MERCO offers a variety of certificates at competitive rates and terms. Earn competitive yields on deposits of $500 or more. Pick a term that suits your needs from six to 60 months.
Your MERCO Certificate is secure and risk-free because it is insured for at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government agency.
At MERCO CU you are not just a depositor, you are an owner!
RATESFEES AND DISCLOSURES
IRAs & Coverdell Education Savings Accounts (CESAs)
MERCO offers IRAs and IRA Certificates. Open an IRA with as little as $50. Choose from Traditional or Roth IRAs and enjoy tax benefits (consult your tax advisor). MERCO also offers Coverdell Education Savings Accounts (CESA). There are no application, administrative or maintenance fees.
An IRA or CESA from MERCO can provide for you and your family’s future security while earning high, tax-deferred dividends. You can start an IRA with just $50 and add to it in small amounts each month through payroll deduction or automatic transfer. Most members can deduct all or part of their annual IRA contributions from their taxes each year.
You can choose from three types of IRA accounts
Be sure to check with your tax advisor to determine which type of IRA best meets your needs:
Traditional IRA allows tax-free contributions up to $6,500 for 2023. If you’re 50+, you can contribute an additional $1,000 each year. Your dollars grow tax-deferred in the account until you reach your required minimum distribution age as set by the IRS.
Roth IRAs are similar to Traditional IRAs, with the biggest distinction being how the two are taxed. Roth IRAs are funded with after-tax dollars—this means that the contributions are not tax-deductible, but once you start withdrawing funds, the money is tax-free.
Coverdell Education Savings Account (CESA)
Coverdell Education Savings Account, formerly Education IRAs, allows non-deductible contributions of $2,000 per tax year per child. Qualified distributions (withdrawals) are tax-free and penalty-free.
IRA Certificates allow you to lock in higher dividends by choosing a term of 6, 9, 12 or 24 months. You can open an IRA Certificate with as little as $1,000.
Your IRA is secure and risk-free because it is insured for at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government agency.
Bump Up Certificates
Just like traditional certificates, Bump Up Certificates offer attractive dividend rates, are federally insured by the NCUA, and have a predetermined maturity date. However, Bump Up Certificates offer greater flexibility and accessibility because after 6 months, you can choose to bump up your rate or invest more money into your certificate at the existing rate. Additional details:
- Choose your term of either 30 months or 60 months
- Lock in a rate of 3.50% APY for the full term
- Deposit as little as $500 for regular Certificate
- Deposit as little as $1,000 for IRA Certificate
- Does NOT have to be NEW money
- Must Be a Member to Open a Bump Up Certificate
Joining MERCO Credit Union is easy. To become a member, you must be one of the following:
- Anyone who lives, works, worships, or goes to school in Merced, Mariposa, Madera, Fresno, or Stanislaus Counties.
- Family member of an existing MERCO Credit Union account holder and residing in California.
To join MERCO Credit Union, call or visit one of our branch offices and request a membership application. Once you complete this simple application, all you’ll pay is a one-time membership fee of $5 (plus a required deposit of $5 to a savings account) and you’ll receive immediate access to MERCO Credit Union’s convenient, money-saving products and services.