Savings & Investments

GMCU offers savings plans that range in both scope and size, from high-yield liquid accounts to term share certificates and IRAs. Whichever one you choose, GMCU can help you meet your individual financial goals. For the security of your investments, all GMCU accounts are federally insured through NCUA for up to $100,000.

Health Savings Accounts (HSAs)

Greater Minnesota Credit Union now offers Health Savings Accounts!

HSAs are tax-advantaged savings accounts that are used inconjunction with a high deductible health-insurance plan.  High deductible health-insurance plans are identified as those that have a deductible for individuals of at least $1,100 and a deductilbe of at least $2,200 for familes.

Health Savings Accounts are funded using pre-tax dollars, thus lowering your tax bill.  These funds accumulate tax-free and roll over from year-to-year to cover:

• Doctor and hospital bills
• Prescriptions
• Medical equipment
• Other qualified expenses

These accounts are set up like checking accounts in that you can access the funds using a debit card.  If you currently have a checking account at GMCU, you will receive an addtitional debit card specifically tied to this account.  In 2008, you will be able to contribute up to $2,900 for single coverage or $5,800 for family coverage.  Plus an additional $900 catch-up contribution for members age 55 or better.

What makes Greater Minnesota Credit Union's Health Savings Accounts different is that ours are covered by IDSafe Choice.  When you open your HSA, you are automatically enrolled at GMCU's cost into IDSafe Choice, an Identity Theft Recovery Service.  If you become a victim of identity theft, IDSafeChoice will go to work to restore your credit and your credibility – a process that could save you up to 600 hours of your time.   Surveys show that as many as a third of all victims give up without ever getting back their good name – even after a year of trying on their own.

Remember, HSAs offer the Triple Tax Advantage:

• Contributions are tax free.
• Earnings are tax free.
• Withdrawals are tax free when made for eligible medical care expenses.

To set up your Health Savings Account today call 800.808.2830 or visit any branch.