MRA Gold
MRA Gold.jpg
MRA GOLD
SAVE some more for Retirement & Keep Your Swag at 60 Plus!

Are You 60? Well, it's not too late. NCCU has introduced a NEW Members' Retirement Account with you in mind. You can continue growing savings now for your golden years with a MRA Gold account. 

The MRA Gold:

  • A low-risk savings plan
  • Earns Interest at 4% per annum on any amounts saved
  • Interest is paid annually 
  • Members enjoy the benefits of Compound Interest 
  • Note: The interest rate is subject to change.

  • Affordable and easy to open. Start with only $5.00
  • Contribute whenever you want and up to $1000 monthly
  • Contribute regularly through a deduction and standing order on your pension or other income 
  • Access the full value of your MRA Gold at age 70
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    Opening an MRA Gold

    NCCU members can open a MRA Gold account between the age of 60 and 65 

    Visit any of our seven (7) Branches with your birth certificate and a valid picture identification and complete an MRA Gold application form.  

    Click here to view the MRA Gold application form. 

    Overseas Members

    To open from overseas, simply print the MRA Gold application form (see above) and complete.  The form is to be notarised and sent to a NCCU Branch along with notarised copies of your birth certificate (or other documents which confirms your date of birth), a valid picture identification and a deposit.

    Other Information

    The MRA Gold is not a life insurance policy. It does not require members to save regularly and will not lapse.

    Deposit up to  $1000 monthly

    Members residing overseas can send deposits by personal cheque, bank draft, international money order or JN Money Transfer.

    NO Withdrawals are allowed until the account matures at age 70

    The MRA Gold can be pledged as collateral against a loan at NCCU or elsewhere, to the extent of the cash value at the date of pledging.

    The account matures on your 70th birthday.

    The MRA Gold ceases on the death of account holder. 

    The balance on the account plus interest accrued on the date of death will be paid to the beneficiary or estate upon presentation of proper documentation.

    MRA Projections

    See below how much you can set aside by starting to save early for your retirement.

    Estimated funds available at Age 70(EC$)

    Columns A assumes $200, Columns B $500 and Columns C $1,000 contributed monthly at a rate of 4% per annum.

    For illustrative purposes only. Actual balances may vary.

     

    STARTING AGE

    60

    A
    DEPOSITS 
    ($200/MONTH)

    A
    ESTIMATED FUND BALANCE AT 70

    60

    $24,000.00

    $29,439.00

    65

    $12,000.00

    $13,281.00

     

    STARTING AGE

    60

    B
    DEPOSITS 
    ($500/MONTH)

    B
    ESTIMATED FUND BALANCE AT 70

    60

    $60,000.00

    $73,597.00

    65

    $30,000.00

    $33,202.00

     

    STARTING AGE

    60

    C
    DEPOSITS 
    ($1,000/MONTH)

    C
    ESTIMATED FUND BALANCE AT 70

    60

    $120,000.00

    $147,195.00

    65

    $60,000.00

    $66,404.00

    Note: The MRA Gold account closes on Member's 70th birthday.