Membership Share Account

It all begins with the Membership Share Account. To become a member or business member of My Credit Union requires that you open a Membership Share Account. This savings account is a $5 requirement. Simply view it as your investment in the credit union movement. With it, you become a part-owner of the credit union and are eligible to enjoy any and all of the other products and services My Credit Union offers.

This particular account is kept “untouchable” and its presence represents your credit union membership. In addition, it earns quarterly dividends. If your membership with the credit union is terminated, the “membership” funds in your Membership Share Account are returned to you.

current rates

Share Savings Account

You can’t put a price on the security you gain by regularly saving money. Year after year, My Credit Union Share Savings account dividend rates are among the very best. This makes it easy to help provide financial security for you, your family, or your business.

The foundation of any credit union is the Share Savings account. Many members and businesses reach savings goals by opening multiple savings accounts, often naming and using each one for a specific purpose such as, "Holidays," "Vacation Fund," or "Office Upgrades."

Every Share Savings account you open earns My Credit Union’s competitive dividends paid quarterly based on the credit union’s earnings. There is no minimum balance required.

CURRENT RATES 

Money Market Share Savings Accounts

If you have more money to deposit, and are looking for a great dividend rate, think money market accounts. These accounts typically earn a market dividend rate that is higher than our regular Share Savings account.

A minimum of $5,000 is required to open a Money Market account.

CURRENT RATES 

Share Certificates

Share Certificates are a secure way to invest in your future. We offer Share Certificates in terms ranging from 6 months to 7 years. A minimum deposit of $500 is required to open a share certificate. The interest rate in effect when the certificate is opened is guaranteed until maturity. Interest is paid quarterly, based upon the date of opening your certificate and this money may then be paid to you by check, added to the certificate, or credited to any other My Credit Union savings or checking account.

Contact us if you’d like to discuss the best option for you.

CURRENT RATES

Individual Retirement Accounts (IRA’s)

We offer our members Traditional and Roth IRA options, as well as Coverdell Education Savings Accounts. You can set-up your "plan" as either IRA Share Savings accounts or as IRA Share Certificates, depending on your needs. Additionally, 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.

Ask a member service representative for informative packets on IRAs and Coverdell Education Savings Accounts.

CURRENT RATES

Individual Retirement Accounts (IRAs) and the Coverdell Education Savings Account

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. My Credit Union offers two savings "paths" within the IRA plan:

IRA Share Savings Account

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.

IRA Share Certificates 

A minimum balance of $500 is required to open a certificate and you may purchase them with terms from one to seven 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.

IRA Conversions and Rollovers

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.

Traditional IRAs

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.

Roth IRAs 

These are composed of non-deductible contributions; earnings are tax-free and penalty free after five years if withdrawals are made for qualified reasons.

Coverdell Education Savings Account 

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 a member service representative for informative packets on IRAs and Coverdell Education Savings Accounts from The CUNA Mutual Group.

Simplified Employee Pension (SEP) Accounts

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.

If this interests you, get in touch with our Member Service Department right away.

CURRENT RATES