Members Cooperative Credit Union is what I’ll be going over for you here. It’s a credit union based in Minnesota and best if you live further north.
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There are a couple qualifications to join. Those are that you live, work, worship, or attend school in a few different counties. They are Aitkin, Carlton, Cass, Chisago, Cook, Crow Wing, Douglas, Isanti, Itasca, Kanabec, Koochiching, Lake, Pine, St. Louis, or Washington counties.
You can also get in if you own a business or other legal entity in those counties. Family can also get you in – if your family member has worked there, works there now, or is a current member, you can join.
What Members Cooperative Credit Union Offers
You can get the usual variety of financial products here. Those include your personal banking products like savings, checking, youth accounts and credit cards. You can also find loans and investing products as well.
They have services and products if you own your own business. Those include loans, Visa Business credit cards, savings & checking, plus, a dedicated business team to assist you.
Members Cooperative Credit Union also offers mortgage loans for all you home buyers out there. Let’s look a little more closely at their personal offerings.
Personal Savings Accounts
You can choose from a variety of different savings accounts. The entry-level account they offer is their Share Savings account. It’s great for flexibility with no monthly service fees and a low minimum required balance. You only need to worry about keeping $5 in there. I think most folks can handle that.
The Share Savings APY (annual percentage yield) rate as of this writing was .10%. You can also get an ATM card to access your savings account money at ATMs where the Mastercard logo is displayed. The only downside is that initially you can only access up to $304. Members Cooperative Credit Union does note, however, that a higher daily limit may be available upon approval.
Money Market Savings Accounts
If you want the chance to earn a little bit more, consider one of their money market accounts. You can still access your money, but, you will earn a little bit more on it versus using a regular savings account.
They also have tiered interest rates, so, you earn more depending on your account balance. The current APY as of this writing is .50% with $100,000 for a MembersPlus Money Market Account. A regular MembersBasic Money Market account has a max APY of .25% as of this writing on balances of $50,000+.
If you want a MembersPlus account with Members Cooperative Credit Union, you will need an active checking account. “Active” means a minimum of 5 debits per month or reoccurring direct deposit(s) totaling a minimum of $500 a month.
Retirement and Health Savings
Think you want to save for retirement? Their individual retirement account might be the answer. There’s no minimum deposit and you can add additional deposits at any time. The dividends compound quarterly and you don’t need to pay any transactional, admin, or transfer fees.
They also have traditional, Roth and SEP IRA options available. All of the IRA rates at the time of this writing are .35% APY.
If you have a high-deductible health plan, they have a health savings plan (HSA) that could be a fit. Those allow you to save pre-tax dollars for medical costs.
That means tax-free growth of funds, year-to-year rollover, and immediate ownership of all dollars contributed by both you and your employer.
The Members Cooperative Credit Union checking account
The basic checking account here is competitive with other leading credit unions in terms of technology and interest-bearing potential. They offer online banking, bill pay for active users, and online check images.
You’ll be earning interest on maintained balances over $2,500. As of this writing, their current APY is .05%.
They provide no-fee MasterCard debit cards which are designed uniquely, according to their site. Frankly, I don’t think the designs are all that different than the debit cards I have. There are a variety of different images you can get on your cards.
Yes, they’re cool, but you should probably focus more on things like the security chip and tap-to-pay technology or the APY when deciding if getting this account makes sense for you.
Members Cooperative Credit Union – Final Thoughts
MCCU is a good looking credit union that can offer a lot to those who live a bit further north from the Twin Cities. You can find a lot of solid personal and business services there depending on your needs.
If you have a lot of passion for a particular city, school, or something else, they might have a debit card that’s a great fit for you. I do really like the Duluth and Grand Rapids ones. Check out Members Cooperative Credit Union today!
*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.
*This site is not affiliated with the Credit Union mentioned in this article.