Checking & Savings

Savings

Your Credit Union also offers a wide range of insured savings account to match your short-term and long-term investment needs. There are even automatic plans to make it easier to save.

Regular Savings Account
Money Market Account
Share Certificates
IRA's
Holiday Club Account
Vacation Club Account
Wire Transfers
BALANCE Financial Fitness Program
Rate & Fee Comparison

Regular Savings

This dividend-earning account establishes your Credit Union membership. With our tiered rates, the higher your account balance, the higher the dividends you earn. For maximum earnings, take advantage of Direct Deposit. Dividends are earned daily and paid monthly, from the date of deposit to the date of withdrawal, so your savings work harder for you.

Transaction Savings

This account can serve as your primary savings account or can be opened to establish your Credit Union membership. You can make as many deposits and withdrawals as necessary with no transaction limitations. The account has the potential to earn dividends which, if applicable, are earned daily and paid monthly, from the date of deposit to the date of withdrawal, so your savings work harder for you. For maximum earnings, take advantage of Direct Deposit.

Money Market Account

Our money market account allows you to actively manage your money with the flexibility of deposits and withdrawals in any amount. Dividends are calculated from the date of deposit to the date of withdrawal, increasing your earnings.

There are also many options to make your money management quick and easy. Funds transfers can be made:

through Anywhere Access Internet Banking
through Access 24 automated phone service
by calling our Anywhere Advisors at 889-7755 (800-347-2838 from outside the Albuquerque area), or
by visiting any of our 16 branch offices.

Share Certificates

Share Certificates are fixed-term investments that pay higher rates of return than other savings account products. The minimum balance requirement for a Share Certificate is $1,000. For an IRA Certificate, the minimum balance is only $500.

Terms range from 90 days to 5 years to best suit your financial plans.
Dividend rates are fixed.
You can withdraw dividends at any time without penalty; however, there is a penalty for early withdrawal of principal.
Bump Rate Certificates are available in 18-month and 36-month terms. If rates rise during the term, you may "bump up" the rate of your certificate once during the term, and you may deposit additional funds in the certificate at that time.

How much will my certificate be worth at maturity?

IRAs

An Individual Retirement Account (IRA) is a personal savings plan that offers you tax advantages when you set aside money for your retirement. Two advantages are that you may be able to deduct your contributions to your IRA in whole or in part, depending on your circumstances, and, generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed.

One of our Financial Consultants can help you decide which IRA best suits your future needs.

Traditional IRA - The original IRA, now called the Traditional IRA, gives eligible participants two tax advantages toward saving for retirement.

Roth IRA - You may be able to establish and contribute to a nondeductible tax-free individual retirement account called the Roth IRA.

Coverdell Education Savings Accounts (CESA) - With a Coverdell Education Savings Account (CESA), you may be able to make nondeductible contributions of up to $2,000 annually for a child until he or she reaches age 18.

Holiday Club Account

This account is an easy way to save money for the holidays. You can contribute as much as $500 per month and earn simple-interest dividends all year long. Once your account matures in the fall, your money will be automatically transferred to your Regular Savings Account. Then you'll have extra money just in time for the holidays.

Minimum balance requirement to keep account open and earn dividends is $5.
The account matures on October 31. On November 1, all funds (except for $5) are transferred to your Regular Saving Account.
Maximum monthly deposit is $500.
Dividends pay at maturity and do not compound. Dividends are forfeited on any dollars withdrawn prior to October 31.

Vacation Club Account

This account is an easy way to save extra money for your vacations.

Contribute as much as $500 a month.
Minimum balance requirement to keep account open and earn dividends is $5.
The account matures on April 30. On May 1, all funds (except for $5) are transferred to your Regular Savings Account.
Dividends pay at maturity and do not compound. Dividends are forfeited on any dollars withdrawn prior to April 30.

Wire Transfers

For members wishing to send a wire transfer to New Mexico Educators Federal Credit Union, please provide the following information to your originating bank.

Send wire transfers to:

New Mexico Educators Federal Credit Union
PO Box 8530
Albuquerque, New Mexico 87198
ABA # 307083665

To credit:

Member name (example: John Doe)
Member account # (example: 1234567)

For members sending a wire from their account at New Mexico Educators Federal Credit Union, please provide us with the following information.

Send wire transfers to:

Name of financial institution receiving the wire.*
Financial institution's address, including city and state and zip code.
Financial institution's ABA or transit and routing number.

To credit:

Name on account (example: John Doe)

Address of beneficiary
Account # (example: 1234567)

If the wire is being sent to another country, please provide both the IBAN/CLABE code and the SWIFT code.

*Some financial institutions do not receive wires directly. We strongly encourage you to contact the financial institution to get wiring instructions so that there are no delays in processing your requests.

New Mexico Educators Federal Credit Union requires original signatures on all wire transfer requests. For those members residing out of town or who find themselves traveling, please contact us a 800-356-3178 to set up a Wire Transfer by telephone.