Savings & Investments
Share Savings Accounts
Simply stated. Share Savings Accounts are credit union savings accounts. Share Savings Accounts offer an alternative to bank savings plans without all the extra fees or high balance requirements.
Membership in the credit union is established by depositing and maintaining at least $5.00 in this account. Dividends for Share Savings Accounts are compounded daily and paid monthly. Rates may vary due to market fluctuation.
All savings are insured up to $250,000 by the NCUA (National Credit Union Administration), a U.S. government agency.
Sub-Share Savings Accounts
This account is a unique savings account that allows members to save for special events while earning the same dividends as the Share Savings Account.
The Sub-Share Account requires no minimum balance. This type of account is not accessible through an ATM.
Share Draft Checking
Credit Union Share Draft Accounts work just like a check only better. You’ll receive dividends on your balance plus, there are no minimum balance requirements and no per check fees or services charges. Plus, overdraft protection is available from up to 5 Share Savings Accounts.
Once membership is established in the credit union, qualifying members may have a Share Draft Account opened. Members with a direct deposit only pay $12 per box of checks. Members without a direct deposit pay just $17 for a box of checks. Retired members with direct deposit of their pension check or social security receive checks for FREE.
The credit union provides duplicate checks to help maintain accurate records. Canceled checks are not returned. Photocopies of checks may be obtained for a nominal fee.
A transaction account is a share checking account without checks. Access your account with a debit card to make purchases online or in stores, ATM withdrawals, and electronic or ACH deposits and withdrawals. You’ll receive the same dividend rate on your balance. No minimum balance requirement.
*All members qualify for a debit card with a Share Draft or Transaction account*
Insured Money Market Accounts (IMMA) provide members with a greater return on their investment with accessibility to the funds. An IMMA earns a higher dividend than traditional Share, Share Draft or Transaction Accounts therefore require a minimum daily balance requirement of $2,500. Members can make withdrawals from their IMMA in person or write checks.
Share Certificates offer higher yields and are available with terms ranging from six to 36 months.
Dividends are quoted as annual rates and are compounded daily. Dividends can be added back to your Share Certificate, paid monthly by check or deposited directly into your Share Savings or Share Draft Account.
Terms are specific and early withdrawals are subject penalty. Minimum deposits vary according to term lengths and dividends rates can vary based on market fluctuation.
Member Loyalty Program
When your Share Certificate renews, you will automatically become part of our Member Loyalty Program. When you allow your Share Certificate to roll over with no changes, you will receive a higher interest rate, just for being loyal to Members Choice Credit Union.
Individual Retirement Accounts
Individual Retirement Accounts (IRAs) are a smart way to save for the future even if you have a 401K, other pension plans, or retirement investments. As an individual wage earner, you may contribute annually into an IRA. Depending on your earnings, you may be able to deduct a portion of your contribution from the current year's tax return.
All IRA dividends are tax deferred, even if they are not tax deductible. IRA funds are insured up to $250,000 over and above the NCUA insurance covering other funds on deposit at the credit union.
The credit union offers Traditional IRAs, Education IRAs, and Roth IRAs.