Different people have different needs, which is why Mainstreet Credit Union provides many different ways to save. Mainstreet offers a wide variety of short-term and long-term savings options. Whether you are saving for the holidays, your child's education, or your retirement, there is a savings or investment option to meet your needs. Our rates and terms are flexible and Mainstreet savings accounts are all federally insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government agency. For help understanding how much your funds are insured, visit Share Insurance Estimator. Click on the links below to find out more about all our savings options.
- Christmas Club Accounts
- Secondary Savings Accounts
- Share Certificates
- Money Market
- IRAs and Education Savings Accounts
- Mainstreet Retirement & Investment Center
This account represents your "share" in the Credit Union. A minimum $5 deposit establishes your account and makes you eligible for all the other products and services at Mainstreet. Funds in a Share Account earn dividends from the date of deposit and are paid quarterly. Deposits are credited the day of receipt and all transactions will appear on your quarterly statement.
A Christmas Club Account is a great way to save for your holiday expenses. Deposits can be made electronically, in person, or by mail. Earning quarterly dividends, Christmas Club Account funds are disbursed automatically on October 1st to the Mainstreet account you designate.
This account may be used to save for anything, with popular uses including vacations, taxes, and education. No minimum balance is required. Payroll Deduction and Direct Deposit options are also available. Your funds in a Secondary Savings Account earn dividends from the date of deposit and are paid quarterly. Deposits are credited the day of receipt and all transactions will appear on your statement.
With just a minimum of $500, you can open a Mainstreet Share Certificate and choose the length of time you wish to invest. Dividends are paid quarterly and rates are competitive in today's marketplace. A Share Certificate is also perfect as loan collateral for a Certificate Secured Loan.
Members up to age 19 can open a Young Savers Certificate. It features a 12-month term and a $250 minimum balance.
A Mainstreet Money Market Advantage account is an excellent investment that's convenient, flexible and secure. It's easy to put it to work for you.
- Only $2,500 minimum to open.
- Tiered structure from $2,500 to $100,000 with dividends based on specific balances (ask us for details).
- Federally insured up to $250,000 like all your Mainstreet accounts.
- Check writing and transfers to other Mainstreet account.*
- Unlimited deposits and transfers to your account.
- Easily accessible with OnlineAccess and PhoneAccess.
*Federal Regulation D allows up to six (6) withdrawals, transfers for overdrafts (NSF's), pre-authorized automatic or telephone transfers per month. These transfers include automatic clearing house (ACH) transactions from one of your share accounts to another account at the Credit Union, or to a third party.
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It's never too early to think about your retirement, and a Mainstreet IRA is a smart savings tool to help you reach your investment goals. We offer several IRA options, all of them federally insured up to $250,000 by NCUA. For your children and grandchildren, think about an Education Savings Account. It can be used for qualified education expenses in years to come. Click on the links below for more information on these products. You can also stop by any Mainstreet branch and visit with one of our Member Service Representatives about your IRA options.
- IRAs- Growing Your Savings During Every Stage of Life
- Traditional- Answers to Your Questions
- Roth- Answers to Your Questions
- Roth vs. Traditional- Exploring Your IRA Options
- Roth vs. Traditional- Taking a Closer Look at Eligibility
- Coverdell Education Savings Accounts- Answers to Your Questions
- Retirement Plan Rollovers- Rolling Your Way to a Better Retirement
- Conversions- Moving into a Roth IRA
Since 1975, Traditional IRAs have been offering tax-deferred earnings and the possibility of tax-deductible contributions. They are funded with pre-tax dollars. If you earn compensation and will not reach age 70 ½ this year, you can contribute to a Traditional IRA at Mainstreet. Earnings are not taxed until they are withdrawn.
Roth IRAs were created in 1997 to provide additional incentives for retirement savings and additional options as to how the money can be used. Roth IRAs are funded with after-tax dollars, and while these contributions are not tax-deductible, the funds, including earnings, can be withdrawn tax-free (based on certain qualifications and provisions). Ask a Mainstreet Member Service Representative for more information.
The SEP IRA is a special retirement plan established by Congress, primarily for small business owners and those that are self-employed. The contribution limits and regulations are different for SEP plans than for other IRA types. While Mainstreet does not administer SEP programs, we do accept contributions.
Mainstreet's Coverdell ESA is an account created as an incentive to help parents and students save for educational expenses. You can contribute up to $2,000 per child per year. These expenses may include tuition, fees, computers, books, supplies, equipment, and in some cases, room and board. Coverdell ESA funds are appropriate for qualified elementary and high school expenses at most public, private and parochial schools.
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Click here for the Mainstreet Retirement & Investment Center
The Mainstreet Retirement & Investment Center Representative:
David Loftus, CLU, ChFC
Phone: (913) 599-1010, Ext. 210
Fax: (913) 599-2093
Mainstreet Credit Union
13001 West 95th Street
Lenexa, KS 66215
The Mainstreet Retirement & Investment Center is a financial management service designed to help you organize your financial affairs and plan for the future. A credit union member may meet with a representative at no cost, but the overall products and services do have a cost.
Dave Loftus can help you develop a personal financial management program that meets your specific goals and needs. Dave is knowledgeable and can assist you with:
- Retirement Planning
- 401k/ Pension Rollovers
- Mutual Funds
- Life Insurance
- Long Term Care Insurance
- Traditional and Roth IRAs
For more information or to make an appointment for a no-cost, no-obligation financial needs analysis and personal consultation, contact Dave Loftus, CLU, ChFC, the Mainstreet Retirement and Investment Center serving members of Mainstreet Credit Union.
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA /SIPC, a registered broker/dealer and investment advisor,2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.
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