High Yield Checking
Enjoy simple everyday banking with MHV Free Checking, featuring no monthly maintenance fee and convenient access to your money.
share draft, share draft account
3.00% APY. Right in your checking.
Your checking account can earn more. Hit four simple goals each cycle and earn 3.00% APY on up to $10,000, with no monthly fee and a $5 minimum balance.
Four simple steps. Every cycle.
Make 15 debit card purchases
Swipe, tap, or pay with Apple Pay or Google Pay at any merchant. PIN and signature purchases both count, with no minimum amount. Purchases must settle within the cycle. Pending purchases and ATM withdrawals don't count.
Get $1,000+ in direct deposits
Recurring direct deposits, like your paycheck or Social Security, need to total $1,000 or more during the cycle. Transfers between accounts and person-to-person payments don't count.
Log in to digital banking 5 times
The primary account owner needs to log in at least 5 times, in the app or in a browser. Logins by joint owners don't count toward this step.
Go paperless with eStatements
Choose eStatements only in your digital banking. Once it's set, it stays on.
Each cycle runs from the 26th of one month through the 25th of the next. Purchases and deposits count once they post and settle within the cycle. You can see your progress anytime in your digital banking, so you always know where you stand.
More from your checking. Nothing to manage.
3.00% APY right in your checking
Your checking account earns interest on its own. You don't need a linked savings account to open or keep track of.
No monthly fee
No monthly fee and a $5 minimum balance.
Always know where you stand
Track each qualification live in your digital banking. No guessing, no surprises at the end of the cycle.
Roundup to Savings
Save up to $200 dollars more. Round up each debit card purchase to the nearest dollar and automatically send the spare change to your savings.
Mobile deposit & banking
Deposit checks, pay bills, transfer funds, and manage your card—all in the MHV app, available 24/7.
118,000+ surcharge-free ATMs
Access Allpoint and CO-OP networks nationwide at Walgreens, Target, CVS, and thousands of other locations.
Instant card controls
Lock, unlock, and add alerts on your debit or credit card right from the app.
Zelle® built in
Send money to friends and family in minutes — directly from your MHV account in the mobile app.
Overdraft protection options
Link a savings account or line of credit as backup — so a timing issue doesn't turn into a fee situation.
Open in three steps.
Apply online in minutes
Confirm your identity
Fund with $5 and you're in
What our members say
about banking here.
“MHVFCU has been an outstanding partner for my small business, and also my personal finances. It is a great place to be a member!”
“I have always been very happy with the friendly service and services offered by the credit union. I have had family and friends join upon my recommendation.”
“It’s feels like there is a genuine care about the members of the credit union.”
Already an MHV member?
Switch in your digital banking
Log in, choose your checking account, and switch to High Yield Checking. It takes three clicks. You can also call us or stop by any branch, and we'll do it with you.
Everything comes with you
Your account number, joint owners, and debit card all stay the same. No new card, no new direct deposit forms.
Ultra Checking members: keep your perks
Switch in three clicks and keep your Perks Package at no cost for now. Ultra Checking is being retired, so once you switch, you can't switch back.
Everything you need to know.
Still have questions? Our local team is available by phone or in-branch.
Call us at 845.336.4444
MHV High Yield Checking is a checking account from MHV Credit Union that earns 3.00% APY on balances up to $10,000 in any cycle where you meet four qualifications. It has no monthly fee and a $5 minimum balance. The rate is variable. APY accurate as of 10/01/2026.
In each qualification cycle, make at least 15 settled debit card purchases, receive recurring direct deposits totaling $1,000 or more, have the primary owner log in to MHV Digital Banking at least 5 times, and receive eStatements only. Transactions must post and settle within the cycle. Pending transactions and ATM withdrawals don't count.
Each cycle runs from the 26th of one month through the 25th of the next month. Rates can change after a qualification cycle ends, not during one. You can track your progress on each qualification anytime in your digital banking.
If you miss any qualification in a cycle, your account earns no dividends for that cycle. Your account works exactly the same way, with no fee and no penalty. Each new cycle is a fresh start. Tip: pending transactions don't count, so leave a few days before the 25th for purchases and deposits to settle.
Recurring electronic deposits made through the ACH network count, such as your paycheck, Social Security, or other eligible benefits. Transfers between accounts and person-to-person payments, like Zelle®, don't count. Your qualifying deposits need to total $1,000 or more in the cycle.
No. Only logins by the primary account owner count toward the 5 logins per cycle. Joint owners can still log in and use the account as usual.
The 3.00% APY applies to balances up to $10,000. The portion of your balance over $10,000 does not earn dividends. If you usually keep more than $10,000 in checking, consider moving the extra to an MHV Money Market account or certificate so it can earn too.
No. 3.00% APY is the standard rate for MHV High Yield Checking, not an introductory offer. Like most deposit rates, it's variable and can change between qualification cycles. Rates can change after a qualification cycle ends, not during one.
Most personal checking accounts can switch in three clicks in MHV Digital Banking. You can also call us or visit any branch. Your account number, joint owners, and debit card stay the same. Young Adult Checking members can switch by calling us or visiting a branch. Business accounts are not eligible.
MHV Free Checking has no monthly maintenance fee, a low $5 minimum balance requirement, and no direct deposit requirement. It's free to open and free to keep, regardless of how much you use it or keep in it.
Anyone who lives, works, worships, or attends school in Ulster, Dutchess, Orange, Sullivan, Westchester, Putnam, or Rockland County is eligible. Immediate family members of existing MHV members also qualify.
Just $5 to open your membership share — which stays in your account as your membership stake. An additional $ 5 deposit is required for Free Checking.
Yes. MHV branch ATMs accept cash and check deposits 24/7. The Allpoint and CO-OP network ATMs are for cash withdrawals only — but surcharge-free for MHV members nationwide.
We offer optional overdraft protection by linking your savings or a line of credit. We'll never let a small timing mistake spiral into a fee pile-up without giving you options first.
Absolutely. Joint accounts are available for Free Checking and all other account types. Both account holders must be MHV members. Open online or at any branch.
MHV High Yield Checking Account is a variable-rate account. To qualify for the advertised Annual Percentage Yield (APY) listed on MHV’s Rate Sheet, the following requirements must be met during each qualification cycle (subject to change at any time at MHV’s discretion):
-
Complete at least fifteen (15) settled debit card merchant purchases;
-
Receive monthly direct deposits totaling $1,000 or more;
-
Log in successfully to Digital Banking by primary owner at least five (5) times;
-
Be enrolled in and receive eStatements only.
If all qualification requirements are met during the qualification cycle, the account will earn the applicable APY on balances up to $10,000. Balances above $10,000 will not earn dividends. If the qualification requirements are not met during the qualification cycle, and/or the account is closed, the account will not earn dividends for that period.
Dividend rates and APYs are variable and may change at any time after the qualification cycle. Dividends are calculated on the daily balance and credited monthly. Dividends are paid from current income and available earnings. Fees may reduce earnings.
Transactions must post and settle within the qualification cycle to be counted. Pending transactions do not qualify.
Qualifying direct deposits must be recurring electronic deposits (such as payroll, Social Security, or other eligible benefits) made through the Automated Clearing House (ACH) network. Transfers between accounts or person-to-person transfers do not qualify.