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Rates

 

At Merck Employees Federal Credit Union, we have always made it our goal to provide the best rates to our members. We are committed to keeping your best interest as our only interest!

Deposit Rates

Deposit accounts earn dividends daily. Dividends are posted at the end of each quarter as follows:

1st Quarter (Jan-March)/Dividend Paid April 1 2nd Quarter (April-June)/Dividend Paid July 1 3rd Quarter (July-Sept)/Dividend Paid Oct. 1 4th Quarter (Oct.-Dec.)/Dividend Paid Jan. 1

Rates are subject to change on a quarterly basis, following the same schedule above, and will be updated here.

Rates are valid as of January 1, 2023

Product Rate APY
Savings (Regular Share Acct)     1.25%     1.256%    
IRA Accounts     1.80%     1.82%    
E-Checking (Share Draft with e-statements)     0.125%     0.125%    
Share Draft (with paper statements)     0.125%     0.125%    

Please note:

*The minimum balance to earn dividends on share accounts is $50.00
**The minimum balance to earn dividends on IRA accounts is $200.00
***The minimum balance to earn dividends on share draft (checking) accounts is $1.00

Vehicle Loan Rates

Rates below are the lowest rates possible for new and used automobiles, RVs, boats, and motorcycles.

Term ANNUAL PERCENTAGE RATE
24 months     3.75%
36 months     3.75%
48 months     4.00%
60 months     4.25%
72 months     4.50%
84 months     4.75%

Home Equity Loans

Rates below are the lowest rates available. Quoted rates may vary. 

Home Equity Line of Credit

LOAN AMOUNT LOAN-TO-VALUE ANNUAL PERCENTAGE RATE
$10,000 – $100,000 ≤80%     6.25%*
$100,001-$200,000 ≤70%     6.25%*

*This is a variable rate revolving line of credit with a 10-year draw and a maximum 15-year payback. The rate adjusts according to the prime rate as set forth in the Wall Street Journal. For the current prime rate, please click here. Fees apply where full appraisals are required.

‡Loan and credit card rates are the lowest rates for qualified applicants, based on creditworthiness. Other restrictions may apply based on underwriting criteria.

Fixed Rate 2nd Mortgage

TERM LOAN AMOUNT ANNUAL PERCENTAGE RATE
5 years (60 months) $10,000 – $50,000 5.00%
7 years (84 months) $25,000 – $50,000 5.25%

**Fees apply where full appraisals are required.

‡Loan and credit card rates are the lowest rates for qualified applicants, based on creditworthiness. Other restrictions may apply based on underwriting criteria.

Personal Loans

Rates below are the lowest rates possible. Quoted rates may vary. 

Unsecured (Personal) Loans

TERM ANNUAL PERCENTAGE RATE
12 months 9.75% APR
36 months 10.00% APR
48 months 10.25% APR
60 months 10.50% APR

‡Loan and credit card rates are the lowest rates for qualified applicants, based on creditworthiness. Other restrictions may apply based on underwriting criteria.

Share (Savings) Secured Loans

TERM ANNUAL PERCENTAGE RATE
Up to 72 months 3.50% APR

*This is a variable rate loan with the rate set at the current MEFCU share rate plus 2.25%.

‡Loan and credit card rates are the lowest rates for qualified applicants, based on creditworthiness. Other restrictions may apply based on underwriting criteria.

Visa

ANNUAL PERCENTAGE RATE
12.50% APR

*This is a variable rate loan product. The rate is set based on the prime rate published in the Wall Street Journal. Click here to see the current Prime Rate.

‡Loan and credit card rates are the lowest rates for qualified applicants, based on creditworthiness. Other restrictions may apply based on underwriting criteria.