Savings


MMCU 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

If you have any other questions about regular savings accounts at MMCU, contact us.

Click here for the savings calculator.

*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! Click here to view our current Fee Schedule.


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

  • Click here for rate information

Please contact us if you have any questions about Club Accounts or click here for the savings calculator.

*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

  • Click here for current rate information

Please contact us if you have any questions about Money Market Accounts.


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?

Traditional IRA

  • $5,500.00 for 2018

  • For owners age 50 and older, your limits increase to $6,500.00 for 2018

  • Contributions cannot exceed the wages you earn

For more information on a traditional IRA, please contact the credit union. View current rates or try our retirement calculator.

Roth IRA

  • $5,500.00 for 2018

  • For owners age 50 and older, your limits increase to $6,500.00 for 2018

  • Contributions cannot exceed the wages you earn

Please check with your tax preparation expert for specific details on IRAs. View current rates or try our retirement calculator.


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

Please contact us if you have any questions about Savings Certificates.


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.