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Home > Saving & Investing> Investments

Individual Retirement Account (IRA)

It’s never too early to start planning for retirement! No matter what age you are, we can help you plan for the future with our Individual Retirement Account (IRA). Having a secure future stems from setting your finances right today.

  • Traditional, Roth, and Coverdell Education Savings Accounts
  • Members may make contributions to a Simplified Employee Pension Plan (SEP) up to 25% of their taxable compensation (18.47% of the self-employment income of an owner-employee)
  • Share and Certificate of Deposit Accounts available
  • Unlimited use of Online Banking

 

Individual Retirement Account (IRA)
APY*Interest Rate
0.300% 0.300%

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

Traditional and Roth IRA
Member Age2016 Annual Contribution Limit2017 Annual Contribution Limit
Up to Age 49 $5,500 $5,500
50 and Older $6,500 $6,500

Coverdell Educational Savings Account
Member Age2016 Annual Contribution Limit2017 Annual Contribution Limit
Child up to Age 18 $2,000 $2,000

 

 

IRA CD

With an IRA Certificate of Deposit, you can earn tax-deferred dividends toward retirement or a child’s higher education. One more way to help you set your financial future right!

  • Traditional, Roth, and Coverdell Education Savings Accounts available
  • Minimum balance $500
  • No monthly service charge
  • No restriction on number of certificates of deposit

Certificate of Deposit (Regular and IRA CDs)
TermAPY*Interest Rate
6 Months 0.400% 0.399%
1 Year 0.700% 0.698%
2 Years 1.400% 1.393%
3 Years 1.600% 1.590%
4 Years 1.700% 1.689%
5 Years 1.900% 1.887%

*APY = Annual Percentage Yield. $500 Minimum Average Daily Balance Required.

Minimum investment listed is to open an account and to earn the advertised APY. Fees may reduce earnings on accounts. A penalty will be imposed for early withdrawal from Certificates of Deposit. All rates and APYs are accurate as of today and subject to change at any time. For current rates, please call 586-263-8800.

Certificate of Deposit (CD)

High-yield. Fixed interest. Guaranteed return. Secure. A Certificate of Deposit (CD) from Michigan Schools and Government Credit Union is a great way to set things right in order to build funds for the future. Some of the features of our CD include:

  • $500 minimum balance
  • Term options of: 6 months, 1 year, or 2, 3, 4, and 5 years
  • Competitive Annual Percentage Yield
  • Unlimited use of Online Banking

Certificate of Deposit (Regular and IRA CDs)
TermAPY*Interest Rate
6 Months 0.400% 0.399%
1 Year 0.700% 0.698%
2 Years 1.400% 1.393%
3 Years 1.600% 1.590%
4 Years 1.700% 1.689%
5 Years 1.900% 1.887%

*APY = Annual Percentage Yield. $500 Minimum Average Daily Balance Required.

Minimum investment listed is to open an account and to earn the advertised APY. Fees may reduce earnings on accounts. A penalty will be imposed for early withdrawal from Certificates of Deposit. All rates and APYs are accurate as of today and subject to change at any time. For current rates, please call 586-263-8800.

Bump Rate Option

Take control of your Certificate of Deposit (CD) with our Bump Rate Option, which permits you to make a one-time "bump up" to a higher interest rate. A great example of how to set your finances right.

  • Applies to 3-, 4-, or 5-year Regular CDs or IRA CDs only
  • Maturity date remains the same regardless of when the bump up is implemented
  • No fee to "bump up" your interest rate
  • Lock in a higher Michigan Schools and Government Credit Union published rate anytime before maturity*
  • You must contact the Credit Union to activate the Bump Rate Option

*Limited to one bump per Certificate of Deposit. Minimum balance of $500 required. Penalty for early withdrawal. Must contact the Credit Union to activate the Bump Rate Option.

 

Grow-With-Me CD

You don't need a lot of money to open a Certificate of Deposit with Michigan Schools and Government Credit Union. The Grow-With-Me CD makes it convenient and affordable for anyone to start a savings program.

  • Low minimum balance of $250
  • 6-month, 1-year, or 2-year term options
  • Unlimited deposits to the CD throughout the term, without changing the maturity date or rate 
  • Flexibility of choosing how your interest is paid to you: compounding, check, or account transfer
  • Unlimited use of Online Banking

Choosing this Certificate of Deposit is an easy way to setting your finances right!

Grow-With-Me CD
TermAPY*Interest Rate
6 Months 0.250% 0.250%
1 Year 0.400% 0.399%
2 Years 0.700% 0.698%

*APY = Annual Percentage Yield. $250 Minimum Average Daily Balance Required.

APY=Annual Percentage Yield. Unlimited number of deposits allowed. Minimum investment listed is to open an account and to earn the advertised APY. All rates and APYs are accurate as of today, and subject to change at any time. A penalty will be imposed for early withdrawal from Certificates of Deposit. Fees may reduce earnings on accounts. For current rates please call 586.263.8800 or 1.866.MSGCU4U.