MY CREDIT UNION offers a wide array of savings and deposit accounts. Share Savings and Share Certificates can also be used as collateral for Share Secured loans. A great way to save money and also help build credit.
To be eligible for MY CREDIT UNION products and services, all qualified members must maintain $5 in their Membership Share account. Unlike banks and other for profit financial institutions, the $5 Membership Share provides members an equal vote and equal voice at MY CREDIT UNION, no matter how much business you do with us.
The $5 will earn quarterly dividends as long as you maintain your membership at MY CREDIT UNION. If you should choose to close your Membership Share or it is terminated for any reason, the $5 will be returned to you.
Reward yourself by getting in the habit of depositing money into a Share Savings account on a regular basis. It is always good practice to have some money tucked away in case you need it. Dividends are paid on a quarterly basis. While there is a $1 minimum balance required to open a Share Savings Account, there is no minimum balance required to earn dividends. (Can be used as collateral for a Share Secured Loan.)
If you have at least $5,000 to deposit you may want to consider a Money Market account. Money Markets typically offer a higher rate of return than a standard Share Savings account, but remain accessible should an unexpected need arise.
If time is on your side and you are looking both a secure and higher rate of return on your deposits , you may want to consider Share Certificates. Terms from 6 months to 60 months are available. A minimum of $500 is required to open a Share Certificate. Dividends are paid monthly. (Can be used as collateral for a Share Secured Loan. Term of loan will equal term of Certificate.)
SEP plans were created to allow self-employed persons, sole proprietorships, partnerships, small businesses, small employee groups and corporations to provide retirement plans via an easily established and maintained retirement program. They are a great alternative to establishing a complex retirement plan.
Individual Retirement Accounts (IRA’s) and the Coverdell Education Savings Account (formerly known as the Educational IRA) These popular accounts are a terrific way to prepare for your retirement or the costs of a child’s secondary education. An individual may contribute up to the federally mandated maximum amount.
A savings account within your IRA plan that requires no minimum balance and earns a competitive, variable dividend rate. This is a flexible account option. It is a great place for those of you requiring more time to research your available options, or for those required to have an approved place to move funds from a former employer’s retirement plan.
A minimum balance of $500 is required to open a certificate and you may purchase them with terms from one to five years. The interest rate is determined by the amount of the deposit and the term of the certificate. This rate is locked in on the date of purchase and is guaranteed until maturity. Funds withdrawn prior to maturity may be subject to an early withdrawal penalty.
We can help you move funds from IRAs at other institutions and from qualified retirement plans, such as former employer’s 401(k), to an IRA. Under some circumstances, you may also wish to convert a Traditional IRA to a Roth IRA.
Contributions may be tax-deductible and the earnings grow tax deferred until they are withdrawn. Funds may also be withdrawn without penalty for a variety of qualified reasons.
These are composed of non-deductible contributions; earnings are tax-free and penalty free after five years if withdrawals are made for qualified reasons.
Formerly known as an Education IRA, this is a savings account used to save for a child’s higher education. Earnings are tax-free when used for qualified educational expenses.
*Funds withdrawn early from an IRA or Coverdell account may also be subject to Federal withdrawal penalties. To decide which type of account and contribution limits might be best for your specific financial situation, talk with a tax advisor that you trust. When you are ready to contribute, contact My Credit Union.
If you are interested in learning more about IRAs, ask for informative packets on IRAs and Coverdell Education Savings Accounts from The CUNA Mutual Group.
To open an account, please call us at 800.967.7228 or visit your nearest local branch.
The money you place in your credit union account is federally insured up to $250,000 by the National Credit Union Administration (NCUA), the strongest government insurance fund in the country.
The money you place in your credit union account is federally insured up to $250,000 by the National Credit Union Administration (NCUA), the strongest government insurance fund in the country.
Please call 612.798.7100 or visit any MY CREDIT UNION branch location to begin your journey with us!