The more you save, the more you earn with a share account at NMFCU. Take advantage of these accounts to make your financial dreams a reality. All Credit Union members start their membership with a savings (also called a share) account. In addition to helping you save, this accounts entitles you, as a member/owner, to share in the dividends and benefits North Memorial FCU has to offer.
| Share Account | Special Share Account | Christmas Club Account | Youth Account | Money Market Account | Share Certificates | Individual Retirement Accounts (IRA's) | |
|---|---|---|---|---|---|---|---|
| Opening Minimum Balance | $5.00 | $0.00 | $0.00 | $0.00 | $2,500.00 | $500.00/$2,500.00 | $100.00 |
| Balance Computation Method | Average Daily Balance | Average Daily Balance | Average Daily Balance | Average Daily Balance | Average Daily Balance | Average Daily Balance | Average Daily Balance |
| Rates and APY's | Rates | Rates | Rates | Rates | Rates | Rates | Rates |
| Frequency of Compounding | Quarterly | Quarterly | Quarterly | Quarterly | Monthly | Quarterly | Quarterly |
| Frequency of Crediting | Quarterly | Quarterly | Quarterly | Quarterly | Monthly | Quarterly | Quarterly |
|
Rates are subject to change and effective as of: 12/18/2017 Early withdrawal penalties may be inposed on funds withdrawn before maturity. The Annual Percentage Yield (APY) is based on the assumption the interest will remain in the CD until maturity. Fees may reduce earnings on the account. |
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Money Market Account
- Balance your investment portfolio with a Money Market account to avoid market dips and jumps that are difficult to predict. Your NMFCU Money Market account will earn more without ever risking your hard-earned savings.
- Make deposits as frequently as you wish - even easier with payroll deduction or direct deposit - and up to six free withdrawals per month.
- Make up to six free withdrawals per month Minimum withdrawal of $500.
Step Up Rate Certificates
- 3 or 5 year terms.
- Minimum balance of $2,500.00.
You decide if/when your savings rate goes up! Rate goes up once on 3-year certificates, and twice on 5-year certificates.
IRA Deposit Account
- Save for your future the tax-deferred way and open an IRA today.
- Minimum balance requirement of $100.
- Tax-deferred dividends are compounded and paid quarterly.
- Contributions may be tax-deductible Consult your tax advisor for potential tax benefits.
Roth IRA
With a Roth IRA, all income earned is tax-free upon withdrawal, as long as earnings have been in your account for at least five years and meet one of the following conditions:
- Earnings are received after you turned age 59
- Withdrawal is used for qualified first home purchase expenses
- Earnings are received because you became disabled
- Earnings are being paid to your beneficiary after death
Another benefit of the Roth IRA is freedom from minimum distribution requirements. The traditional IRA requires that you begin making withdrawals and stop contributions at age 70 , while the Roth IRA continues to earn money, tax and penalty-free, for as long as you wish.
