OnPath Credit Union
Money Master Checking
Earn Dividends, Take Advantage of Perks
Money Master Checking
You want a no-fee checking account, but you also want your money to work for you while it’s in the bank. What kind of account should you get?
At OnPath Federal Credit Union, the Money Master Checking, our dividend-bearing checking account, may be the perfect option. It offers many of the same perks as a Regular Checking account but allows you to earn just by having a qualifying balance.
What is a Dividend-Bearing Checking Account?
Some accounts allow you to earn money for your balance; savings and money markets are the most common options. However, these often have a minimum average daily balance requirement to avoid a monthly fee. If you want free, instant access to your funds, these options may not work for you.
By contrast, a dividend checking account is exactly what it sounds like — checking that pays you dividends. What is a dividend? It’s another word for interest; you earn a percentage of your balance and the amount compounds daily.
Why Should I Open a Money Master Checking Account at OnPath FCU?
Here at OnPath Federal Credit Union, our dividend-bearing checking account is called the Money Master Checking. Just like a Regular Checking account, you get easy access to funds via a debit card, which can be used to make in-person or online purchases and can also be used at an ATM for purchases of at least $100. Additionally, there’s no monthly fee, so you don’t have to worry about losing money due to a low balance.
So how does earning dividends work? To qualify, the account must have at least $1,000 in it. Dividends are then automatically calculated using the rate. The rate varies depending on your balance.
You can see our current rates here.
Dividends are compounded quarterly, meaning you earn on dividends that have been previously calculated. Dividends are paid quarterly, which means they are added to the account in a lump sum payment every quarter.
Take Advantage of Perks
The Money Master Checking account offers a variety of perks, including the following:
- Check writing privileges
- Overdraft privileges
- Online and Mobile access
The account also offers overdraft protection, which can be a huge boon when making frequent or large purchases. We understand that you may occasionally lose track of pending transactions, or a deposit may take longer than you anticipated; that’s why overdraft protection automatically draws from designated savings account if the balance isn’t enough to cover your transaction. This ensures that the transaction is completed, and your account does not go negative.
Manage Your Account Online
At OnPath Federal Credit Union, we know that members need access to their account information 24/7. That is why you can log in via desktop or via our mobile app whenever you want. While online, you can do any of the following:
- View transaction history
- Access past statements
- Transfer funds
We also offer bill pay; this allows you to set up recurring payments to merchants, utilities, medical providers, and more. With bill pay, you can get the ultimate convenience: Set up payments once, then watch as they come out automatically at the same time every month.