Last Updated: 04/18/2025
Members Cooperative CU MembersPlus Bump Up IRA Certificate
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
Up to 2.55%(Verified 06/21/2024)
Minimum Opening Deposit
Starting at $1,000
Certificate Term
- 2 years
- 3 years
- 4 years
- 5 years
Members Cooperative CU MembersPlus Bump Up IRA Certificate Review
Members Cooperative CU MembersPlus Bump Up IRA Certificate are offered by Members Cooperative Credit Union, a credit union founded in 1936 and based in Duluth, MN. Members Cooperative CU MembersPlus Bump Up IRA Certificate are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Small selection of CD account types. Members Cooperative CU MembersPlus Bump Up IRA Certificate only offers bump up IRA and traditional CDs.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.55%, which is much higher than the national average for a certificate account.
- $1,000 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
- Wide selection of certificate terms. Members Cooperative CU MembersPlus Bump Up IRA Certificate allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Members Cooperative CU MembersPlus Bump Up IRA Certificate
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Members Cooperative CU MembersPlus Bump Up IRA Certificate FAQ
Are share certificates from Members Cooperative Credit Union federally insured?
Yes, your share certificates are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
What is the difference between CDs and Share Certificates?
Certificates of Deposit (CDs) and Share Certificates are both deposit accounts where your money can grow at a fixed rate for a predetermined period of time. Both are low-risk and federally insured products designed to give you a better rate on your deposits than typical savings accounts. The main difference between them is that CDs are offered by for-profit banks, whereas Share Certificates are offered by member-owned, not-for-profit credit unions.
What types of share certificates does Members Cooperative Credit Union offer?
Members Cooperative CU MembersPlus Bump Up IRA Certificate provides the following types of share certificates.- Traditional share certificates. These share certificates pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the share certificate for another term.
- Bump-up share certificates. Bump-up share certificates allow you to increase the interest rate you earn on your savings if the going interest rates rise. These share certificates are useful in a changing interest rate environment.
- IRA share certificates. An IRA share certificate is a type of IRA that consists entirely of share certificates. In general, you can invest in share certificates in any IRA, but Members Cooperative CU MembersPlus Bump Up IRA Certificate offers a share certificate that is specifically for retirement.
What rates does Members Cooperative Credit Union offer on its share certificates?
What terms does Members Cooperative CU MembersPlus Bump Up IRA Certificate offer?
Members Cooperative Credit Union offers share certificate terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
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| APY (Annual Percentage Yield) | Up to 2.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 2.35% - 2.45% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 2.25% - 2.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 2.45% - 2.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 2.45% - 2.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a share certificate account with Members Cooperative Credit Union?
Members Cooperative CU MembersPlus Bump Up IRA Certificate require a minimum deposit of $1,000 to open an account.
What is the grace period for Members Cooperative CU MembersPlus Bump Up IRA Certificate?
Members Cooperative CU MembersPlus Bump Up IRA Certificate does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your share certificate without paying an early withdrawal penalty. A grace period starts the day after a share certificate’s maturity date, or the final day a share certificate is opened. Standard share certificates renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new share certificate rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Members Cooperative Credit Union charge?
Financial institutions don't typically charge many fees on share certificates. However, most charge a fee if you choose to withdraw your money before the term ends.
Members Cooperative Credit Union charges an early withdrawal fee.
Members Cooperative Credit Union does charge any of the fees we track.
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