CDs (Certificates of Deposit)
Term | Minimum Balance to Open | Minimum Balance to Obtain APY | Annual Percentage Yield (APY) | Rate |
|---|---|---|---|---|
91-day - Open Account | $1,000 | $1,000 | 1.00% | 1.00% |
182-day - Open Account | $1,000 | $1,000 | 1.50% | 1.49% |
9-Month- Open Account | $2,500 | $2,500 | 4.00% | 3.98% |
| 12-month** - Open Account | $1,000 | $1,000 | 2.50% | 2.47% |
15 month - Open Account | $2,500 | $2,500 | 4.00% | 3.93% |
| 18-month - Open Account | $2,500 | $2,500 | 2.50% | 2.47% |
| 24-month - Open Account | $2,500 | $2,500 | 2.50% | 2.47% |
| 36-month - Open Account | $2,500 | $2,500 | 3.00% | 2.96% |
| 48-month - Open Account | $2,500 | $2,500 | 3.25% | 3.20% |
| 60-month - Open Account | $2,500 | $2,500 | 3.50% | 3.45% |
| 120-month - Open Account | $2,500 | $2,500 | 4.00% | 3.93% |
Penalty for early withdrawal from CDs. Fees may reduce earnings.
Early withdrawals from CDs are subject to the following penalties:
Maturities of less than 12 months, loss of 3 months interest.
Maturities of 12-35 months, loss of 9 months interest.
Maturities of 36 – 60 months, loss of 12 months interest.
Maturities of 120 months, loss of 24 months interest
**12 Month IRA CD – customers can add funds anytime
IRAs
| Term | Minimum Balance to Open | Minimum Balance to Obtain APY | Annual Percentage Yield (APY) | Rate |
|---|---|---|---|---|
| 182-day | $500 | $500 | 1.50% | 1.49% |
| 9-month* | $500 | $500 | 4.00% | 3.98% |
| 12-month** | $100 | $100 | 2.50% | 2.47% |
| 15-month | $500 | $500 | 4.00% | 3.93% |
| 18-month | $500 | $500 | 2.50% | 2.47% |
| 24-month | $500 | $500 | 2.50% | 2.47% |
| 36-month | $500 | $500 | 3.00% | 2.96% |
| 48-month | $500 | $500 | 3.25% | 3.20% |
| 60-month | $500 | $500 | 3.50% | 3.45% |
* New Money Only.
**12 Month IRA CD – customers can add funds anytime
Penalty for early withdrawal from CDs. Fees may reduce earnings.
Early withdrawals from IRAs are subject to the following penalties:
Maturities of less than 12 months, loss of 3 months interest.
Maturities of 12-35 months, loss of 9 months interest.
Maturities of 36 months & over, loss of 12 months interest.
Money Market Accounts
| Product | Minimum Balance to Open | Minimum Balance to Obtain APY | Annual Percentage Yield (APY)* | Rate |
|---|---|---|---|---|
| Advantage Money Market | $10,000 | $100,000 | 1.50% | 1.49% |
| $10,000 - $99,999.99 | 0.50% | 0.50% | ||
| $0 - $9,999.99 | 0.05% | 0.05% | ||
| Business Premium Money Market Plus | $10,000 | $100,000 | 2.25% | 2.23% |
| $10,000-$99,999.99 | 0.75% | 0.75% | ||
| $0-$9,999.99 | 0.10% | 0.10% |
*APY (Annual Percentage Yield) Compounding and crediting: Interest is compounded monthly and credited monthly. If you close your money market account before interest is credited you will
receive the accrued interest. Balance computation method: Daily balance method interest begins to accrue on day of deposit. Your interest rate and APY are subject to change at anytime
without notice. Fees may reduce earnings.
Savings Accounts
| Product | Minimum Balance to Open | Minimum Balance to Obtain APY | Annual Percentage Yield (APY)* | Rate |
|---|---|---|---|---|
| Statement Savings - Open Account | $100 | $100 | 0.50% | 0.50% |
*APY (Annual Percentage Yield) Compounding and crediting: Interest is compounded monthly and credited monthly. If you close your savings account before interest is credited you will receive the accrued interest. Balance computation method: Daily balance method interest begins to accrue on day of deposit. Your interest rate and APY are subject to change at anytime without notice. Fees may reduce earnings.
Checking Accounts
| Product | Minimum Balance to Open | Minimum Balance to Obtain APY | Annual Percentage Yield (APY)* | Rates |
|---|---|---|---|---|
| Magyar Interest Checking | $100 | $10,000+ | 0.10% | 0.10% |
| $1,000 - $9,999.99 | 0.05% | 0.05% | ||
| Premium Checking | $100 | $50,000+ | 1.00% | 1.00% |
| $10,000 - $49,999.99 | 0.50% | 0.50% | ||
| $0 - $9,999.99 | 0.05% | 0.05% | ||
| Non-Profit Checking with Interest | $100 | $1,000 | 0.15% | 0.15% |
| Sole Proprietary | $100 | $1,000 | 0.05% | 0.05% |
*APY (Annual Percentage Yield) Compounding and crediting: Interest is compounded monthly and credited monthly. If you close your checking account before interest is credited you will not receive the accrued interest. Balance computation method: Daily balance method interest begins to accrue on day of deposit. Your interest rate and APY are subject to change at any time without notice. Fees may reduce earnings.
Visit any Magyar Bank location, call 1-888-990-BANK or complete our contact form for more information and to open your account.