Savings & Investments

At MCCU, we are committed to helping you save for present needs and future dreams… and we offer the best possible combination of safety, choice, and earnings. Think saving is hard? We make it easier with great rates and a variety of automatic deposit methods!

Regular Savings Account - This is the account you open when you join MCCU. It establishes the rights and privileges of your member-ownership … and opens the door to other services, including loans. Your Regular Savings Account is a hard-working resource that offers:

• Low opening deposit of $5
  
• Balances of $100 or more earn high yields
  
• Make unlimited deposits
  
• Easy, Automatic Deposit Options available
  
• SAFE… federally insured up to $100,000 by the NCUA

Holiday Club Account - What are two of your biggest expenses every year? Vacations and the holidays! MCCU's Holiday Club Account can help you save for either expense. It offers:

• No minimum balance to open
  
• Balances of $100 or more earn high yields
  
• No service charges or fees
  
• Open ANY time of the year
  
• Easy, Automatic Deposit Options available
  
• When account matures in October, choose to receive a check for your savings, transfer the funds to another account, or leave the funds in the account.

College Savers - In today's high-cost education environment, it's more important than ever to save for college… and MCCU offers a customized College Savers program to help you reach important educational goals:

• Earn dividends with a minimum balance of just $250!
  
• No minimum deposit required
  
• Conforms to Uniform Transfer to Minors Act (UTMA)
  
• ALSO… Special tax advantages (Consult your tax advisor)

Share Certificate Accounts - Looking for higher savings yields and greater flexibility? Not comfortable with fluctuations in the stock market? MCCU offers three outstanding certificate programs to help savers meet investment goals with greater ease… and with federally-insured safety.

Regular Certificates… Choose from SEVEN Terms!
This multi-purpose certificate program is ideal for new investors with limited funds… AND it can benefit anyone who is ready to commit larger amounts for a longer term.

• LOW MINIMUM Opening Deposit of $1,000!
  
• Deposits of $10,000 or more earn HIGHER YIELDS!
  
• Can be used for your IRA, too!
  
• CUSTOMIZE your investment with a choice of seven terms, from 12 to 60 months.

Flex Certificates - Need to invest for a SHORT TERM but still want account flexibility AND higher yields? This program is for you! It offers:

• Choice of 3-month or 6-month terms
  
• Minimum deposit of $2,500
  
• MAKE ADDITIONAL DEPOSITS anytime, in amounts of $500 or more

Flex Plus Certificate - No wonder this program is so popular with MCCU members… it offers deposit AND withdrawal options for maximum flexibility! Just look how hard it works for you:

• Choose 7-month or 12-month terms
  
• Minimum deposit of $2,500 for 7-month term
  
• Minimum deposit of $15,000 for 12-month term
  
• MAKE ADDITIONAL DEPOSITS anytime, in amounts of $500 or more
  
• ONE PENALTY-FREE WITHDRAWAL allowed anytime after seven days of opening this certificate, provided the minimum opening balance is maintained

Individual Retirement Accounts (IRAs) - Individual Retirement Accounts have improved through the years to help meet the needs of savers… and today's IRAs are better than ever! While building savings for retirement, IRAs can be tapped into for special needs such as a first-time home purchase or medical expense… and offer more options for tax planning. MCCU IRAs offer:

• LOW minimum of $100 to open
  
• NO SET-UP OR ANNUAL FEES!
  
• Competitive yields… check these great rates!
  
• Available for Traditional and Roth IRAs
  
• PLUS… IRAs are separately insured up to $250,000 by the NCUA. This coverage is in addition to the $100,000 NCUA coverage on your other MCCU deposits.

Want to maximize your IRA earnings? Choose an IRA Certificate:

• Minimum deposit as low as $1,000
  
• Choose terms from 12 to 60 months
  
• Higher yields than IRA savings accounts… check our rates!
  
• Still-higher yields for deposits of $10,000 or more … check our rates!
  
• NO SET-UP OR ANNUAL FEES!
  
• Available for Traditional and Roth IRAs

Roth vs. the Traditional IRA… Compare the features.

Roth IRA - Roth IRAs can only receive non-deductible contributions... but when distribution (which is not required with a Roth IRA) begins at retirement (retirement age specified by IRS), it is TAX FREE! And there are other features:

• After five years, withdrawal of the principal and earned dividends is TAX FREE for those age 59 1/2 or older.
  
• Have a pension plan? It doesn't matter! Your Roth distributions will still be TAX FREE when made at retirement (retirement age specified by IRS).
  
• PLUS…Roth IRAs offer a variety of penalty-free withdrawal options BEFORE you reach age 59 1/2 (ask your tax advisor for specifics).
  
• NO SET-UP OR ANNUAL FEES!

Traditional IRA - Savings in this IRA are taxed as income. When distribution begins at retirement, your distributions are taxed at the retirement-level bracket (depending on your tax situation, see your tax advisor). Contributions may be tax-deductible, based on income and other factors (check with your tax advisor). Features include:

• Withdrawal of the principal and earned dividends can begin penalty-free for those age 59 1/2 or older
  
• Traditional IRA distributions are taxed at the retirement-level income bracket (depending on time of withdrawal and your tax bracket).
  
• Traditional IRAs can offer a tax deduction for qualified savers. Consult your tax advisor for specific details.
  
• ALL earned dividends are tax-deferred, regardless of income.
  
• NO SET-UP OR ANNUAL FEES!

IRA Contribution Limits are GOING UP! Not only do contributions and earned dividends compound for added IRA savings… the maximum allowable contribution limit will rise until 2008 on this timetable:

IRA Transfers and Rollovers - If you wish to transfer IRA funds from other institutions to MCCU, or if you have a pension fund ready to mature, we can accommodate you:

• Pension Plans and 401K funds usually eligible (see your tax advisor)
• NO SET-UP OR ANNUAL FEES!
  

MCCU Supports Your Retirement Goals! Whether you want a Traditional IRA, Roth IRA, or need help with a rollover or transfer, MCCU is here to help. Ask your tax advisor for current IRA details and a recommendation for which account is best for you. Then see a MCCU representative for assistance in opening your account. Just stop by either office!

Note: While every effort has been made to ensure the accuracy of all material contained on this website, some areas are subject to change based on regulatory interpretation or additional congressional action.

Consult your tax advisor for information regarding IRAs.

How much will you need to save for a comfortable retirement? Use our Retirement Calculator to find out.

Savers Plus - If you could custom-design your own savings plan, what features would it include? Higher Yields? Fluidity? Federal Deposit Insurance? At MCCU, we've ALREADY customized a savings plan with these exact features! A great alternative to a regular money market account, the Savers Plus account offers:

• INSTANT ACCESS - Up to SIX withdrawals per month, three of which can be written check withdrawals.
  
• The minimum withdrawal amount is $500.
  
• FEDERALLY INSURED up to $100,000 by the NCUA. This is especially important because not all money market type accounts (like those at many stock brokerages) are federally insured!
  
• $2,500 minimum opening deposit, AND…
  
• YOU'LL AUTOMATICALLY EARN MORE as your balance increases and you reach the next of THREE Savers Plus tier levels:
  Tier 1 $2,500
  Tier 2 $10,000
  Tier 3 $25,000
  Tier 4 $50,000

For current Savers Plus rates, click here.

See full disclosure for details.