Michigan First Credit Union
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Earn 10.00% APY on your savings

Grab our very best rate yet on SavingsPlus balances up to $5,000
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Savings Account

Accounts designed to get you one step closer to your goals.
Competitive dividends
Keep your money accessible
Save for what matters

A simple way to start saving.

Whether you’re building an emergency fund, saving for something special, or simply trying to put more money aside, a Michigan First Savings Account gives you a convenient place to start.

The account earns dividends on eligible balances and includes access through online and mobile banking, more than 30,000 surcharge-free ATMs nationwide, and 24/7 member support through 365 Live. A $10 minimum opening deposit is currently required.

Make saving part of your routine

Small, consistent deposits can add up over time. Use your savings account for goals such as:

  • Building an emergency fund
  • Planning for a vacation
  • Saving for a major purchase
  • Preparing for annual expenses
  • Setting money aside for something unexpected

You can also use eligible savings funds to provide overdraft coverage for your Michigan First checking account. 

Manage your savings your way

Check balances, transfer money, monitor account activity, and manage your finances through Michigan First Online Banking and the Mobile App.

Savings account rates

Your dividend rate may vary based on your account balance. Review current APYs and dividend rates before opening your account.

SavingsPlus Account

Earn higher dividends when you make Michigan First your everyday banking home. SavingsPlus rewards members who meet qualifying banking requirements with higher dividend rates on eligible savings balances.

Put your everyday banking to work

SavingsPlus is designed for members who want to earn more on their savings while using Michigan First for their everyday banking.

When you meet the account’s qualifying requirements, eligible SavingsPlus balances earn enhanced dividend rates. If you do not meet the monthly requirements, your account can still earn the applicable standard SavingsPlus dividend rate.

SavingsPlus Account dividends

Effective Date: 7/1/2026
APY1
Dividend Rate3
Daily Balance
10.47% 10.00% $1 to $4,999
2.27% 2.25% $5,000 to $99,999
3.04% 3.00% $100,000+

How to qualify for bonus dividends

To qualify for SavingsPlus bonus dividends, current requirements include:

  • Receive statements electronically
  • Maintain a Michigan First Premier Checking Account
  • Make no more than two qualifying in-person and/or mail-in transactions per month
  • Receive at least $400 in direct deposits into any Michigan First account
  • Complete at least 10 qualifying Michigan First debit-card purchases each month

Qualifying debit-card transactions must post during the applicable month.

More than a higher savings rate

SavingsPlus also gives you access to everyday Michigan First banking features, including:

  • Online and mobile banking
  • Mastercard® debit/ATM card access
  • More than 30,000 surcharge-free ATMs nationwide
  • Electronic statements
  • Bill Pay with an eligible savings relationship
  • 24/7 support through 365 Live

Health Savings Accounts

A Health Savings Account, or HSA, is a tax-advantaged account that allows eligible individuals to set aside money for qualified health care expenses.

HSAs are generally available to individuals enrolled in an HSA-eligible high-deductible health plan and meeting applicable IRS eligibility requirements. Michigan First HSA funds can be used for a variety of eligible medical, dental, vision, and prescription expenses. 

How an HSA can help

An HSA can give you another way to prepare for both routine and unexpected health care expenses.

Depending on your eligibility and tax situation:

  • Contributions may be tax deductible or made on a pre-tax basis
  • Earnings may grow tax free
  • Withdrawals used for qualified medical expenses are generally tax free
  • Unused funds remain in your account from year to year 

Annual HSA contribution limits and eligibility requirements are established by the IRS and may change from year to year. 

What can HSA funds be used for?

Eligible expenses may include qualifying:

  • Medical care
  • Dental care
  • Vision care
  • Prescription medications
  • Other qualified health care expenses

Tax rules and eligible expenses can change, so consult current IRS guidance or a qualified tax professional if you have questions about a particular expense.

Save for today—and tomorrow

Unlike accounts that require you to use funds within a particular year, unused HSA funds can generally remain in your account and carry forward for future qualified health care expenses. 

That can make an HSA useful for current medical costs as well as longer-term health care planning.

Ready to get started?

Open your account today and take the next step with Michigan First.

