FAQs
The funds will be deposited to your UMCU Share Savings account on the last day of every month.
All of them! Anytime you use your Platinum Cash Rewards credit card, you'll earn 1.10% cash back.
Did you know: the average credit card interest rate is over 20.0%? When you open a Platinum Optimum with UMCU, we can transfer your credit card balance from another financial institution and potentially lower your interest rate! You can also transfer and combine multiple credit card balances to consolidate your debt for one easy monthly payment!
In order to repair a low credit score, credit bureaus will need to see a record of on-time payments. In fact, payment history accounts for 35% of your credit score. The Platinum Optimum makes it easy to create a budget with predictable monthly payments.
The Platinum Optimum is a great choice for you! With a competitive annual percentage rate (APR) starting at just 8.99%*, you'll be able to build your credit score - without high interest rates!
Absolutely! If at any point in the future, you'd like to start earning 1.10% cash back on every purchase with our VISA® Platinum Cash Rewards card, we can transfer your balance! Stop by a branch or give us a call, and we'll be happy to switch things out for you!
In order to open a checking account with UMCU, you'll need the following:
- $5.00 to deposit to open your account with the credit union. When you open your account online, we'll cover the $5.00 deposit for you!
- It requires a minimum balance of $500.00 to avoid a $8.00 maintenance fee.
- A valid form of ID
And that's it! We make the process as easy and convenient as possible!
The requirements to open a checking account with UMCU are minimal, so enjoy a seamless process. Here's what you'll need:
- $5.00 to fund your account. This deposit opens your account with the credit union. When you open your account online, we'll cover the $5.00 deposit for you!
- A valid form of ID
And that's it!
|
Feature |
Traditional IRA |
Roth IRA |
|---|---|---|
|
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). |
|
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. |
|
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 |
|
MANDATORY DISTRIBUTIONS |
Distributions must begin after you turn 73 |
No withdrawal requirements |
|
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” |
While IRAs are a type of savings account, there are a few key differences to keep in mind.
|
Savings Accounts |
IRAs |
|---|---|
|
Good for short-term savings and emergencies |
Long-term savings for retirement age |
|
Funds stay as cash |
Funds are invested in stocks, mutual funds, and ETFs |
|
No limit to contributions |
Yearly limits |
|
Funds can be withdrawn at any time |
Funds cannot be withdrawn until age 59 1/2 or you'll pay a penalty |
|
Holds cash deposits; may earn interest depending on type of savings account |
Some tax advantages may apply, depending on type of IRA |
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.
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.
Sub-savings accounts are an excellent way to keep your savings goals organized! Think of the savings account as a box. Within that box, you have envelopes for different things: a vacation fund, a car payment, and groceries. The sub-accounts are the envelopes to your savings account! You can have up to 8 additional accounts AND you can customize their names! Like the main savings account, the sub-accounts have no minimum balance. Ask a team member to create your sub-account(s) today!
You bet! Interest is deposited monthly and the more you save, the more you'll earn!