Review
Updated
Fact Checked
Nathan Alderman
Municipal Credit Union is a popular place for New York State employees and their family members to park their cash. It offers an impressive selection of banking products, including savings accounts, checking accounts, and certificates of deposit (CDs). Read our full Municipal Credit Union review below to learn if it's a good fit for you.
Municipal Credit Union
Rating image, 2.00 out of 5 stars.
2.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Municipal Credit Union won't be an option for most people, but New Yorkers who meet its eligibility requirements should give it a closer look if they prefer to bank all in one place. The credit union has an impressive array of banking and loan products, though its rates are more in line with other brick-and-mortar institutions than what you'll find with online banks.
Pros
- Wide array of banking products
- Competitive rates on CDs
Cons
- Not open to everyone
- Low savings account APYs
Municipal Credit Union eligibility requirements
You may enroll in Municipal Credit Union if you meet any of the following criteria:
- You're an employee of the City of New York.
- You're an employee of a hospital, nursing home, health facility, or their affiliates located in New York State.
- You're a federal employee who works in one of New York City's five boroughs.
- You're a state employee who works in one of New York City's five boroughs.
- You're a student enrolled in the City University of New York (CUNY) education system.
- You're a student enrolled in St. John's University attending campuses located in New York State.
- You're an employee working for agencies operating within the City of New York metropolitan area that are at least partially funded by the City of New York or the State of New York.
- You're a retiree receiving a pension or annuity from one of the organizations listed here that qualifies for Municipal Credit Union membership.
- You're an employee of an insurance company offering health-related insurance in New York State.
- You're an employee of a company that produces or supplies hospitals in New York State with healthcare products.
- You're an employee of the City of Yonkers or Mount Vernon.
- You're an employee of a private college located in the City of New York.
- You're an employee of a public or private college in Nassau, Suffolk, or Westchester counties.
- You're an employee of the Archdiocese of New York or Brooklyn.
- You're an employer of certain private groups or a member of certain industry groups.
- You're related by blood, marriage, or adoption to someone who is eligible for Municipal Credit Union membership or you live in the same household as someone eligible for membership.
If you're not sure whether you meet any of the above criteria, you can always reach out to Municipal Credit Union to ask. Eligible members may apply to join the credit union online or at one of its branch locations.
Municipal Credit Union savings accounts review
Municipal Credit Union offers four types of savings accounts, which are outlined below.
Hero Savings Account
The Hero Savings Account is Municipal Credit Union's best option for most people. The account has no minimum opening deposit and comes with a debit card you can use to access your cash directly. It has a tiered annual percentage yield (APY) system that rewards those who keep more in their accounts with higher rates. However, even its highest tier is below the national average.
Smart Apple Savers account
The Smart Apple Savers account is geared toward children between the ages of 0 and 21. This account also has no minimum deposit and offers the same interest rate as the highest tier on the Hero Savings Account.
Future Investors account
This account is similar to the Smart Apple Savers account, except it's only for kids ages 13 to 21. Unlike the Smart Apple Savers account, this account comes with ATM access for withdrawing cash as needed.
Club accounts
Those saving up for a vacation or holiday expenses can open a club savings account with Municipal Credit Union. Each of these has a one-year term, and you can transfer funds to and from your Hero Savings Account or your Everyday Hero checking account as needed. You're allowed one penalty-free early withdrawal. Beyond that, you'll need to close the account to access funds early. The interest rates offered are comparable to the other savings accounts listed here.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Municipal Credit Union CD accounts
Municipal Credit Union offers two types of certificates of deposit (CDs), which credit unions refer to as share certificates.
Fixed Rate share certificates
Fixed Rate share certificates have a $500 minimum deposit requirement and give you a choice of terms of 6, 12, 24, or 36 months. There's also a 15-month share certificate that requires a minimum balance of just $5 over the 15 months. Rates on these are much more competitive than what the credit union's savings accounts offer and above the national average for comparable CDs. They could be a better option for customers who don't need to access their cash right away.
Fixed Rate Plus share certificate
The Fixed Rate Plus share certificate has an 18-month term and a minimum deposit of just $250. In addition, it allows you to make extra deposits throughout the share certificate term. Its rates are a little lower than what you'll find with the Fixed Rate share certificates, but they're still much better than what the credit union's savings accounts offer.
