An Individual Retirement Account (IRA) can offer additional retirement security for eligible members. Both Traditional and Roth IRAs are available as a savings account or certificate. We are available to help explain your options.

Deposits for any tax year may be made until April 15th of the following year and can be set up through payroll deduction. As with all MEFCU deposit accounts, IRAs are insured up to $425,000. You may qualify for tax advantages from either Roth or Traditional IRAs; see your tax advisor for more information.

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    1Must have employment related compensation.

    2For Traditional IRAs, penalty-free withdrawals include but are not limited to: qualified higher education expenses; qualified first home purchase (lifetime limit of $10,000); certain major medical expenses; certain long-term unemployment expenses; disability; or substantially equal periodic payments.

    3A distribution from a Roth IRA is federally tax-free and penalty-free provided that the five-year holding period has been satisfied and one of the following conditions is met: age 59½, suffer a disability, or qualified first time home purchase.

Health Savings Accounts

For members enrolled in a high-deductible health care plan, we offer HSA accounts which help save funds for qualified medical expenses using pre-tax dollars. Consult your tax advisor to see if this account is right for you.

Coverdell Education Savings Accounts

To save for a child's education, we offer Coverdell ESAs with both savings and certificate options. Contributions are not tax-deductible, but your withdrawals are tax-free if used for tuition, books or other qualified education expenses.


Youth Certificates

The Youth Savings Certificate is available for members age 0-12. The minimum deposit is $100, with an account maximum of $5,000. The certificate matures on the child’s 13th birthday. One certificate per child.

Teen Certificates

The Teen Savings Certificate is available for members age 13-17. The minimum deposit is $100, with an account maximum of $8,000. The certificate matures on the teen’s 18th birthday. One certificate per teen.