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Chicago Municipal Employees Credit Union offers a
variety of savings and investment products to help you map out a
prosperous future.
To join the credit union, you must open a Share Savings
account with a deposit of at least $25. This account earns quarterly
dividends, and it represents your share of ownership in the credit union,
which in turn makes you eligible to use all of our other services.
Share Certificates provide members with an
opportunity to lock in a higher dividend by investing $1,000 or more for
a defined period of time ranging from six months to five years.
For members who want to save with a specific
purpose in mind, the credit union offers two types of Club Accounts.
Both the Christmas Club account and the Financial Health Club allow you
to make regular deposits throughout the year, earning dividends as you
go, leading to a disbursal date when you receive your accumulated
earnings for the year plus dividends earned.
For long-range savings and investments, CMECU also
offers three types of Individual
Retirement Accounts (IRAs): the traditional IRA, the Education
IRA (sometimes called the Coverdell IRA) and the Roth IRA. All three
account types provide significant tax advantages for saving, and almost
everyone who works is eligible to open an IRA.
Federal Deposit
Insurance: Each member account at Chicago Municipal Employees Credit
Union is federally insured to $250,000 by the National Credit Union
Administration. This insurance is similar to the deposit insurance
protection offered by the Federal Deposit Insurance Corporation (FDIC),
and not one penny of insured savings has ever been lost by a member of a
federally insured credit union.
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