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Savings Accounts

Your Journey to Saving

What type of savings account are you looking for?

  • Rain cloud icon

    Rainy Day

    Savings Accounts are the perfect place to keep your rainy day fund. We also recommend using this account for overdraft protection by tying it to your Checking Account.
    Check Saving Rates
  • High returns icon

    High Returns

    Money Market Accounts are ideal for those looking for higher returns than traditional savings accounts. We also offer a Tiered Money Market Account with rates based on balance.
    Check Money Market Rates
  • Guaranteed investment icon

    Guaranteed Investment

    Certificates are recommended when you want a higher guaranteed rate of return. Terms range from 1 month to 5 years, with a minimum deposit of $500 to open.
    Check Certificate Rates
  • Retirement icon


    Individual Retirement Accounts (IRAs) are ideal when saving for retirement. We offer three IRAs to consider - Traditional, ROTH, and Coverdell Educational. A tax advisor can inform you on the tax savings advantages of each account.
    Check IRA Rates
  • Piggy bank icon

    Health Savings

    Health Savings Accounts are ideal if you have enrolled in a High Deductible Health Plan and want to pay for current health expenses while also saving for future qualified medical expenses tax-free.
    Check Health Savings Rates
  • Shopping bag with gift

    Holiday Purchase

    Holiday Savings Accounts are an ideal way to reduce financial stress. Fund your account by setting up automatic transfers from your Checking Account each week or month.
    Check Holiday Savings Rates

Your deposits are federally insured by the NCUA to at least $250,000

5 steps to get started

  1. 1


    Membership is open to anyone who lives, works, worships, volunteers or attends school in Ulster, Dutchess, Orange, Putnam, Rockland, Sullivan or Westchester County, NY. In addition, members’ families, including spouse, children, grandchildren, siblings, parents, grandparents, and members of the immediate household are eligible to open an account.
  2. 2

    What You Need

    Whether you are looking to open an account online or in branch, you’ll need a form of unexpired government issued identification such as a state-issued Driver’s License or a U.S. Passport.
  3. 3

    Initial Deposit

    There is a $5 minimum deposit required when opening a Savings Account. This required deposit buys your share in the credit union, and it needs to be kept in your Savings Account.
  4. 4


    Open any of our Savings Accounts online or at any branch location.
  5. 5

    Direct Deposit

    Direct Deposit simplifies your banking by automatically depositing your payroll, pension, Social Security and other recurring deposits directly into any MHV account. To set up Direct Deposit, provide our Routing Number (221976243) along with your MHV account number to your depositor.

Start Saving Today

Download our free guide, “How to Master Your Money”, to jump start your journey to saving more. 

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Calculate Your Future Savings

The Best Banking Experience

  • I was able to very easily open a money market account over the phone. The staff made the process quick and easy.
    Christine B.
  • MHV provides the best banking experience I've ever had. They are good all around.
    Andres S.

Commonly Asked Questions About Savings

  • Please visit our Rates page for our current rates. 
  • The minimum balance required to open a primary Savings Account is $5. There is no low-balance fee, but you must maintain a minimum daily balance of $100 in your share account each day to obtain the disclosed annual percentage yield.

    If you're not yet a member of MHV & want to open an account with us, click here. You will need your non-expired U.S. Government-issued Photo ID. Please note: if your photo ID has an alternate address or P.O. Box, please have proof of address (car registration, lease agreement, credit card statement, car insurance ID, etc.) ready to upload upon request.

    If you have any questions about the account opening process, please email [email protected] or contact us at 845.336.4444.

  • Yes, we offer several types of IRAs.

    Traditional IRAs:

    • Tax Deductible depending on your income and individual tax situation.*
    • Additionally, participation in an employer sponsored retirement plan will affect how much of the IRA is tax deductible.*

    Roth IRAs:

    • Contributions are not tax deductible, but principal and interest accumulate tax free.

    Coverdell Education Savings Account (Education IRA):

    • Tax advantaged savings vehicles for education purposes.
    • Maximum annual contribution is $2,000.
    • In addition to college costs, payouts for elementary and secondary school expenses are now available.
    • Corporations and tax-exempt organizations may also make contributions.
    • Marriage penalty eliminated on income levels that qualify for the full contribution amount.
    • Contributions may be made through April 15 for the prior tax year.

    Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.

    To open an IRA, please visit any Branch Location.


    *Refer to your tax advisor for more information.

  • Yes, you can set up an estate account for the purpose of administering a person's estate after they have passed away. For information and documentation requirements, please see our guide here.
  • Yes. You can open either a Savings or Certificate of Deposit as a custodial account.
  • Yes, you may add beneficiaries. For assistance, please work with your local Branch or call our Contact Center.