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.
| Product | Rate | APY |
|---|---|---|
| Savings (Regular Share Acct) | 1.125% | 1.131% |
| IRA Accounts | 1.875% | 1.893% |
| E-Checking (Share Draft with e-statements) | 0.375% | 0.376% |
| Share Draft (with paper statments) | 0.125% | 0.125% |
The minimum balance to earn dividends on regular 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 accounts is $1.00 Checking rate and annual percentage yield with e-statements. Without e-statements deduct 0.25%.
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 | 2.75% |
| 36 months | 2.75% |
| 48 months | 3.00% |
| 60 months | 3.25% |
| 72 months | 3.50% |
Home Equity Loans
Home Equity Line of Credit
| Loan Amount | Loan-to-Value | Annual Percentage Rate |
|---|---|---|
| $10,000 – $100,000 | ≤80% | 3.25%* |
| $100,001-$200,000 | ≤70% | 3.25%* |
*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 | 3.75% |
| 7 years (84 months) | $25,000 – $50,000 | 4.00% |
**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
Unsecured (Personal) Loans
| Term | Annual Percentage Rate |
|---|---|
| 12 months | 9.00% APR |
| 36 months | 9.25% APR |
| 48 months | 9.50% APR |
| 60 months | 9.75% 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 | 3.375% 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.
MasterCard/Visa
| Annual Percentage Rate |
|---|
| 8.25% APR |
‡Loan and credit card rates are the lowest rates for qualified applicants, based on creditworthiness. Other restrictions may apply based on underwriting criteria.