FAQs

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.

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.

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.

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.

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.

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.