Member Retirement Accounts (MRA)

The Grand Bay Cooperative Credit Union is interested in the well-being of it' member; therefore we have taken the initiative in helping members secure a comfortable retirement. it is because of this initiative we are we are able to present to you the special account known as the Member Retirement Account (MRA).

BENEFITS OF A MRA ACCOUNT:
 

  • Enjoy independence during your "Golden Years". Sit back, relax, enjoy what the world has to offer.

  • Helping you live a comfortable life after you have retired.

  • Gives you additional funds to your Social Security benefits

 

WHO CAN JOIN?
 

Credit Union members from ages 18-55 are eligible to open a MRA with GBCCU Ltd. 

 

WITHDRAWAL FROM MRA:
 

Withdrawals are not allowed since this account is designed to provide you with income after retirement.

 

SETTLEMENT & MATURITY OF MRA
 

Account matures at age 60, but can be broken at age 55 without any penalty.
 

SAVING IN MY MRA
 

Savings can be done by
 

  • salary deduction

  • cash deposits, but MUST NOT exceed $1000.00  monthly

 

INTEREST PAID
 

Interest rate of 5% will be paid annually, on December 31.