Deposit Accounts

Personal Checking

Regular Checking

Purpose: To provide affordable checking services for all members of our community by offering free checking without a minimum balance or direct deposit requirements.
Target Market: Individuals, nonprofit organizations, small businesses (d/b/a accounts)
Minimum to Open: A deposit sufficient to cover the cost of check order up to $25.00
Minimum to Avoid Fees: None
Features: FDIC Insured up to $250,000 per depositor; no monthly maintenance fees, no per check charges; unlimited deposits and withdrawals at no charge; overdraft line of credit available to qualified credit; MasterCard ATM/Debit card; unlimited ATM withdrawals; 24-hour use at our ATM or any other ATM without a service charge by Medina Savings and Loan.
Service Charges (Fees): A $10.00/month inactivity fee is charged on accounts with no usage during the cycle month. This inactivity fee will be waived for an account that maintains a $500 balance.
Statement: Rendered Monthly; Easy Balances Summary (Numeric listing, Running balance, and Identification of missing checks). Check images are available as needed on request. Two images per month are free. Additional images will be provided at a cost of 50 cents each.
Other: Direct Deposit available; Telephone Banking available (1-866-735-8811).

NOW Checking

Purpose: To provide an interest bearing transaction account
Target Market: Individuals, nonprofit organizations, small businesses (d/b/a accounts)
Minimum to Open: $700.00
Minimum to Avoid Fees: $700.00
Features: FDIC Insured up to $250,000 per depositor; Interest compounded monthly; Interest credited to account monthly; unlimited deposits and withdrawals at no charge; overdraft line of credit available to qualified credit; MasterCard ATM/Debit card; unlimited ATM withdrawals
Service Charges (fees): $5.00 minimum balance fee will be imposed each month that the daily balance falls below $700.00 any day of the month.
Statement: Rendered Monthly; Easy Balance Summary (Numeric listing, Running balance, and Identification of missing checks); Check images are available as needed on request. Two images per month are free. Additional images will be provided at a cost of 50 cents each.
We may change the interest rate on your account at any time.
Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).

Millenium Money Market Checking

Purpose: To provide a high rate Money Market checking account whose rates compete with the various brokerage accounts but provides easier access (such as ATMs, cash withdrawals, MasterCard debit) for higher balance individuals.
Target Market: Individuals, nonprofit organizations, small businesses (d/b/a accounts)
Minimum to Open: $5,000.00
Minimum to Avoid Fees: $5,000 or a Fiserv Securities Brokerage Account that has direct debit/credit to this account.
Features: FDIC Insured up to $250,000 per depositor; Interest compounded monthly; Interest credited monthly; ATM/Debit card; unlimited check writing.
Service Charges (Fees): A monthly maintenance fee of $10.00 will be assessed if the balance falls below $5,000 any day of the statement cycle. This fee will be waived if you have a discount brokerage account through the U.S. clearing that settles by an ACH transaction through Medina Savings & Loan.
Statement: Rendered monthly; Easy balance summary (Numeric listing, running balance, and identification of missing checks). Check images are available as needed on request. Two images per month are free. Additional images will be provided at a cost of $0.50 each.
The interest rate on this account will change monthly with market conditions.
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).

Savings and Certificates of Deposit

Statement Savings

Purpose: To provide a savings vehicle with a higher interest rate than a checking account and day-to-day withdrawal capabilities.
Target Market: Individuals, custodial accounts (children), small businesses (d/b/a accounts), nonprofit organizations.
Minimum to Open: $10.00
Minimum to Avoid Fees: $200.00
Features: FDIC Insured up to $250,000 per depositor; interest compounded daily, interest credited quarterly or upon closing of the savings account; ATM card; telephone banking transfers available.
Service Charges (fees): A minimum balance fee of $5.00 will be imposed every month if the balance in the account falls below $200.00 any day of the month.
Statement: Rendered monthly; easy balance summary.
We may change the interest rate on your account at any time.
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).

Money Market Deposit

Purpose: To provide an accessible investment account for higher balances. This account is NOT a transaction account.
Target Market: Individuals seeking a short term investment.
Minimum to Open: $2,500
Minimum to Avoid Fees: $2,500
Features: FDIC Insured up to $250,000 per depositor; Interest compounded daily; interest credited monthly.
Service Charges (fees): A minimum balance fee of $5.00 will be imposed if the balance in the account falls below $2,500 any day in the statement period.
Statement: Rendered monthly; easy balance summary.
We may change the interest rate on your account at any time.
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).

College Saver

Purpose: To provide a savings vehicle for college costs.
Target Market: Parents or other relatives of minor children, children under age 18.
Minimum to Open: $10.00
Minimum to Avoid Fees: no fees
Features: FDIC Insured up to $250,000 per depositor; Interest compounded daily; interest credited monthly; pays a 1% higher interest rate than passbook savings account. Statements are rendered quarterly.
Service Charges (fees): A 1% penalty will be assessed for any withdrawal not used for college expenses.
Statement: None issued.
We may change the interest rate on your account at any time.
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest of non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).

