An initial deposit of only $25.00 in our Share (Savings) Account, which remains for the life of the account, makes you a member of our credit union family and eligible for all other credit union products and services.
To become a member, an initial deposit of only $25.00 is placed and kept in a Share (Savings) Account. This deposit buys you a share of the credit union and allows you to earn dividends. Dividends are calculated and paid quarterly on a split rate basis. Please view our Rates page for the most current rates. Your savings is federally insured to at least $250,000.00 and backed by the full faith and credit of the National Credit Union Administration (NCUA), a U.S. Government Agency.
Club Accounts are a great way to save extra money. Payroll Distribution and automatic transfers are easy ways to contribute to your Club Accounts. These accounts earn the same dividends as Savings Accounts.
- Christmas Club – Christmas Club Accounts can be opened for any amount of money that you wish to set aside in order to save up for the holidays. The entire balance will be paid to you by transfer to another account of yours before October 31st, and the Christmas Club Account will remain open.
- Vacation Club – Vacation Club Accounts are also separate accounts that members use to save for vacation or other upcoming events. Checks are not mailed out at any specific time, and you may request a check or transfer to another account at any time.
Members Choice has three Special Accounts for members 12 years old and younger, teenagers 13-17 years of age and 50 years and older.
- Scotty Savers Club – Children ages birth through 12 years old may open a Scotty Savers Club Account, and begin learning about savings. With the $25.00 Share Deposit, these accounts earn the same dividends as Savings Accounts. With every deposit, the child can choose a toy from the toy box. Special incentives may also be offered periodically to encourage saving money.
- Teen Savers Club – Teens 13 through 17 years old may open a Teen Savers Club Account to have fun and learn more about money matters. With the $25.00 Share Deposit, these accounts earn the same dividends as Savings Accounts. Classes may be held periodically to go over financial literacy topics that are specific to teens, like how to balance a checkbook, save for college and what to look for in your first car.
- Silver Savers Club – Specifically designed for our devoted members who are 50 years old and older, this account includes an exclusive package of benefits and services tailored to fit their needs. These benefits include one box of free checks annually and free Money Orders.
Three Individual Retirement Account (IRA) options are available through Members Choice as excellent tools to save for retirement. Depending on the type of IRA you choose, contributions may be tax deductible and will grow either tax-deferred or tax-free. Dividends are paid and posted quarterly. Share Certificates are also available for your IRA account.
- Traditional IRA – You may be able to contribute up to $5,500.00; for owners age 50 and older, you may be able to contribute up to $6,500.00. Contributions cannot exceed compensation. Earnings grow tax-deferred until withdrawn. Contributions may be tax-deductible.
- Roth IRA – You may be able to contribute up to $5,500.00; for owners age 50 and older, you may be able to contribute up to $6,500.00. Contributions cannot exceed compensation. Earnings are tax-deferred and withdrawals are tax-free if the account is open for five tax years and withdrawals are for a qualified reason. Not required to start withdrawals at age 70 ½.
- Education Savings Account (ESA) – This account is an excellent way to help a child, grandchild or other young children start saving for educational purposes. Your ESA can be used to pay qualified elementary school and secondary school expenses as well as those for higher education. Even though there is no tax deduction for amounts contributed to an ESA, earnings grow tax-free.
For more information on IRAs including who can contribute to an IRA, who can make deductible contributions and when withdraws can be made without restrictions, or if you have any questions, please call the credit union at (304) 346-5242 or Toll Free (800) 526-5242 to speak with our IRA Specialist Monica.
Share Certificate Accounts allow you to earn a higher interest rate when you agree to tie your money up for a certain period of time. We offer 6 month, 1 year and 2 year Share Certificates that require a minimum balance of only $1,000.00. Please view our Rates page for the most current rates.