Credit Unions assist individuals in meeting their financial goals and making their dreams come true. The unions provide individuals with several options that help them achieve their financial milestones, such as savings, checking, and loan options with a product or service that is right for them. It becomes necessary for an individual to determine the possible options provided by the credit unions to understand further the benefits provided by the credit unions. Member Trust Federal Credit Union serves its members and communities, providing great credit union offers. Some of the consumer products and services provided include:
Savings
Savings is a form of financial reservation to sufficiently take care of emergencies or future requirements with ease. The credit union provides clients with several savings options to help them reach their short or long financial goals. The accounts can help the client conveniently and effectively manage their funds to meet their financial goals. Furthermore, the savings account isn’t difficult to open as the Members Trust accounts require as little as $5. The savings account also creates an individual’s credit limit, enabling them to take personal loans with the credit unions. The loans also enable clients to meet their emergencies or financial needs with ease.
Checking
A checking account enables you to deposit and withdraw funds to sort out personal transactions easily. The easily accessible funds provide the client with the fluidity they need to meet their daily needs with ease without carrying huge amounts of money with them. The Members Trust provides clients with a checking account designed to understand that it is the client’s source of settlings bills. The credit union provides different accounts with great benefits to enable clients to sort out their bills effectively.
Loans
Credit unions enable individuals to get loans to meet their emergency and current needs. The loans provided vary following the client loan intention, which they desire to serve. The various loans include auto loans for motor vehicle purchases, personal loans for servicing personal effects, mortgage loans for owning a house and secured loans which help clients build their credit or make a purchase without touching their savings, and many more. The various loans and their interest rates are key factors that individuals need to consider when choosing a credit union to meet their financial needs.
Money Market
Money markets are a form of very short-term trading characterized by a high degree of safety on the capital. Credit Unions provide individuals with super saver money market options that come with a checking account flexibility and dividend rates comparable to the certificate accounts. The money markets enable individuals to have convenient access to their funds with a higher return on investment, thereby making more money over time. The accounts keep the client’s money goals in mind and set withdrawal limits to help clients meet their savings goals. However, the account gives room for emergency withdrawals which attract certain penalties.
Certificates
For those clients looking to grow their long-term savings, a share certificate is one of the credit union solutions to exploit. The account enables individuals to earn the great returns they deserve, earning top dollars. The certificates work because the longer the certificate term, the higher the return rate. In addition, the certificates have terms from six months to seven years and are very easy to open with a $1 000 requirement. In addition, the account doesn’t warrant any charges for early withdrawals, and the client can confidently withdraw their principal amount.
Individual Retirement Accounts (IRA’s)
Individual retirement accounts enable employed or working individuals to save up for the time they retire. The saved money enables them to comfortably continue to meet their needs even with no current source of income after retirement. The IRA’s options provided by the personal Loans credit union have either tax-deferred or tax-free ways to save for retirement. The four different IRA options provided include traditional IRA, Roth IRA, Coverdell education accounts, and simplified employee pension, enabling individuals to save for their future. Individuals need to keenly consider the IRA options provided by the various credit unions to enable them to make backed-up decisions before joining a credit union.
