A Member Share Account acts as a savings account. Credit unions are member owned, so the share account represents one share of ownership in the credit union. The minimum required share depost is $25.00. Dividends are paid quarterly on share accounts.
You can set up additional accounts under your member share account such as a checking account, a share certificate or a special savings account to save for a specific event such as a vacation.
A Monthly Manager Account has a minimum required balance of $2,500.00. It pays a higher dividend rate than a regular share account and the dividend is paid monthly. Withdrawals can be made without any penalty and if the balance falls below $2,500.00 the remaining funds are transferred back to the Member Share Account at the end of the month.
SHARE CERTIFICATES (CDs)
Share certificates pay a higher dividend rate than a member share account. You are committing to keeping the money on deposit for a specific amount of time, such as six months, or three years. For a list of currently available share certificates, minimum deposit amounts and current rates see our rate and fee schedule.
IRAs (Individual Retirement Accounts)
There are two basic kinds of IRAs, traditional and ROTH. With a traditional IRA, income placed into the account is not taxed until the money is withdrawn. With a ROTH IRA, dollars that have already been taxed are placed into the account and the money is not taxed when it is withdrawn. For more information on IRAs, or to obtain IRA forms, contact our office.