Last Updated: 04/18/2025
Magnolia FCU Business Share Savings Account
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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.05%(Verified 06/21/2024)
Minimum Opening Deposit
$25
Minimum Balance to Earn APY
$100
Magnolia FCU Business Share Savings Account Review
Magnolia FCU Business Share Savings Account is offered by Magnolia Federal Credit Union, a credit union founded in 1935 and based in Jackson, MS. Magnolia FCU Business Share Savings Account are available in 50 states and Washington, DC.
Key Takeaways
- Low interest rate. The maximum annual percentage yield for this account is only 0.05%.
- Waivable monthly maintenance fee. Account Maintenance (aggregate loan and share balance below $100, waived for new accounts, MagFCU Student Loan, and members with MagFCU Visa Credit Card)
Magnolia FCU Business Share Savings Account Pros & Cons
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Magnolia FCU Business Share Savings Account FAQ
Are savings accounts from Magnolia Federal Credit Union federally insured?
Yes, your savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
Does Magnolia Federal Credit Union offer a signup bonus?
Magnolia FCU Business Share Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for Magnolia FCU Business Share Savings Account?
The minimum deposit to open a Magnolia FCU Business Share Savings Account is $25.00.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $25.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Magnolia FCU Business Share Savings Account offer?
Magnolia FCU Business Share Savings Account offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Magnolia FCU Business Share Savings Account charge?
This account charges a monthly service fee of $1.00. However, you can waive the monthly fees if you have a minimum daily balance of $100.00.
- Outgoing domestic bank transfers come with a $20.00 fee.
- Outgoing international bank transfers come with a $30.00 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
- Magnolia FCU Business Share Savings Account charges a $15.00 fee for an early account closure. Contact Magnolia FCU Business Share Savings Account for more details on what is considered an early closure.
- An overdraft on your account will trigger a $30.00 fee per item.
- Magnolia FCU Business Share Savings Account charges $2.50 every time you request a paper statement.
Does Magnolia FCU Business Share Savings Account charge overdraft fees?
Yes, Magnolia FCU Business Share Savings Account charges a $30.00 overdraft fee. Magnolia FCU Business Share Savings Account offers overdraft protection at a cost of $1.00 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.
What features and perks does Magnolia FCU Business Share Savings Account offer?
This savings account includes the following features:
- Mobile Banking Services - Magnolia FCU Business Share Savings Account allows you to manage your money online or with a mobile app.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Magnolia FCU Business Share Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Magnolia FCU Business Share Savings Account?
The customer support email for Magnolia FCU Business Share Savings Account is info@magfedcu.org.
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Hours of Operation
Sunday
Closed
Monday
8:00AM - 4:30PM
Tuesday
8:00AM - 4:30PM
Wednesday
8:00AM - 4:30PM
Thursday
8:00AM - 4:30PM
Friday
8:00AM - 5:30PM
Saturday
Closed