Share Savings Accounts
At Members Community Credit Union, we call savings accounts, share accounts because as a member, you OWN a share in the credit union.
What is a share savings account? It’s the first account you open when you become a member and it only requires a minimum opening deposit of $5 which also grants you access to all the awesome products and services we offer. Should you lose your ever-lovin’ mind and close your account, you get those five smackeroos back when we say our final goodbyes.
Make saving painless and set up Automatic Payroll Deductions. We’ll help you save automatically behind the scenes!
Not to be confused with a dance club or a country club…this spiffy accounts were designed with you in mind so we could have a little something for everyone.
- Christmas Club – Save all year for those big holiday expenses. The balance of this account and its annual dividend are automatically deposited in to your primary share account November 1st, just in time for the holidays. There is no cost for this account, but there is a $5 fee for each early withdrawal.
- Tax Club – Save a little at a time and earn interest all year long to pay for your taxes (property, income, etc.).
- Vacation Club – Save up for the vacation you deserve while earning some interest to boot.
We sometimes call them a Share Certificate, but most people know them as certificates of deposit or CD for short. With guaranteed growth, a certificate is a smart and safe investment. Pick a term that fits your goal and get the return you deserve.
Certificate of Deposit Features
- $1,000 minimum or $250 for primary owners under 18 years old
- Variety of terms from 3-60 months
- Funds are insured up to $250,000 by NCUA
- Dividends compound monthly and at maturity
One Bump CD – this CD option has a fixed rate for the term of the certificate until the member exercises their right to bump/increase the rate to current rate that is offered on other accounts with the same term.
This “bump” can be done one time at any point during the term of the certificate. Once bumped, the new rate will remain in effect through the rest of the certificate’s term.
These are savings accounts with a twist: the more you save the higher the yield, plus you can withdraw your money whenever.
There is a $2,500 minimum balance required to enjoy the higher interest.
Get your ducks in a row and invest in your future. Whether you are just starting or wanting to supplement, we can help.
Our IRAs use CDs as the investment choice, otherwise we also offer an IRA savings account. The information below is NOT tax advice, please consult your tax advisor for which options best suits your needs.
- Traditional IRA – Deposits and contributions are tax-deductible. Your earnings always grow tax-deferred, meaning taxes are paid when the money is withdrawn from the account. Deductions may be limited if you (and your spouse, if married) are covered by a retirement plan at work and your income exceeds certain levels.
- Individuals, any age with earned income are eligible to contribute.
However, your Traditional IRA contribution might be limited based on your filing status and income - A good option for those who predict a higher tax rate while savings or anticipate a lower tax rate during retirement
- Individuals, any age with earned income are eligible to contribute.
- Roth IRA – Non-deductible retirement savings contributions that feature tax-free withdrawals on your earnings after five years and when you reach 59 ½ years old or a qualifying event.
- Individuals, any age with earned income are eligible to contribute. However, your Roth IRA contribution might be limited based on your filing status and income
- A fitting option for those that predict a lower tax rate while saving thus expecting a higher tax rate during retirement
Visit the IRS to learn more or consult a tax advisor.
How to Open a Checking Account
Join the countless other members and establish your membership with Members Community Credit Union by visiting our main location at 159 Colorado Street in Muscatine or give us a call at 563-264-7210 to schedule an appointment with an account specialist.
