A successful business needs a solid foundation to grow and prosper. A MY CREDIT UNION Business Savings Account provides the necessary financial foundation for your business while offering competitive interest rates, easy access to your funds, and the security of knowing your money is safe.
To be eligible for MY CREDIT UNION products and services, all qualified business 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.
Any business with a positive cash flow might benefit from accumulating a reserve fund in their Share Savings account. 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.
Businesses accumulating $5,000 or more in their Share Savings account may want to consider moving some of their deposits into a Money Market account. Money Market accounts typically offer a higher rate of return than a standard Share Savings account, but remain accessible should a business need to tap into it.
In a rising rate environment, Share Certificates remain a great savings opportunity for business owners who do not anticipate needing their funds in the immediate future. Terms from 6 months to 60 months are available. A minimum of $500 is required to open a Share Certificate. Dividends are paid monthly. Business owners are encouraged to check rates frequently to find the Share Certificate that works best for them.
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.
Did you know we have a department dedicated to helping you make financial investments? It’s true! We offer full service when it comes to managing your money, so ask for a financial review at any time.
Please contact us today or visit us at one of our branch locations and we will be happy to assist you.