FAQs


What type of savings accounts do you offer?

Regular Savings Account

To become a member of Mountain Credit Union you must open a $5.00 savings account which serves as your Membership Account. You can use this savings account for additional savings at any time. You must maintain a balance of $125 in this account to earn dividends. Dividends are paid quarterly.


Special Savings Account

This is a special account you can use to save for vacation, taxes, insurance or other special purchases you may be saving for. There is no minimum balance required in this account. Dividends are paid quarterly.


Christmas Club Account

Be prepared for the holidays! Save throughout the year with regular payroll deduction or deposits to your Christmas Club account and increase your shopping power by earning dividends. Your funds will be automatically transferred to your savings or checking account in early October for your shopping convenience. Dividends are paid quarterly.


Money Market Account

Maximize your savings and get access to your money if you need it. This account pays higher dividends than a regular savings but does not have maturity periods – your funds are available to you without penalty at any time. Dividends are paid monthly.


Individual Retirement Account [IRA]

Traditional, Roth, and Coverdell ESA accounts are available for your future saving goals. IRA contributions may be tax deductible or tax deferred (ask your Tax Advisor for information). Dividends are paid quarterly.

Important Member Notice:

Mountain Credit Union wanted to make IRA account owners aware of a change in the IRS interpretation of an IRA Rollover rule that took effect on January 1, 2015 that may affect you!  Before 2015, IRA owners were allowed to do one IRA-to-IRA rollover per IRA that they owned.  Now, you are allowed only one tax-free IRA rollover within a 12-month period, regardless of the number of IRAs you own.  As an alternative to rollovers, you can request an unlimited number of Trustee-to-Trustee Transfers.  We have a brochure available, upon request, that can help you understand the differences in an IRA Transfer and an IRA Rollover.  Please call us and we’ll be glad to help you with your transfer or rollover needs!

Individual Retirement Account [IRA] Brochures

Coverdell Education Savings Accounts
Conversions:  Moving Into A Roth IRA
Health Savings Accounts - Balancing Rising Health Care Costs
IRAs - Growing Your Savings During Every Stage Of Life
Retirement Plan Rollovers - Rolling Your Way To A Better Retirement
Roth IRA vs Traditional IRA - Taking A Closer Look At Eligibility
Roth IRA vs Traditional IRA - Exploring Your IRA Options
Roth IRAs - Answers To Your Questions
Simplified Employee Pension Plans - Securing Retirement One SEP At A Time
Traditional IRAs - Answers To Your Questions


Health Savings Accounts

A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. You control this money, deciding how to spend it on your health care needs. An HSA is not a flexible spending account. The balance at the end of the year is carried over to the next year. Whatever you don’t spend is yours to keep. At Mountain Credit Union, we want to give you more flexibility and control over your health care costs. A Health Savings Account (HSA) empowers you to make your own health care decisions and take advantage of tax benefits while you save for medical expenses.

Health Savings Accounts - Balancing Rising Health Care Costs


Share Certificate Accounts

Mountain Credit Union offers certificates with terms of 6 months or 12 months with minimum balances of $2,500. Funds withdrawn before the maturity date of the certificate are subject to a penalty of the loss of 90 days of interest. If the certificate has not been on deposit for 90 days the penalty will be all interest since purchase.

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