Michigan Schools & Government Credit Union
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Business Savings

The first step in getting the service you deserve is with a Business Savings Account at Michigan Schools and Government Credit Union. Not only does it open the door to the many convenient business solutions that we offer, this account also features:

  • Up to 50 free transactions each period
  • Low account minimum balance of only $100
  • Low fee schedule for business accounts
  • Peace of mind that funds are insured up to $250,000 by the National Credit Union Share Insurance Fund.

Managing your money has never been easier. Set your business on the right path to financial success by bringing your account here. Why pay high fees, face unreasonable requirements, and forfeit great service attitude somewhere else?


Health Savings Accounts

A Health Savings Account (HSA) is a savings product that allows you to pay for current health expenses and save for future qualified medical expenses with certain tax benefits.*  Begin setting things right with your health care expenses by opening a Health Savings Account.

HSAs are available to individuals covered by a High Deductible Health Plan (HDHP). Once you open an HSA, you may contribute up to the amount of your HDHP statutory limit. Your employer's contributions to your HSA are tax-free (if applicable), and you can deduct your own contributions to your HSA on your income tax return even if you do not itemize.*

2017 HSA Deductibles and Limits
Minimum DeductibleOut-of-pocket MaximumContribution Limit55+ Contribution
Single $1,300 $6,550 $3,400 $1,000
Family $2,600 $13,100 $6,750 $1,000

Unlike contributions to a Flexible Spending Account (FSA), the balance of your HSA at the end of the year is carried over to the next year. You can withdraw money tax-free and penalty-free at any time for qualified medical expenses.** Don't wait! Open your Health Savings Account with Michigan Schools and Government Credit Union today to enjoy no setup fees, no monthly fees, and no minimum deposit requirements.

*Please consult a tax adviser for more information.**Members are responsible for ensuring that withdrawals are for qualified medical expenses.

 

Health Savings Account
APY*Interest Rate
0.600% 0.598%

*APY = Annual Percentage Yield. No Minimum Balance Required.

 


Simplified Employee Pension (SEP) Plan

Are you looking to provide a retirement program for your employees or yourself? Our Simplified Employee Pension (SEP) Plan may be the answer! SEP Eligibility Requirements:

  • Self-employed persons
  • Sole Proprietors
  • Partnerships
  • Small Businesses
  • Government Agencies
  • Corporations

Self-employed persons and any employees must be eligible for membership to have a SEP account with Michigan Schools and Government Credit Union. Employees who are eligible to participate in his or her employer's SEP plan must establish a Traditional IRA in which the employer will deposit SEP contributions.

Help others set their path to financial success right. If our SEP can benefit you or your employees, please contact a Member Service Representative for further details. The Simplified Employee Pension (SEP) is a retirement plan through which employers can make contributions to the Traditional IRAs of their eligible employees.

 

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