrawals from October 1 to December 31. ATM access is not available on this account and it cannot be used for Overdraft Protection.
Payroll Plus Savings
This exclusive savings plan is designed to encourage consistent, longer term savings through payroll deduction, for members who work at a Mid American payroll group or have direct deposit of their Social Security checks. A maintained minimum balance of $500 earns one of Mid American's highest dividend rates. This is a restricted access account, with one free withdrawal monthly. Non-payroll deduction deposits up to $500 may be made only during the first 90 days the account is open. ATM access is not available on this account and it cannot be used for Overdraft Protection.
Regular deposits to a Vacation Savings account can help you prepare for a special getaway. This account offers three free withdrawals per month. ATM access is not available on this account, but it can be used for Overdraft Protection.
Preferred Youth Savings
Children and young adults through age 24 can take advantage of this special, no-fee savings account designed to meet their needs. ATM access is not available on this account and it cannot be used for Overdraft Protection. Members ages 5 to 13 will automatically be enrolled in Mid American's Young Savers Club that includes a free birthday gift and entry into monthly prize contests with entries based on deposits.
Money Market Account
The Money Market account gives you a unique combination of benefits. It pays a higher yield than the Basic Membership Savings account and keeps your money liquid with three free withdrawals per month. Or you can order checks to access your Money Market account and can write up to three checks per month. Only $1000 is required to open and maintain your Money Market account, and a monthly service fee of $5.00 will be charged if your account balance falls below $1000. Dividends on the Money Market account are calculated daily as on other savings accounts, but are paid monthly. ATM access is not available on this account, but it can be used for Overdraft Protection.
The IRA Savings account offers a great alternative for you if you are ready to start an IRA, but don't have the funds for a certificate. It pays a higher yield than a Basic Membership Savings account and can be either a Traditional or Roth IRA. You may deposit any amount at any time into this account. ATM access is not available on this account and it cannot be used for Overdraft Protection.
Coverdell Educational Savings Accounts
The Coverdell Educational Savings Account gives you the ability to save for a child's (or children's) education, without opening a certificate. You may deposit any amount at any time into this account.