I’ll be focusing on the Mayo Credit Union here. We’ll go through a little bit of background on them, who’s eligible, and what they can offer you.
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If you didn’t guess from the name, this credit union is a little bit more exclusive than, say, somewhere like Affinity Plus or Trustone Financial. In order to be a member, you do need to either be a current or retired Mayo employee, volunteer at a Mayo-affiliate entity, student of Mayo clinic, or a relative of a current MEFCU account holder.
It was started way back in 1933 by a group of Mayo Clinic business office employees. They both wanted to create a financial lending institution for other employees and provide member services + education.
The Mayo Credit Union boasts over 67,600 member-owners today and they also have assets in excess of $1.37 billion, according to their site. If you qualify for membership, here’s what they offer.
Your options here are pretty wide-ranging. You can pick from savings accounts, checking, Visa cards, IRAs/Money Market, and business accounts.
If you’re planning for the future, consider their loan and mortgage options at Mayo Credit Union. Those range from home mortgages, vehicle loans, personal loans, home equity, education, and business loans. In addition to those, they also have an investment team that can provide you various services around that area.
Let’s dig a bit more into their personal account offerings.
Mayo Credit Union Checking Accounts
While many credit unions have a few different types of checking accounts, Mayo keeps things simple with one. They offer an interest-bearing, monthly fee-free checking account that comes with a few different features.
At the time of this writing, the annual percentage yield was .05% on the checking account. They tout its truly free nature, being free from the fees or minimum balance requirements.
It also comes with Zelle for transferring money, free bill pay, mobile deposit, free mobile app, digital wallet options, and person-to-person transfers. You can also get set up with a couple different options for protecting yourself against declined transactions.
You can have something they call Overdraft Protection, which is a personal line of credit that they link to your checking account. If/when you run into a situation where you don’t have enough funds in your account, that will kick in to cover your transaction.
There’s also a way for you to cover payments with your savings account (if it’s with them) in cases of non-sufficient funds with your checking account. If neither of those sound good, you have a third option in the Mayo Credit Union program Courtesy Pay. That may be able to cover your purchase or ATM transaction even if you don’t have the funds.
Mayo Credit Union Savings Options
They have a few different options to choose from when it comes to savings accounts. The minimum balance you would need to keep is $5, which should be pretty doable. There are a couple really good looking benefits with these that make me want to start looking at various ways I could qualify for the Mayo Credit Union (like volunteering at the closest clinic or affiliate of theirs).
First, all of their accounts have deposit insurance up to $425,000. Normally, a credit union account would only be insured up to $250,000 by the National Credit Union Administration. They work with a private insurer to add $175,000 of insurance.
Current annual percentage yield rates for savings (as of this writing) are .15% APY, .10% APY on WINcentive savings, and .35% APY on health savings accounts.
Each month, they offer what they call “WINcentive Savings,” which rewards you every time your savings account balance increases by $25. Each time you increase it by that much, you get entered to win prize money. There are up to 4 entries allowed per month. There are a handful of smaller prizes and two grand prizes of $5,000 each.
I really like that they have a system to incentivize people to save their money. I wish I saw that with more credit unions.
Other Savings Options
Mayo Credit Union also offers other savings account options. If you’re enrolled in a high-deductible health care plan, they offer HSA (health savings accounts) options. Those can help you save for qualified medical expenses using pre-tax dollars.
Mayo Credit Union – Final Thoughts
If you have the right connections, then you should consider using this credit union. They have competitive dividends, unique incentives, and the other standard benefits that most others do. That includes things like online banking and a mobile app.
Realistically, I’m not sure if the average person needs all the extra insurance. Unless I won the lottery, I know I’d be safe with the $250k standard deposit insurance. However, it’s still nice to have the extra cushioning just in case you do carry a high balance that exceeds the 250. I could see a lot of doctors benefiting from it (after they finally pay their student loans off).
*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.
*This site is not affiliated with the Credit Union mentioned in this article.