Savings
Savings Account
When you become a member of the credit union a savings account is opened in your name. An initial deposit of $25.00 is required. All members must maintain a $25.00 balance in their savings account to remain a member and demonstrate regular activity in their account to keep it open.
Other features of Regular Savings include:
A competitive interest rate paid quarterly on the average daily balance in your savings account. Learn more about our current rate information.
Withdrawals: To withdraw money from your savings account, simply stop by a credit union branch (MMCU Branch or CO-OP Shared Branch) or go to an ATM terminal. Members may make up to six savings withdrawals per month free of charge. After six withdrawals in one month a $6.00 charge per excessive withdrawal is applied
Online access to your account
Free Mobile Banking
Access to over 5,300 Credit Union Branches Worldwide through CO-OP Shared Branching
Quarterly statements by mail* or Free eStatements
Payroll deduction: You may have deposits to your savings account deducted directly from your paycheck
*A Paper Statement Fee is assessed to members per statement cycle; ages 18 and over with aggregate deposit balances less than $50,000.00. eStatements are FREE, log into Virtual Branch to enroll!
Christmas Club
MMCU’s Christmas Club account is quite possibly our most popular product. For years, members have been making holiday shopping easier on their wallets by tucking away a little money each month, then watching a nice, healthy deposit appear in their savings account the morning of November 1.
Features included in the Christmas Club Account include:
No minimum balance required
On Nov. 1 of each year, all the money you save, PLUS the interest you earn is returned to you via automatic transfer into your regular share savings account
After Nov. 1 you can access your money with your MMCU debit card, or you can come into the branch to make a cash withdrawal, or call us and we’ll send you a check
You select the amount deducted from each paycheck to be deposited
Start a Christmas Club account any time of year
Use Christmas Club funds for any occasion – homeowner association dues, property taxes, insurance premiums, travel, you name it
*Please note there is a $25,000.00 deposit limit for the Christmas Club accounts.
Money Market
At Metro Medical Credit Union we offer two types of Money Market Accounts, Money Market Type 78 and Money Market Type 79.
| Details | Money Market Type 78 | Money Market Type 79 |
|---|---|---|
| Minimum balance | $2,500.00 | $25,000.00 |
| APY Yield | See rates section | See rates section |
| Monthly fee if balance falls below minimum | $10.00 | $25.00 |
| Number of free withdrawals per month | 6 | Unlimited |
| Over-the-limit withdrawal fee | $10.00 | None |
| Check writing privileges | No | Yes - First box of checks is FREE! |
Other features include:
A competitive dividend rate
Access through M.A.R.T.I.N., our 24-hour telephone response system
Deposits at any branch or by mail
IRAs
Traditional IRA
Individual retirement accounts are a smart way to save for the future. A traditional IRA can be open and funded without any employer participation. Contributions and/or earnings are tax deferred until retirement. Unlike many employer plans, the money in your IRA account is always accessible. However, there is a 10% early distribution penalty by the IRS (before age 59½) unless you qualify for an exemption due to one of the following: disability, qualifying education expenses, unemployment, qualifying first-time home purchases, death or receipt of your IRA assets in equal payments over your life expectancy.
Metro Medical Credit Union offers a share savings IRA account that earns quarterly interest. The minimum deposit for an IRA savings account is $25.00. IRA Certificates (CDs) are also available for terms ranging from one year to five years. Minimum opening deposits for IRA CDs are $1,000.00. IRA accounts are insured up to $250,000.00 separately from any other deposits you may have at the credit union.
Roth IRA
Roth IRAs differ from traditional IRAs in that the money you contribute to a Roth IRA has already been taxed. Earnings are tax-free if account is open for five years and withdrawn for a qualified reason (age 59½, disability, death or a first-time home purchase.) This retirement plan allows the money you contribute to grow tax deferred.
How much can you contribute?
$6,000 for 2022
For owners age 50 and older by the end of the year, your limits increase to $7,000
Your taxable compensation for the year
Check with your tax preparation expert for specific details on IRAs.
Savings Certificates (Regular and IRA)
You can open a Regular Savings Certificate with a minimum balance of $1,000.00. Certificates are available with terms of six months to 24 months. Our Savings Certificates can be used for your Individual Retirement Account at terms of 1 to 5 years.
Features of our Savings Certificates include:
A fixed dividend for the term of the certificate
Competitive dividend rates
Federal Insurance
The National Credit Union Administration (NCUA) provides insurance coverage of up to at least $250,000.00 for your Credit Union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure, visit NCUA.
IRA Accounts are insured up to $250,000.00 separately from any other deposits you may have at the credit union.