PERKS Checking
Loaded with perks
This checking account offers unmatched benefits to help you maximize your money.
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Overview
The ultimate checking experience
Enjoy benefits that go beyond traditional checking accounts!
PERKS Checking is the path to a more rewarding and fulfilling experience, ensuring that your money works harder for you while providing exclusive benefits that go beyond traditional checking accounts.
More perks just for you
The earnings don’t have to stop at your checking account!
PERKS Savings allows you to continue earning on balances over $10,000.00*, an essential when you want your money to earn the most!
- Earn 5.00% APY on balances up to $10,000*
- Receive access to thousands of free ATMs nationwide
- Manage your account with convenient online banking and mobile banking
- Free bill pay and eStatements
- Free early ACH deposits
- Add a PERKS Savings account to earn 0.55% APY on balances over $10,000*
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Rates
Rates
PERKS Checking Rates
Account Minimum Daily Balance Required to Earn Dividends Dividend Rate APY PERKS Checking $0.01-$10,000.00 4.890% 5.00% PERKS Checking $10,000.00 or more 0.010% 0.01-5.00% PERKS Checking If minimum requirements are not met 0.010% 0.01% To earn your rewards, simply do the following activities and transactions in your PERKS Checking account each monthly qualification cycle:
- Have at least 15 debit card purchases post and settle
- Have cumulative ACH Deposits of $500
- Be enrolled in and agree to receive eStatementsTo earn more, open a PERKS Savings account. APY = Annual Percentage Yield
PERKS Savings Rates
Account Minimum Daily Balance Required to Earn Dividends Dividend Rate APY PERKS Savings $0.01-$9,999.99 0.010% 0.01% PERKS Savings $10,000.00-$100,000.00 0.549% 0.55% PERKS Savings $100,000.01 or more 0.010% 0.01 - 0.55% PERKS Savings If minimum requirements are not met 0.010% 0.01% To open a PERKS Savings account, you must first open a PERKS Checking account.
Personalized Financial Counseling
Gain access to Magnolia Federal Credit Union's financial counselors who will assist you in developing strategies tailored to meet your individual needs. Connect with one of our financial counselors today to learn how to reach financial goals, manage debt, and so much more!
*To earn the qualifying rate of 5.00% APY for the qualifying cycle, the PERKS Checking account must satisfy the following requirements: 1) a minimum of 15 debit card transactions post and clear to the account; 2) monthly statement must be delivered electronically; and 3) cumulative ACH deposits of $500 or more. Transactions may take one or more banking days from the date that the transaction was made to post to the account. Transactions that have been initiated, but not posted as of the last day of the cycle, will not count as a qualifying transaction for that cycle. Pending transactions will count towards the following cycle when they have posted to the account. A PERKS Savings account must be linked to the PERKS Checking account. For the PERKS Savings account to earn the qualifying rate for that cycle, the linked PERKS Checking account must satisfy the qualifying requirements for the same monthly qualification cycle. If PERKS Checking account does not meet qualifying requirements, the PERKS Savings account will earn the nonqualifying rate for that cycle. For PERKS accounts, the qualifying cycle is defined as a calendar month (example: March 1 – March 31). One PERKS Checking and one PERKS Savings account allowed per primary member’s social security number. No commercial accounts may participate in this program. PERKS Savings accounts with balances below $10,000 receive a monthly dividend of 0.01% APY. PERKS Savings accounts with balances of $10,000 up to $100,000 receive a monthly dividend of 0.55% APY and 0.01% APY on the portion of the balance over $100,000. PERKS Checking accounts receive a dividend of 5.00% APY on balances up to $10,000 and 0.01% APY on the portion of the balance over $10,000. The nonqualifying rate for PERKS Checking and Savings accounts is 0.01% APY on all balances.