Share Savings Account

To become a member of the Credit Union one has to purchase shares. Shares are a form of savings and members are encouraged to save in this account as loans and dividends are related to the amount you save as shares. Your savings activity in your Share Account may be done by salary deductions.

Benefits

1.      By opening a Share Account the member automatically becomes a part owner of the Credit Union.

2.      Dividend is paid on shares and is determined by the amount of profit that is made each year. It is the members who determine the dividend that is paid on shares at the Annual General Meeting.

3.      The amount of money in the Share Account will determine how much you will be able to borrow.

Partner Plus Plan Savings Account

When you open and maintain a partner plus savings account, you receive a special type of bonus with your draw.

Features

1. Offers four payment options (P-Plus 1, P-plus 2, P-Plus 3, P-Plus 4)

2. Three payment modes (weekly, fortnightly, monthly)

3. Minimum fixed weekly payment of $500.

4. Different bonus tied to each P-Plus option. (20%,50%,100%,250%)

5. Allows for late payments up to five (5) working days

Benefits

1. Flexible payment options
2. Bonus earning potential
3. Do not have to pay the banker
4. Grace period for missed payments
5. Money is secured

Deposit Savings Account

The Deposit Savings Account operates like any regular savings account. Once you open a Share Savings Account you will have access to the Deposit Savings Account, as the passbook is divided in two sections so as to accommodate share deposits and regular deposits. The deposit account makes it easier for you to deposit and withdraw to meet your current demands. The interest paid on this account is competitive. Salary Deductions can be sent to this account.

Benefits

1.      Competitive interest rates.

2.      Interest accrues monthly but is credited to the account annually.

3.      One passbook for shares and deposits.

4.      Deposits and withdrawals can be made at any time.

5.      Twenty-four hour banking available at ATM machines (withdrawals and balance inquiry).

Solid $aver Account

This account continues to be a very popular instrument for our members and requires a minimum balance. This account provides an attractive return on the minimum daily balance, which is credited to the account monthly. A special passbook is attached to this account.

Certificates of Deposit

This facility is designed specifically for all members who desire to deposit lump sum amounts for fixed periods at relatively high rates of returns. The Certificates of Deposits that are currently offered by the Credit Union are for the periods of 30 days, 90 days, 180 days, and 360 days.

1.      The rates are calculated annually and apportioned based on the term of deposit.

2.      The Certificates will be renewed automatically at maturity at the prevailing rate of interest unless other instructions are given.

Golden Harvest Savings Plan

The Golden Harvest Savings Plan is a service offered by Cuna Mutual Insurance Company. It is a group decreasing term life insurance and savings plan designed specifically for Credit Union members to make regular and planned savings deposits in order to achieve a specific financial goal. The insurance benefit payable upon death, or total and permanent disability, is equal to the difference between the savings goal and the attained savings at the time of death and permanent disability. This sum is paid to the members' beneficiaries.

The member and the Credit Union agree (contract) for a specific amount of savings to be set aside each month.

Christmas Club Account

This account is available only to members and it allows members to save towards expenses of Christmas.

Christmas is a very exciting time of the year for many persons. This excitement often times generates expected and unexpected expenses. So as to cushion the expenses of the Christmas season, the Christmas Club Account at the Manchester Credit Union offers members the option of saving in an account that is geared specifically towards the expenses of Christmas.

Members may save a fixed amount either on a weekly, fortnightly or monthly basis. This amount may be withdrawn from the account during the months of November and December each year. This account is not a regular savings account and therefore no withdrawals are allowed before November 1^st. Interest is paid between November 1 and December 24 and a penalty will be charged if members insist on getting withdrawals before maturity.

Benefits

1.      Higher interest rate earned.

2.      Save consistently towards the expenses of Christmas.

3.      You decide on how much you are able to save.

The Insurance Club Account

With the increasing cost of insurance, especially motor vehicle insurance, this account allows you to set aside a fixed amount monthly tto take care of insurance renewal expenses. It is open to all members, but is mandatory for members who have accessed motor vehicle loans. The interest rate is higher, and is credited monthly on the minimum monthly balance.

To be eligible for this account, membership has to be established with the Credit Union. The Insurance Club account only applies to members who have either Motor Vehicle Insurance policies or Home Insurance Policies.