At Michigan First, we go the extra mile for our members by making sure your money is protected. Deposits at Michigan First Credit Union are federally insured up to $250,000 by the National Credit Union Administration (NCUA). To further protect your deposits, Michigan First provides additional coverage through Excess Share Insurance (ESI), creating a combination of federal and private share deposit insurance that protects your deposits for a total of $500,000 - including savings accounts, checking accounts, money market accounts, and certificate accounts.

This combination of NCUA and ESI coverage ensures that: 

  • All individual savings, checking and certificate accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
  • All joint accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
  • All IRA accounts held by the same person are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.

Frequently asked questions

View All FAQs

Michigan First offers savings options for different goals and stages of life, including a traditional Michigan First Savings Account, SavingsPlus, Money Market accounts, Certificates, IRAs, and savings accounts for children and teens. Features, dividend rates, balance requirements, and access to funds vary by account.

Both savings and money market accounts can help your money grow while keeping it accessible. A traditional savings account generally has a lower opening deposit and is suited to everyday saving, while a money market account may offer higher, tiered dividend rates based on your balance. Michigan First Money Market Accounts also provide access to funds through digital banking, branches, ATMs, and a debit card.

Yes. Michigan First offers SavingsPlus, a high-yield Savings account that allows qualifying members to earn bonus dividends based on their balance. To qualify for the higher dividend rate, members must meet monthly account activity and relationship requirements. View current checking and savings rates for current APYs.

A savings account provides flexible access to your money and allows you to make additional deposits over time. A certificate account, sometimes called a certificate of deposit or CD, holds your money for a set term and typically provides a fixed dividend rate in return. Withdrawing money from a certificate before it matures may result in an early-withdrawal penalty.

Michigan First deposits are federally insured by the National Credit Union Administration (NCUA) for up to $250,000 and privately insured by Excess Share Insurance for up to an additional $250,000. Together, this provides up to $500,000 in coverage for qualifying deposits based on account ownership category. Coverage applies to eligible checking, savings, money market, and certificate accounts.

Yes. Michigan First offers two options that may help cover transactions when your checking account does not have enough available funds. Overdraft Transfer Service transfers available money from a linked savings account, while MoneyNow is an overdraft line of credit available to qualifying members. Fees and eligibility requirements may apply.

Yes. Michigan First members can use Online Banking and the Michigan First Mobile App to view balances and transactions, transfer money, pay bills, deposit checks, access statements, create account alerts, and manage eligible debit and credit cards. The mobile app is available for Apple and Android devices.

Yes. Eligible members can use Mobile Check Deposit to deposit personal checks and paychecks using the camera on an Apple or Android device. Follow the instructions in the Michigan First Mobile App and retain the original check until you confirm that the deposit has been accepted.

Yes. Zelle® is available through the Michigan First Mobile App and Online Banking. Eligible members can use it to send or receive money with people they know and trust using an email address or U.S. mobile number.

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*Minimum opening deposit of $10 required. An account aggregate balance of $100 required after the first three months of membership to avoid a monthly minimum balance fee. View our fee schedule.

** Both ESI and NCUA offer coverage payable upon failure and liquidation of the credit union. In order to continue providing the expanded protection, Michigan First adheres to strict underwriting criteria and reports monthly to ESI. If you have questions regarding this valuable member benefit, please call 800.664.3828.

1 APY = Annual Percentage Yield. Minimum balances listed is to open an account and to earn the advertised APY. All dividends and APYs are accurate as of today, and subject to change at any time. Fees may reduce earnings on accounts. A penalty will be imposed for early withdrawal from Certificate Accounts. For current dividends, please contact us.

2 Minimum balance for Regular Savings Account is $10.00.

3 In order to qualify for the SavingsPlus dividend you must fulfill all the conditions below:
(a) To qualify for bonus dividends, statements must be received electronically. 
(b) Maintain a Michigan First Premier Checking Account. 
(c) Perform no more than 2 “in-person” and/or “mail-in” transactions a month. 
(d) Maintain a minimum of $400 deposited through Direct Deposit in any Michigan First account.
(e) Use your Michigan First Debit Card 10 or more times a month for signature based purchases (transactions made online and over the phone as well as those for which you choose credit and sign the receipt are considered signature-based transactions). Debit transactions have to post within the month authorized in order to qualify for the SavingsPlus dividends. If you do not meet these conditions, you will receive the dividend shown under “Savings Plus (without bonus dividends)”