Savings Accounts
From short-term savings accounts to certificates, we have the products and personalized service to grow within UMCU at every milestone of your journey.
Compare Accounts
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Share Savings
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Money Market Savings
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Certificate Accounts
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IRAs
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|---|---|---|---|---|
| Share Savings n/a | Money Market Savings n/a | Certificate Accounts End of Term | IRAs End of term | |
| Share Savings $5 deposit | Money Market Savings n/a | Certificate Accounts Certificate $500 minimum deposit | IRAs Certificate $500 minimum deposit | |
| Share Savings Monthly | Money Market Savings Monthly | Certificate Accounts Monthly | IRAs Monthly | |
| Share Savings None | Money Market Savings $2,000 | Certificate Accounts $500 | IRAs $500 | |
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Share Savings
Online, in-person, over the phone, email, or ATM |
Money Market Savings
Mobile, online, over the phone, email, or in-person |
Certificate Accounts
In-person or over the phone |
IRAs
In-person or over the phone. IRS penalties and taxes may apply |
Not sure what to choose? Let us help.
With incredibly low minimum balances, little to no fees, and amazing flexibility, a savings account from UMCU makes it easy to save for the future and reach your financial goals! Whether you want to shore up your emergency fund, spoil your family or plan for that special vacation, we've got a savings product for you!
Savings Account
- No monthly fees
- No minimum deposits
- Interest earned on your deposited funds - credited monthly
- Manage your money with digital tools
- Financial counselors to assist in your financial savings goals
- Fee-Free Access to 30,000+ ATMs* nationwide within the CO-OP network
Money Market Account
- Tiered Interest Rates: Earn more as you save more, with higher interest rates at $5,000, $10,000, and $25,000.
- Higher Returns: Enjoy better interest rates than a traditional Share Savings account.
- Convenient Access: Manage your funds 24/7 through our Online Banking Portal and mobile app.
- Minimum opening deposit: $500
- Minimum monthly deposit: $500
Certificates
- Flexible Terms: Select the timeframe that fits your goals.
- Low Minimum Deposit: Start with just $500.
- Access Interest Anytime: Withdraw monthly interest penalty-free*.
- No-Risk Growth: Enjoy guaranteed returns without market volatility.
IRAs
- Invest Up to $7,000 Annually ($8,000 if you're over 50).
- Traditional IRAs: Potential income tax deductions for every contribution.
- Roth IRAs: Tax-free growth and tax-free withdrawals.
- Flexibility: IRAs can often be used for higher education expenses.
Common Questions
All members of UMCU are assigned a savings account because it holds your place at the credit union. You don't have to use it if you don't want to. All that it requires is the $5.00 minimum balance.
Everyone's financial situation is unique so the best way for you to save for retirement depends on many factors! We encourage you to speak to one of our helpful and knowledgeable team members who specialize in retirement planning! Give us a call or schedule an appointment to learn more about UMCU's IRA accounts.
With terms as short as six months, you can grow your savings quickly and confidently—all while keeping things simple. Here’s how it works:
- Choose your term length (6 months to 5 years).
- Deposit as little as $500 in new funds**.
Earn interest, compounded monthly, and watch your savings grow.
Our interest rates for savings accounts depend on what type of account you choose and the amount of funds kept in your account. For the most up-to-date interest rates on UMCU's savings accounts, please visit our Rates Page.
Each UMCU savings product has a different minimum balance! For most accounts, the minimum balance is just $5.00.
Account Type |
Minimum Balance |
|---|---|
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Savings |
$5.00 |
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Business Savings |
$5.00 |
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Money Market Savings |
$500.00 (to avoid monthly maintenance fee); $2,000.00 (minimum amount to earn interest) |
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Business Savings or Money Market Savings |
$5.00 |
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Holiday Savings |
No minimum balance |
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Financial Little League, Minor League, Major League |
$5.00 |
While IRAs are a type of savings account, there are a few key differences to keep in mind.
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Savings Accounts |
IRAs |
|---|---|
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Good for short-term savings and emergencies |
Long-term savings for retirement age |
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Funds stay as cash |
Funds are invested in stocks, mutual funds, and ETFs |
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No limit to contributions |
Yearly limits |
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Funds can be withdrawn at any time |
Funds cannot be withdrawn until age 59 1/2 or you'll pay a penalty |
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Holds cash deposits; may earn interest depending on type of savings account |
Some tax advantages may apply, depending on type of IRA |
Everyone who opens an account with UMCU has a savings account. The $5.00 minimum deposit holds your place at the credit union.
You bet! Interest is deposited monthly and the more you save, the more you'll earn!
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Feature |
Traditional IRA |
Roth IRA |
|---|---|---|
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WHO QUALIFIES? |
Anyone who has earned income or whose spouse has earned income. |
Anyone with earned income whose gross income is below $161,000 (single) or $240,000 (joint). |
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TAX ADVANTAGE |
Tax-deferred investment; taxes come out at time of withdrawal. Possible tax deductions. |
Taxes are paid before contributing. Possibility of tax-free investment growth. |
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ANNUAL CONTRIBUTIONS |
Maximum of $7,000. Contributions to a combination of Traditional and Roth cannot exceed $7,000 |
Maximum of $7,000. Contributions to a combination of Traditional and Roth cannot exceed $7,000 |
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MANDATORY DISTRIBUTIONS |
Distributions must begin after you turn 73 |
No withdrawal requirements |
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ADDITIONAL CONTRIBUTIONS |
After age 50 you can contribute an additional $1,000 as a “catch up” |
After age 50 you can contribute an additional $1,000 as a “catch up” |
Sometimes! Generally, our savings accounts don't incur fees, but there are a few specific instances where a fee may be charged.
Account/Activity |
Fee |
|---|---|
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Inactivity Fee (waived if aggregate balance is over $100 and / or activity on any share or loan on the account within the last 6 months) |
$5.00 per month |
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Holiday Savings Withdrawal |
$5.00 |
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Money Market Monthly Maintenance |
$5.00 |
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Courtesy Pay* |
$30.00 |
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Non-Sufficient Funds* |
$30.00 |
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Overdraft Protection |
$2.00 per transfer to your Checking or Savings account |
Disclaimer
*Please refer to your Membership and Account Agreement for more information on how NSF/insufficient Funds fees and Courtesy Pay Fees are charged.