Michigan First Credit Union Offers Peace of Mind with $500,000 Coverage!
At Michigan First, we go the extra mile for our members by making sure your money is protected. Deposits at Michigan First Credit Union are federally insured up to $250,000 by the National Credit Union Administration (NCUA). To further protect your deposits, Michigan First provides additional coverage through Excess Share Insurance (ESI), creating a combination of federal and private share deposit insurance that protects your deposits for a total of $500,000 — including savings accounts, checking accounts, money market accounts, and certificate accounts.
This combination of NCUA and ESI coverage ensures that:
- All individual savings, checking and certificate accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
- All joint accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
- All IRA accounts held by the same person are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
Both ESI and NCUA offer coverage payable upon failure and liquidation of the credit union. In order to continue providing the expanded protection, Michigan First adheres to strict underwriting criteria and reports monthly to ESI. If you have questions regarding this valuable member benefit, please call 800.664.3828.
It's never too soon to start saving for retirement.
IRAs offer attractive tax breaks and savings options.
Roth and Traditional IRAs
Range of tax benefits
Lower fees than investment firms
Resources at your fingertips
IRA Certificate Rates
| Product | APY1 | Dividend Rate | Daily Balance |
|---|---|---|---|
| 6 Month Certificate Account | 1.00% | 1.00% | $1,000 to $9,999 |
| 6 Month Certificate Account | 4.07% | 4.00% | $10,000 to $49,999 |
| 6 Month Certificate Account | 4.13% | 4.05% | $50,000 to $99,999 |
| 6 Month Certificate Account | 4.18% | 4.10% | $100,000 to $499,999 |
| 6 Month Certificate Account | 4.23% | 4.15% | $500,000 and up |
| 12 Month Certificate Account | 0.50% | 0.50% | $1,000 to $9,999 |
| 12 Month Certificate Account | 3.82% | 3.75% | $10,000 to $49,999 |
| 12 Month Certificate Account | 3.87% | 3.80% | $50,000 to $99,999 |
| 12 Month Certificate Account | 3.92% | 3.85% | $100,000 to $499,999 |
| 12 Month Certificate Account | 3.97% | 3.90% | $500,000 and up |
| 16 Month Certificate Account | 3.56% | 3.50% | $1,000+ |
| 24 Month Certificate Account | 0.75% | 0.75% | $1,000 to $9,999 |
| 24 Month Certificate Account | 2.78% | 2.75% | $10,000 to $49,999 |
| 24 Month Certificate Account | 2.84% | 2.80% | $50,000 to $99,999 |
| 24 Month Certificate Account | 2.89% | 2.85% | $100,000 to $499,999 |
| 24 Month Certificate Account | 3.04% | 3.00% | $500,000 and up |
| 36 Month Certificate Account | 0.85% | 0.85% | $1,000 to $9,999 |
| 36 Month Certificate Account | 3.04% | 3.00% | $10,000 to $49,999 |
| 36 Month Certificate Account | 3.09% | 3.05% | $50,000 to $99,999 |
| 36 Month Certificate Account | 3.14% | 3.10% | $100,000 to $499,999 |
| 36 Month Certificate Account | 3.20% | 3.15% | $500,000 and up |
| 48 Month Certificate Account | 0.95% | 0.95% | $1,000 to $9,999 |
| 48 Month Certificate Account | 3.30% | 3.25% | $10,000 to $49,999 |
| 48 Month Certificate Account | 3.35% | 3.30% | $50,000 to $99,999 |
| 48 Month Certificate Account | 3.40% | 3.35% | $100,000 to $499,999 |
| 48 Month Certificate Account | 3.45% | 3.40% | $500,000 and up |
| 60 Month Certificate Account | 1.00% | 1.00% | $1,000 to $9,999 |
| 60 Month Certificate Account | 3.56% | 3.50% | $10,000 to $49,999 |
| 60 Month Certificate Account | 3.61% | 3.55% | $50,000 to $99,999 |
| 60 Month Certificate Account | 3.66% | 3.60% | $100,000 to $499,999 |
| 60 Month Certificate Account | 3.71% | 3.65% | $500,000 and up |
1APY = Annual Percentage Yield. Minimum balances 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. Fees may reduce earnings on accounts. A penalty will be imposed for early withdrawal from Certificate Accounts. For current dividends, please contact us.
Make the later chapters in life your best ones yet
You might be planning an active retirement or a relaxing one. Either way, you'll want enough income to experience life to the fullest. IRAs offer low fees, tax advantages, solid investment options and the potential to live out your dream retirement.
Traditional IRA
- Invest up to $6,000 per year ($7,000 if over age 50)
- Investment interest grows tax-free
- Potential annual tax breaks for each year funds are contributed
- Option to convert to a Roth IRA
- Consult your financial advisor for more Traditional IRA tax information
Roth IRAs
- Invest up to $6,000 per year ($7,000 if over age 50)
- Investment interest grows tax-free and is withdrawn tax-free
- No annual income tax deductions
- Roth funds can be used in some cases for home purchases and higher education expenses
- Consult your financial advisor for more Roth IRA tax information
Coverdell Education Savings Accounts (ESA)
- Contribute up to $2,000 per child for qualified education expenses
- Funds can be used for college or primary and secondary education costs
- Money can be used to cover tuition and fees, room and board as required by a school, academic tutoring and even computers and Internet costs
- ESA interest and dividends are not taxed and withdrawals are tax-free
Michigan First is a full-service credit union with branches that are easily accessible around Metro Detroit, Grand Rapids and mid-Michigan.
Disclaimers:
Advisory Services offered through Capital Asset Advisory Services (CAAS), a Registered Investment Advisor. The investment and insurance products recommended, offered or sold through Capital Asset Advisory Services and its representatives:
- Are not Credit Union shares or deposits,
- Are not federally-insured by the National Credit Union Share Insurance Fund,
- Are not obligations of or guaranteed by the Credit Union,
- Involve investment risks, including possible loss of principal.
Capital Asset Advisory Services is not affiliated with Michigan First Credit Union or Michigan First Wealth Management Group.