Member Retirement Account
You have a Future....We have a Plan!

Whether you are 20, 25, 30, 35, it’s never too early to start thinking about your retirement. The earlier you start saving and taking advantage of the 6% per annum premium interest rate offered on the Member Retirement Account (MRA), the better off you will be.

Start building now for your golden years with an MRA from your Credit Union and help fill the gap left by Social Security and pensions.

The MRA is:

  • Premium interest rate of 6% per annum on any amounts saved
  • Compound Interest.  (Interest earns interest )
  • Use investments as loan collateral at NCCU and elsewhere
  • NOTE: Effective May 1, 2017, the MRA interest rate will change to 4% per annum.


  • Affordable and easy to open. Start with only $5.00
  • Contribute whenever you want and up to $1000 monthly
  • Contribute regularly through payroll deduction or standing order
  • Keep saving in your MRA up to age 60 
  • Access the full value of your  MRA from age 55, that is if you wish to 

    Opening an MRA

    All NCCU members can open MRA accounts up until the day of their fiftieth birthday. Visit any of our five (5) Branches with your birth certificate and complete a short MRA application form.  

    Click here to view the MRA application. 

    Consider payroll deduction or a standing order for regular deposits to your MRA.

    Overseas Members

    To open from overseas, simply  print the application form (see above) and complete.  The form is to be notarised and sent to an NCCU Branch along with notarised copies of your birth certificate (or other document which confirms your date of birth).

    Other Information

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

    Deposit up to  $1000 monthly. Save regularly through  a payroll deduction.

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

    Start as soon as you begin working and any time after, up to your fiftieth (50th) birthday.

    Withdrawals are not encouraged because the account is designed to provide you with income after retirement.

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

    Members can save in an MRA up to age 60. The account can, however  be closed anytime after age 55 without any interest penalty. 

    You must be an account holder for a minimum of five years and must reach the age of 55 to receive the special premium interest rate and the full value of the MRA .

    Any remaining balance at the date of member's death will be paid to his/her beneficiary or estate upon presentation of proper documentation. 

    Estimated Funds

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

    Estimated funds available at Age 60(EC$)

    Columns A assumes $50, Columns B $100 and Columns C $200 contributed monthly at a rate of 6% per annum. For illustrative purposes only. actual balances may vary slightly.

    Starting Age

    Deposits ($50/ month)

    Estimated Fund Balance at 60

    25 $21,000 $69,033.00
    35 $15,000 $33,988.00
    45 $9,000 $14,419.00
    50 $6,000 $8,165.00


    Starting Age B
    Deposits ($100/month)
    Estimated Fund Balance at 60
    25 $42,000
    35 $30,000 $67,977.00
    45 $18,000 $28,838.00
    50 $12,000 $16,331.00


    Starting Age C
    Deposits ($200/month)
    Estimated Fund Balance at 60
    25 $84,000
    35 $60,000 $135,954.00
    45 $36,000 $57,677.00
    50 $24,000 $32,662.00


    Note: All members with MRAs can keep the account open till age 60. Members have the option, however, to close the account anytime after age 55 without any interest penalty.