Savings Accounts

Ben Franklin said it best with the whole "penny saved, penny earned" thing. In fact, Franklin was our inspiration when we created the Missouri Credit Union savings account. Why? Because it only takes a penny to have a share in MCU. That's right. Just one penny to start saving what you'd otherwise be spending.

The Benefits of Opening a Savings Account with Missouri Credit Union

There are several great benefits to opening a savings account with Missouri Credit Union including:
  • No minimum amount to open
  • Only $.01 minimum balance is required
  • No monthly maintenance fees
  • Automatically connected to your MCU checking account for free overdraft protection

Special Member Benefit

Special Savings

Special Savings accounts are available for all MCU members. These accounts can be set up as designated savings for specific purchases. You can even give it a name (i.e., Christmas Club, College Fund or Vacation Money) so it shows up on your statement and transaction receipts. Benefits include:
  • No minimum amount to open
  • No minimum balance to maintain
  • No monthly maintenance fees
  • Option to contribute through Payroll Deposit
At Missouri Credit Union your deposits are insured up to $500,000! Here’s how we accomplish that important goal:
  • The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member's deposits in federally insured credit unions. The insurance limit was permanently increased to $250,000 per individual depositor on September 17, 2010. Administered by the National Credit Union Administration, the NCUSIF is backed by the "full faith and credit" of the U.S. Government.
  • Your MCU Board of Directors has chosen to also provide an additional $250,000 of savings coverage to qualifying accounts through ESI, a licensed property and casualty insurance company. This supplemental share insurance coverage from ESI has been available to all credit unions since 1993. We are proud to say that MCU is one of the few credit unions in central Missouri to offer this additional coverage to its members! Let's look at an example of how NCUA and ESI insurance work together. For example, if a member has a savings account, checking account, and a certificate of deposit at MCU that when added together total $440,000. $250,000 is insured by the NCUA with the remaining insured by ESI. Deposit insurance is provided on a dollar-for-dollar basis and is payable only upon the failure and liquidation of the credit union.

Members with traditional and Roth Individual Retirement Accounts (IRAs) at federally insured credit unions have additional coverage available at each federally insured credit union where they qualify and become members. The NCUSIF insures traditional and Roth IRAs for $250,000 in the aggregate at each credit union. Retirement account insurance protection is separate and apart from insurance coverage on other credit union accounts. For example, if you have a regular share account and an IRA at the same credit union, the NCUSIF insures the regular share account for up to $250,000 and the IRA for up to an additional $250,000. Plus, ESI will insure your MCU savings account for up to an additional $250,000. For details about coverage on these accounts, or how you can possibly structure your accounts to qualify for additional NCUA coverage, a brochure entitled Your Insured Funds is available at NCUA's Internet site. This comprehensive brochure contains a detailed discussion of all available types of coverage offered by the NCUSIF, along with examples illustrating how the coverage actually works in practice.

The Excess Share Insurance Corporation is a subsidiary of the American Share Insurance, the nation's largest private deposit insurer for credit unions, and is headquartered in Dublin, Ohio. To operate in this state, the company was required to file with, and receive authorization from, the state's department of insurance. Furthermore, ESI is required to file periodic reports and undergo regular review from the state to assure its compliance with statutes and regulations. The corporation is also subjected to an annual examination by a nationally recognized auditing firm, and an actuarial assessment of its reserves for losses by an independent actuary.

The company operates throughout the U.S.A. and has taken great care to maximize the geographical and occupational diversity within its insured credit unions. Excess share insurance is available only to credit unions meeting the company's rigid underwriting requirements. To be eligible for, and to secure this coverage, MCU is required to be routinely reviewed by the company and must comply with their standards of performance.
Information regarding your deposit insurance coverage can be obtained by contacting your MCU personal financial officer. You may also visit the ESI website at

The National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA, insures the shares in your credit union. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).

Credit unions that are insured by the NCUSIF must display in their offices the official NCUA insurance sign, which appears on the homepage of this web site. All federal credit unions must be insured by NCUA, and no credit union may terminate its federal insurance without first notifying its members.

Here are some important facts to remember about your share insurance:
  • Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions, which may be experiencing problems. Liquidations or failures are a last resort. If a federally insured credit union does fail, however, the NCUSIF will make any necessary payouts to the credit union's members. These payouts are usually done within 3 days from the time the credit union closes its doors.
  • As a member of an insured credit union, you do not pay directly for your share insurance protection. Your credit union pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount of insured shares and deposits in the credit union. Insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF. The NCUSIF is backed by the full faith and credit of the United States government.
  • Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), which is $250,000 as of October 2008 but may be increased in the future. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular savings account and an Individual Retirement Account (IRA) at the same credit union, the regular savings account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular savings account, a certificate of deposit, and a checking account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.
  • Coverdell Education Saving Accounts, formerly education IRAs, are insured as irrevocable trust accounts and will be added to a member's other irrevocable trust accounts and insured up to the SMSIA. Roth IRAs will be added together with traditional IRAs and insured up to $250,000.
  • Additional coverage is available on revocable trust or payable on death accounts. You can now name a parent or sibling as a beneficiary to get separate coverage. Previously, beneficiaries had to be a spouse, child or grandchild.
  • The rules on joint accounts have been simplified. A co-owner's interest in all joint accounts in the same credit union will be added together and insured up to the SMSIA.