Compare CD rates
It never hurts to compare CD rates from a few banks and credit unions before deciding which is right for you. Here are a few other options to consider.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
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| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Municipal Credit Union checking accounts review
Municipal Credit Union members have their choice between two checking accounts.
Everyday Hero account
The Everyday Hero account is only open to those who also have a Hero Savings Account through the credit union. It has no minimum deposit and gives you easy access to your cash through online and mobile banking tools and a debit card. This account does not earn interest.
Basic Share Draft account
The Basic Share Draft account also requires a Hero Savings Account. It includes a debit card as well as online and mobile banking services.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
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Municipal Credit Union customer service and experience
Municipal Credit Union has an A- rating from the Better Business Bureau. This suggests the company is prompt about addressing customer complaints as they arise.
Customer service is available Monday through Friday from 7 a.m. to 7 p.m., Saturday from 9 a.m. to 2 p.m., and closed on Sundays. Some customers complain about long call wait times and limited weekend availability in online reviews.
But beyond this, it's difficult to gauge how its customer service stacks up to its competitors. Its small size and exclusive membership means it hasn't been featured in any large-scale customer satisfaction surveys.
Municipal Credit Union relationship benefits
Municipal Credit Union doesn't offer any relationship benefits, like higher APYs on savings products or lower interest rates on loans to customers. However, customers may need to open certain Municipal Credit Union accounts, like a Hero Savings Account, in order to gain access to some of its other accounts, like the Everyday Hero checking account.
Alternatives to Municipal Credit Union
It never hurts to explore other banks and credit unions before deciding where to place your money. Here are a couple options worth adding to your list.
Discover® Bank
Discover® Bank is best known for its credit cards, but it also offers a variety of banking products, including checking accounts, savings accounts, and certificates of deposit. Its rates are generally more competitive than what you'll find with Municipal Credit Union. And there are no eligibility requirements to join, so anyone can open an account with Discover® Bank.
Ally Bank
One area where Municipal Credit Union shines is its CD rates. But Ally Bank is a great choice if you want the most competitive CD rates, plus its terms range from three months to five years. A potential downside is that it's an online-only bank, so it's not a good choice if you prefer in-person banking.
Is Municipal Credit Union right for you?
Municipal Credit Union could be a good choice for you if:
- You live or work in New York State and are eligible.
- You want to open a CD with a competitive rate.
- You're interested in doing all your banking in one place.
Other products by Municipal Credit Union
In addition to the bank accounts listed above, Municipal Credit Union also offers the following products:
Municipal Credit Union credit cards
Municipal Credit Union offers the following credit cards:
- MCU TRUE Rewards Cash Back VISA®
- MCU Platinum VISA®
- MCU2 VISA
- MCU Secured VISA®
Municipal Credit Union mortgages and home equity loans
You can obtain one of the following types of mortgage loans or home equity loans from Municipal Credit Union:
- Fixed- and adjustable-rate conventional
- Jumbo
- Fixed home equity loans
- Home equity lines of credit (HELOCs)
- Heroes Home Improvement Loan
- Multifamily, co-op, and condo loans
- Investment property loans
Municipal Credit Union personal loans
Municipal Credit Union offers personal loans ranging from $1,000 to $50,000 for members. It also offers Share Certificate Secured Loans, which enable you to borrow against the money you have in Municipal Credit Union's share certificates. For members seeking to establish credit, credit builder loans of $250 to $1,000 are an option.
Municipal Credit Union auto loans
Municipal Credit Union offers auto loans with no down payment for qualified borrowers. You can use the loan to purchase a new or used vehicle. You can also refinance car loans from other financial institutions but used vehicles must have less than 100,000 miles on the odometer.
Municipal Credit Union insurance
Municipal Credit Union offers the following types of insurance:
- Auto insurance
- Homeowners insurance
- Term life insurance
- Whole life insurance
- Accidental death and dismemberment insurance
Municipal Credit Union other banking products
In addition to the bank accounts listed above, Municipal Credit Union also offers the following:
- Money market accounts
- IRAs
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Municipal Credit Union offers personal loans of $1,000 to $50,000 that you can use for any purpose, including debt consolidation.
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Yes. Deposits are federally insured by the National Credit Union Administration (NCUA), which is similar to FDIC insurance but covers credit union deposits. As with FDIC insurance, you're covered for up to $250,000 per deposit, per financial institution, per ownership category.
Our Banking Experts
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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