Your Questions, Answered

Adults, age 18 and older who live, work, or worship in Michigan can open a Mitten account.

Mitten accounts are for natural persons, and not currently available to businesses or other entities. Mitten accounts are currently only available to U.S. Citizens.

Mitten is a digital-only high-yield savings account designed to help your money earn more with fewer rules. It offers a competitive rate, no monthly fees, and a simple online experience—without branch visits, fine print, or complicated requirements.

No. There is no minimum balance to open your account. Balances begin earning dividends at $100.

No. Mitten has no monthly maintenance fees and no minimum balance required to open or maintain the account, so your savings can grow without unnecessary costs eating into your earnings.

Mitten’s rate is competitive and variable, meaning it may change based on market conditions. You’ll always see the current rate clearly displayed.

You can link one external bank account to fund your Mitten savings and make transfers. This streamlined setup is intentional to keep your experience simple while supporting security and risk controls.

You can complete your account opening before scheduling your first deposit. The minimum deposit amount is $5.00.  Balances begin earning dividends at $100.

Yes. There is a maximum balance of $3,000,000.00 per account.

Mitten accounts utilize ACH transfers. An ACH transfer is a safe, common way to move money electronically between bank or credit union accounts in the U.S. ACH stands for Automated Clearing House—the network that banks and credit unions use to send money back and forth behind the scenes.

Think of ACH like secure digital mail for money:

1. You tell Mitten to send or receive money.
2. The ACH network safely routes the request between financial institutions.
3. The money is deposited into the receiving account—usually within one to two business days.

Because ACH transfers are processed in batches and checked for accuracy, they’re not instant, but they are more stable and widely used.

Withdrawals can only be made by ACH transfer back to your linked external account. We don’t support bill pay, peer-to-peer payments, debit cards, or checks from this account.

Yes:

• Up to $10,000 per transfer
• Up to $30,000 per day
• Up to $50,000 per month
  

These limits help protect your savings and reinforce the account’s savings-only purpose.

Yes. Mitten is built to be managed entirely online, from opening your account to moving money and tracking your earnings. There’s no branch visit required, and account opening and online banking enrollment happen in one streamlined digital experience.

No. Mitten is designed as a savings-only account, not a checking account. That focus helps us offer a stronger rate while keeping your savings simple, predictable, and easy to manage.

Your interest rate increases as your balance grows:

• Smaller balances earn a lower rate
• Higher balances earn higher rates
• Balances of $10,000 or more earn our headline rate

This structure rewards committed savers and encourages steady balance growth over time.

For secure support, utilize the easy messaging feature found in the Mitten app. If you are unable to log-in, contact us here.