As such, the dividend is declared at the end of a dividend period, which is quarterly. Dividends on Share Savings accounts are declared quarterly by the Board of Directors. No co-makers are required and the amount you can borrow is determined by the amount in your Share Savings account. For details, contact MECU's Loan Department. Other MECU interest-bearing savings programs are designed to serve your special needs.
CDs earn a higher rate than statement savings.
If you have difficulty building savings, a certificate of deposit will help you with your long-term investment goals because you won't be dipping into your savings. MECU offers certificates with a variety of terms. Because of the nature of an IRA, the interest you earn on it over the years is not taxed until you withdraw it. Since this is usually after you retire, it is likely you'll pay less tax on your earnings than you would have during your working years. IRA contributions may be tax deductible on your federal return, depending on your income.