Deposit Accounts

Account Descriptions Account Descriptions | Account Services | Applications | Deposit Rates

This page offers a description of each of our deposit account products. Scroll down to view all. Click here to view our current fee schedule.

Regular Savings
Open this account with a minimum of $5 to establish membership in the credit union.  Make additional deposits at any time. This share account is designed to fulfill your basic savings account needs.

• Dividends are paid monthly on balances over $100
• Dividends are calculated on the average daily balance 
• Use this account as your overdraft transfer source by linking funds from this account to your CMCU checking account. 

Checking
Enjoy these benefits with a CMCU checking account:    

• Unlimited check writing
• No per check charge
• No minimum balance
• Dividends earned on average daily balance of $100 or more
• Free debit/ATM card upon request
• Overdraft coverage is available

Optional Overdraft Coverage 

Choose between an overdraft line of credit or overdraft transfer. See the Account Services or Member Services sections of this website for details.

Do-it-Yourself Check Re-ordering

See the Account Services or Member Services sections of this website for more information.

• Fixed interest rate for the duration of the term
• Minimum deposit of $500 to open
• Minimum certificate period of 3 months
• Certificate periods of 3, 6, 12, 18, 24, 36, 48, and 60 month terms

• Automatic renewal at the same term length as the matured certificate (“rollover”) unless otherwise notified by member
• Interest rate subject to adjustment upon rollover
• Penalties apply for early withdrawal
• Dividend (earned interest) is compounded daily and paid out quarterly

Money Market Account
Open and maintain this hybrid savings account and enjoy higher yield savings and limited check writing in one account. Dividends are calculated daily and paid monthly.

• Maintain an average daily balance of $500 to earn dividends
• Write three free checks on this account monthly  
• A $5 fee is charged when the average balance falls below $500 in any month
• A $10 fee is charged for each additional check written after three free checks.

Health Savings Accounts 
The Health Savings Account (HSA) is designed exclusively for the payment of medical expenses incurred by the beneficiary named on the account, and the beneficiary’s dependents. The HSA works in conjunction with a High Deductible Health Plan.

Similar to an Individual Retirement Account (IRA), you may contribute all or a portion of the amount of your health plan deductible into a tax-advantaged Health Savings Account.

• Tax-deferred earnings (consult with a tax professional) 
• Funds remain tax-advantaged provided they are used to pay for qualified medical expenses
• No minimum balance requirements  
• Competitive dividend rate
• Monthly account statements    

Holiday Club Account
Deposit a little extra money each week, or month, into this savings account, and withdraw the funds at holiday time to spend on family, friends, or yourself!

• No minimum deposit
• Make deposits using payroll deduction, automatic transfer, or any other deposit method

• Deposit funds throughout the year
• Choose the annual maturity date
• Dividends are compounded daily and paid monthly

Custom Club Account

Save during the course of the year for vacation, home improvements, anniversaries, tuition, or whatever you decide.

• You set the withdrawal period for this savings account.
• Each year, funds in the account will be available for a lump-sum withdrawal during the period you’ve set, or have the funds automatically transferred into any other deposit account you hold at the credit union.
• The penalty-free withdrawal period may occur only once a year.
• Open this account with no minimum deposit.
• Make deposits into the account throughout the year using payroll deduction, automatic transfer, or any other deposit method.

Early withdrawal penalties do apply for any withdrawals made from this account outside of the authorized withdrawal period. Dividends are earned at the regular savings account rate.

F.U.N. Club Youth Account

• Minimum deposit of $5 to open
• Make additional deposits at any time
• Funds in the account are controlled by the adult custodian
• Neither an ATM or debit card is available with this savings account
• Overdraft transfer may not be linked to this account

When opening this account, fill out the basic credit union membership application and our separate custodian account form and use the term “Youth Savings Account-UTTMA” (Uniform Transfer to Minor Act) to identify this account.

IRA
An IRA (Individual Retirement Account) is a retirement savings plan that allows you to make tax-deductible or tax-deferred contributions to the account. Fund your IRA with a CMCU regular savings account or any one of our term certificate accounts.

CMCU offers the following types of IRAs:  

• Traditional
• Roth
• Coverdell Education Savings
  

Traditional IRA
Contributions to this type of IRA may be tax deductible in the year the contributions are made, and taxes due on the earned interest are deferred until the funds are withdrawn.  Deductibility for tax purposes depends on active participation in a qualified retirement plan and/or taxable income.

Roth IRA
Contributions:

• Are post-tax, and growth may be tax-fre
• Can be made up until April 15th of the current year, and applied to the previous year
• Can be made after age 70½, and no withdrawals are required during the account-holder's lifetime
• Are not allowed if you have earned income greater than $110,000 (single) or $220,000 (married)

Withdrawals:

• Are tax-free and penalty-free as long as the account has been open for at least five tax years and you are either over 59.5 years of age, disabled, or buying a home for the first time
• Since withdrawals are not reportable income, they won't affect your adjusted gross income during retirement.

Coverdell Savings Account (formerly Educational IRA)
This IRA gives flexibility to families saving for college tuition and other related expenses. 

• Up to $2,000 per year may be deposited for each child under age 18 
• Anyone can make a contribution - parents, grandparents, relatives, or friends
  
• Earnings and withdrawals are tax-free if used for educational expense by age 30
• Can be transferred to another child in family
• 10% penalty if used for another purpose
• These contributions are not tax deductible, but dividends earned are tax-free
• Contributions can be made up until April 15th  

When considering an IRA, we recommend that you consult with a tax professional for specific information about IRA tax advantages. U.S. government penalties apply for early withdrawals of IRA funds.

Speak with a credit union representative for more information about the application process for opening an IRA. Your credit union IRA is insured up to $250,000.

The National Credit Union Administration (NCUA), a U.S. government agency, federally insures credit union deposits up to $250,000.