Shares

Regular Shares

When you join Stoneham m.e. FCU you initially open a Regular Share Account. As a shareholder, you become one of the owners of the credit union. It only takes $5 to open a Share Savings account and become a member. Dividends are compounded and credited monthly on Regular Shares with $100 or more.


Share Drafts

The Stoneham m.e. FCU Share Draft Account is designed for you. No minimum balance. No per transaction fee. Your money is at the tip of your pen – when and where you need it. You’ll also find many other features that make our Personal Checking Accounts standout amongst the rest:
-Free- First box of basic checks for new accounts
-Free- First 2 boxes of basic checks per year for “Golden Age” members
-Free- Remote service account access; 24/7 auto teller and online banking (available with E-Statement sign-up)
-Free- Bill Payer for the first 6 months
-Free- Direct deposit service
-Free- Online checks reorder ability
-ATM/VISA Check (debit) Cards
-Dividends available with $500 balance or more
-Overdraft Loan Protection available

Business Checking Accounts are also available. Please ask our staff for details.


All Purpose Shares

An All Purpose Share account is designed to help you save for those special purposes … vacation, taxes, education, wedding, insurance, etc. For convenience, you may arrange for automatic deposits from your payroll or direct deposit. Of course, you can make cash deposits at any of our branches as well.


Term Share Certificates

Term Share Certificates are investments featuring set dollar amounts with fixed terms and fixed rates. It’s a high-yield means of earning the maximum return on your deposit. Stoneham m.e. FCU offers a variety of share certificate options that provide ease and flexibility in starting an investment program. Please note that Share Certificates are subject to substantial penalties for early withdrawal.

Members under age 19 can earn “grown-up” dividends with the same great terms and rates as a regular certificate, but requiring only a $250 minimum. The Youth Savings Certificate helps young people yield more for their savings sooner.


Organizational Certificates

This savings account is for member groups and businesses. The minimum amount required to open the account is $5.00. An example of a member group is a D/B/A (Doing Business As) opened with the member’s social security number. Business accounts include the following type of organizations and must be opened with a Tax ID number:

  • Sole Proprietorships (w/ EINs)
  • Partnerships
  • Limited Liability Companies
  • Corporations
  • Government Agencies
  • Not-for-profit-Organizations

Note: Loans are not offered to Organizational account holders.


IRA Accounts

Don’t have a retirement plan at work? Perhaps an Individual Retirement Account would be beneficial in saving for the future. An Individual Retirement Account (IRA) is a sound way to save for retirement. A Stoneham m.e. FCU IRA allows you to save a portion of your earned income each year while earning competitive dividend rates.

Please note that IRAs are insured separately from your other deposit account(s) by the National Credit Union Administration (NCUA). IRAs are insured in the aggregate to $250,000 (ask us for an Insured Funds Brochure for more detail).

Stoneham m.e. FCU offers several investment options for IRAs with no fees or maintenance charges:

  • Traditional Share & Share Certificate IRAs
  • Roth IRAs
  • Coverdell Educational IRAs

Your IRA Share Account may be used for periodic contributions (including automatic deposits and transfers) throughout the year. Our high interest earning Traditional Share Certificate IRAs may be purchased with a minimum of $10,000 for a term of either 36 or 60 months.

Consult your tax advisor for clarification on tax implications (eligibility, contribution limits, deposit deadlines, etc.) and to help you make decisions regarding retirement and education investment options.