Savings Accounts

Maspeth Federal Savings offers a variety of savings accounts to suit a wide range of needs and lifestyles. Whether you're saving for a special purchase, a holiday, or simply a rainy day, we have a saving plan that's just right for you. Plus at Maspeth Federal, all savings accounts are insured up to FDIC limits.

All our accounts are accessible through our Online Banking & Telephone Banking Services.

Check all of our Savings Accounts Interest Rates here.

PASSBOOK SAVINGS ACCOUNT

Maspeth Federal Savings continues to offer a traditional Passbook Savings Account. This savings account provides you with a passbook where your balance is updated each time you deposit, withdraw or receive quarterly interest. There are no monthly service fees and your Passbook Savings Account includes unlimited deposits/withdrawals and is eligible to receive Direct Deposits.

There is a $250.00 minimum to open a Passbook Savings Account.

STATEMENT SAVINGS ACCOUNT

A Statement Savings Account offers you the same features of a Passbook Savings Account, such as competitive interest rates, direct deposit, unlimited deposits and withdrawals, quarterly interest postings and the use of an ATM card, all without the passbook.

A $250.00 minimum balance is required to open a Statement Savings Account.

MONEY MARKET ACCOUNT

The Money Market Account is an interest bearing account similar to our Statement Savings Account. You receive an easy to read monthly statement. The interest is compounded continuously and posted monthly.

A $2,500.00 minimum balance is required to open a Money Market Account.

The following restrictions apply:

If the balance on your Money Market Account falls below $2,500.00 a lesser interest rate will be paid than the prevailing interest rate of a Money Market Account with a balance of $2,500.00 or more.

If the balance on your Money Market Account falls below $1,000.01 on any given day of a statement cycle a $5.00 fee will be imposed for that statement cycle.

Transfers from a Money Market Account to another account or to third parties by preauthorized, automatic or telephone transfers are limited to six per month.

VACATION & HOLIDAY CLUBS

We offer our customers the opportunity to open a Vacation or Holiday Club Account. This is a great way to start saving early for a Vacation or for the Holidays. Ask us about our free club gift offer (gift quantities limited - styles may vary).

Vacation and Holiday Club Accounts are interest bearing passbook accounts and are available to be opened on a seasonal basis. Vacation Clubs usually become available the first week of May each year and Holiday Clubs usually become available the first week of October each year.

At the end of the club account one year cycle the balance in the account, including deposits and accrued interest, are automatically mailed in the form of a check to the club account holder. Although the account balance is brought to zero you should not throw away the club account passbook. It can be used over and over again. A new club account passbook is not necessary each year.

Holiday and Vacation Club Accounts can be opened in amounts of $5.00, $10.00, $15.00, $20.00, $25.00 and $30.00.

YOUNG SAVERS CLUB ACCOUNT

The Young Savers Club Account is a passbook account available for children under the age of 18 years. With no fees and a free opening gift, this account is a great way to teach your kids about savings.

Please contact us for more information and disclosure statement containing complete details regarding our current fees (if any), charges (if any), terms & conditions on all our accounts.