Christmas Club

Purpose: To save for holiday expenses in advance.
Target Market: All individuals
Minimum to Open: $10.00
Minimum to Avoid Fees: no fees
Features: FDIC Insured up to $250,000 per depositor; Interest compounded daily; interest credited monthly; interest paid at same rate as passbook savings account.
Early Withdrawal Penalty: A $5.00 penalty will be imposed for withdrawals or for closing the account before maturity.
Statement: None issued.
We may change the interest rate on your account at any time.
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).

Certificate of Deposit – 6 Month, 1 Year, 2 Year, 3 Year, 4 Year, 5 Year, 7 Year, 10 Year
Purpose: To pay a fixed interest rate for a specific period of time.
Target Market: Individuals, nonprofit organizations, small businesses (d/b/a accounts), commercial accounts, funeral trust accounts, custodial accounts, trustee accounts
Minimum to Open: $1,000.00
Minimum to Earn interest: You must maintain a minimum balance of $1,000 in the account each day to obtain the disclosed annual percentage yield.
Features: FDIC Insured up to $250,000 per depositor; interest compounded daily; interest credited monthly and distributed at maturity or in a monthly check or a monthly transfer to another Medina Savings & Loan account.
Early Withdrawal Penalty: A penalty may be imposed for withdrawals before maturity, as follows:

  • If your account has an original maturity of six months or less: The fee we may impose will equal three months’ interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of one year or two years: The fee we may impose will be equal to six months’ interest on the amount withdrawn subject to penalty.
  • If you account has an original maturity of three, four, five or six years: The fee we may impose will be equal to 12 months’ interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of seven, eight, nine or ten years: The fee we may impose will be equal to 24 months’ interest on the amount withdrawn subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if the account is part of an IRA or other tax qualified plan.
Withdrawal of interest prior to maturity: The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Transaction Limitations: You may not make any deposits into your account before maturity. You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).
Automatically renewable time account: The account will automatically renew at the close of business on the initial maturity date or the maturity date of any Renewal Term unless you withdraw the funds within the grace period mentioned below. We can prevent renewal if we mail a notice to you at least 30 calendar days before maturity.

Each renewal term is the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance and other features as the original deposit.

You will have seven calendar days after maturity to withdraw the funds without a penalty.

Retirement Accounts

We offer traditional Individual Retirement Accounts (IRAs), Roth IRAs and Education IRAs.

IRA CD – 6 Month, 1 Year, 2 Year, 3 Year, 4 Year, 5 Year, 7 Year, 10 Year
Purpose: To pay a fixed interest rate for a specific period of time.
Target Market: Individuals desiring a stable low-risk investment income opportunity to save for retirement or fund future higher education expenses of a designated minor beneficiary.
Minimum to Open: $1,000.00
Minimum to Earn Interest: You must maintain a minimum balance of $1,000 in the account each day to obtain the disclosed annual percentage yield.
Features: FDIC Insured up to $250,000 per depositor; interest compounded daily; interest credited monthly.
Withdrawals: Funds cannot be withdrawn without penalty until age 59 1/2, except in the event of permanent disability or death. Withdrawals are required to begin in the year that the individual reaches the age of 70 1/2. Funds withdrawn before age 59 1/2 not due to death or disability may be subject to both IRS and bank penalties on the amount withdrawn. Please consult your tax advisor.
Transaction Limitations: You may not make any deposits into your account before maturity. You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it has been credited to your account.
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).
Automatically renewable time account: This account will automatically renew at the close of business on the initial maturity date or the maturity date of any Renewal Term unless you withdraw the funds within the grace period mentioned below. We can prevent renewal if we mail a notice to you at least 30 calendar days before maturity.

Each renewal term is the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance and other features as the original deposit.

You will have seven calendar days after maturity to withdraw the funds without a penalty.
Early Withdrawal Penalty: A penalty may be imposed for withdrawals before maturity, as follows:

  • If your account has an original maturity of six months or less: The fee we may impose will equal three months’ interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of one year or two years: The fee we may impose will be equal to six months’ interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of three, four, five or six years: The fee we may impose will be equal to 12 months’ interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of seven, eight, nine or ten years: The fee we may impose will be equal to 24 months’ interest on the amount withdrawn subject to penalty.

In certain circumstances, such as death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if the account is part of an IRA.

Money Market Account – IRA
Purpose: To provide an investment account that can be opened with a smaller dollar amount.
Target Market: Individuals desiring a stable low-risk investment income opportunity to save for retirement or fund future higher education expenses of a designated minor beneficiary.
Minimum to Open: $50.00
Features: FDIC Insured up to $250,000 per depositor; interest compounded daily; interest credited monthly.
Withdrawals: Funds cannot be withdrawn without penalty until age 59 1/2, except in the event of permanent disability or death. Withdrawals are required to begin in the year that the individual reaches the age of 70 1/2. Funds withdrawn before age 59 1/2 not due to death or disability may be subject to IRS penalties on the amount withdrawn. Please consult your tax advisor.
Transaction Limitations: You may make deposits into your account at any time during the year up to a maximum amount allowed by the IRS. (see your tax advisor).
Daily Balance computation method: We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day we receive your deposit of non-cash items (for example, checks).
We may change the interest rate on your account at any time.