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MCPS Employees > Summer Paycheck Savings  

Summer Paycheck Savings

MCT Federal Credit Union and MCPS have partnered to create a special Summer Paycheck Savings Account that earns you dividends on your saved money. Earning dividends means you get more money for the summer months!

 

Here’s how the account works:

 

During the school year, deposit as much as you would like each pay cycle into your MCT Summer Paycheck Savings Account automatically through Direct Deposit1. You may change the amount of your allocation at any time through MCT’s Online Banking.

 

• There is no minimum balance requirement.

• You’ll earn a high yield which is

   compounded and credited monthly.

• Funds saved during the school year are automatically

  disbursed on MCPS pay days in the summer in five

   equal disbursements. The disbursement dates for

   2010 are July 2nd, 16th and 30th and August 13th and 

   27th.

 

Your disbursements will then be transfered to your MCT regular savings or checking account.

 

How to open your Summer Paycheck Savings Account:

 

If you already have an account with MCT:

You can open a Summer Paycheck Savings Account through Online Banking. Once you’ve logged in, select “Online Services” and click “Add an Account”. During the account opening process, you can set-up Direct Deposit or redirect a portion of your existing Direct Deposit to your new Summer Paycheck Savings Account.

How to fill out your MCPS Direct Deposit Form

If you do not have an account at MCT:  

Fill out an MCT application and MCPS Direct Deposit form.  Then, simply visit any of our branches and our Member Service Representative will assist you. 

 

How much should I save?

Here’s a sample savings chart to help you determine how much you need to save each pay period.  Once the account is opened, you can change the amount at any time through Online Banking. 

  Amount Saved Each Pay Cycle

 Amount Saved Over 20 pay periods
(September-June)

 Amount distributed
bi-weekly in July & August

 $100  $2,000  $400
 $150  $3,000  $600
 $200  $4,000  $800
 $300  $6,000  $1,200
 $400  $8,000  $1,600
 $500  $10,000  $2,000
 $600  $12,000  $2,400

 

 

Check out our other great savings products!

*To help you resist the temptation to dip into your Summer Paycheck Savings Account, withdrawals are restricted and subject to a $25 withdrawal fee. If there is no activity on the savings for six (6) months, and there is a zero balance, the savings will be closed.

2 Annual Percentage Yield (APY) is subject to change at any time.

3 Estimates are based on saving from the start of the school year in September.

 


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