Savings Accounts

Mayo Employees and their families turn to us for a savings account that is both uncomplicated and beneficial. A $5 minimum balance grants you a MEFCU membership and all of the benefits that come with. All of our accounts offer deposit insurance up to $325,000.

Our savings accounts have no monthly fee and are dividend-bearing, compounded and paid quarterly. Also, if you're saving with a specific goal in mind, we can open a sub-savings account to enable you to easily monitor your progress. 

WINcentive Savings

WINcentive Savings is an option approved by the Minnesota and Wisconsin State Legislatures for their residents. This is a savings account that offers you the chance to win cash prizes. Anytime you increase your savings balance by $25, you are entered to win (up to 4 entries a month). Drawings occur monthly, quarterly and annually with two grand prizes of $5,000 each.

The money deposited into the account is yours to keep, and you are able to close the account at any time. However, closure will forfeit your contest entries. 

• 2024 Prize Drawing Schedule
  

  Table data for 2024 Minnesota Statewide Prize Drawing Schedule

   

  Prize Drawings	Number of Winners*	Prize Amounts**	Drawing Dates	Alert Me
  Monthly	50	$100	10th of each month
  Quarterly	5	$1,000	10th of April, July, October and January
  Special Holiday	2	$1,000	12th of December 2024
  Annual	2	$5,000	10th of January 2025
  Total in 2023*	716	$100,000*
  *Winning one prize category (monthly, quarterly, or annual) does not disqualify a participant from winning a different prize category within the same year. Drawings will occur on or about the 10th of each month, or the next business day, for the previous month and/or quarter end. **Prize amounts and number of winners are subject to change.

  Table data for 2024 MEFCU Prize Drawing Schedule

   

  Prize Drawings	Number of Winners*	Prize Amounts**	Drawing Dates	Alert Me
  Statewide Quarterly	1	$100	10th of April, July, October and January
  MEFCU Quarterly	5	$50	10th of April, July, October and January
  Annual	2	$250	10th of January 2025
  *Winning one prize category (monthly, quarterly, or annual) does not disqualify a participant from winning a different prize category within the same year. Drawings will occur on or about the 10th of each month, or the next business day, for the previous month and/or quarter end. **Prize amounts and number of winners are subject to change.

Health Savings Accounts

For members enrolled in a high-deductible health care plan, we offer HSA accounts which help save funds for qualified medical expenses using pre-tax dollars. Consult your tax advisor to see if this account is right for you.

Make the Switch

Changing financial institutions is easy with the right tools. Use our switch kit to find all of the forms you will need, and to help ensure that your bases are covered when you make the switch to a better financial future.