• Checking Accounts
• Savings/Share Accounts
• 18/55 Share Account
• Money Market Draft Accounts
• Share Certificate Accounts
• Individual Retirement Accounts (IRAs)
• Kids' Club Accounts
• Club Accounts
• Member Benefits Program

While a Savings Account may seem like simple business, UCU’s Share Account is the key to our membership. To become a member you must deposit $5 in a Share Account and maintain that minimum balance for the life of the Account. Why? It is your shares in University Credit Union. Our members are our owners, which makes all the difference!

Dividends are calculated from your first deposit to your last withdrawal and paid and compounded monthly. You can easily access your funds with our available ATM service. Quarterly Share Account statements will help you keep track of your funds. Individual Accounts are insured up to at least $250,000 by NCUA and are additionally insured by MSIC in the amounts of $600,000 for single accounts and $1.2 million for joint accounts.

For our members under the age of 18 and over the age of 55, UCU’s 18/55 Share Account holders are eligible for free money orders and for those who have a Checking Account receive the added benefit of free standard checks.

At UCU we want you to meet the financial demands of today while you plan for a comfortable tomorrow. Our UCU Money Market Draft Accounts can help. They are tiered interest accounts, offering interest rates competitive with money market funds. To open an account a minimum deposit of $1,000 is required. The dividends you earn will be calculated from the day of deposit to the day of withdrawal and paid monthly. You will also be eligible for up to three, no fee withdrawals per month. Money Market Draft Account owners with a balance of $25,000 and over are eligible to receive complimentary Traveler’s Checks and Certified Checks.

The Credit Union’s Share Certificates give our members the flexibility to invest their money at almost any term for a higher rate of return. UCU Share Certificates carry terms from three to sixty months – you choose how long you want to invest. There is a low minimum deposit of $500 on certificates.

We also offer special Share Certificates like our Jumbo or our IRA Supersaver. Members with a combined balance of $10,000 in Share, Checking or Money Market accounts are considered UCU’s Varsity Members. Varsity Members are eligible to enjoy a rate of 0.15% higher than the current rate for 3 - 60 months Share Certificates. Certificate Account specials are not included. Dividend rate is accurate as of the last dividend declaration date.

Before next tax season approaches, think about investing in a tax-deferred IRA Account with University Credit Union. Often, credit union members can get immediate tax benefits from deductible IRA contributions. You won’t pay taxes on your contributions until you begin withdrawing funds at retirement, when you are most likely in a lower tax bracket.

We offer the Roth, Education IRAs, and Traditional IRA. The Roth and Education IRAs have provisions that allow taxpayers to save for education purposes and expand their opportunities to save for retirement. See which account is right for you below:

Education IRA
This IRA can help you get a head start on your children’s future financial needs. Although contributions are nondeductible, earnings on the amount held in the IRA are not taxable until withdrawn. Annual contributions are limited to $500.00 per beneficiary under the age of 18. When you withdraw funds from an Education IRA, distributions are excluded from your taxable income as long as the amount withdrawn does not exceed the expenses of the eligible student during the year.*

Roth IRA
This IRA can be opened even if you already have a deductible IRA. Although contributions are nondeductible, qualified distributions (withdrawals) from the account are not taxable. Earnings on the Roth IRA are taxable only if and when a distribution is not a qualified one. Annual contributions are limited to $3000, less any contributions to a deductible IRA.*

Traditional IRA
This IRA offers an immediate tax break and you can contribute up to $3000 per person depending on your income. The new penalty waivers, such as first-time home purchases or higher education expenses, make this IRA more attractive than ever before.*

There’s no minimum or maximum age to open an IRA. The sooner you start saving, the more you’ll have when you retire. UCU offers terms from 30 to 60 months and competitive rates.

*There are many more points about the IRAs to learn and understand. Ask your tax advisor for more information appropriate to your personal situation.

Save money in time for the summer and the holidays! Club Accounts can be opened throughout the year. Payroll Deductions allow for automatic deposits to your accounts and keep you on track. So, start planning ahead - ease your mind and avoid added debt.

Holiday Club
Funds are automatically transferred the first week of November to your Main Share (Savings) Account for easy access. Early withdrawals from club accounts are subject to a $25 penalty fee.

Vacation Club
Funds are automatically transferred the first week in May to your Main Share (Savings) Account for easy access. Early withdrawals from club accounts are subject to a $25 penalty fee.

For additional Saving information, call (617) 739-7447 Extension 224. Also feel free to read our Truth in Savings disclosure for these accounts.

Insured by the National Credit Union Administration (NCUA) and the Massachusetts Credit Union Share Insurance Corporation (MSIC).