MUTUAL ALLIANCE CO-OP
Nova Scotia Co-operative
Short Term Demand Accounts
The maximum amount allowed in this account is $200,000. This account is "unsecured"., A Short Term Demand Member Account Receipt is completed and signed by the Co-op authorized officer. This receipt stipulates that the money is repayable on demand, Interest is added to the account. A monthly statement is mailed to the member showing previous monthly balance, or additional funds added or subtracted , interest added, less any amount of the investment repaid.
Annual Term Accounts
M.A.C.’s Long Term Member Account are called "Special Member Accounts". Special Member Accounts are issued for two, three, four, five, seven or ten years and are "unsecured". They are not a requirement for membership. Interest rates are usually higher than Guaranteed Investment Certificate rates. Interest is paid or compounded on April 1st of each year. All Special Member Accounts mature on March 31st in the year the term expires. Special Member Accounts have certificates issued which are signed by the President and Secretary of the Board of Directors and authenticated with the Co-operative Corporate Seal.
Monthly Term Accounts
For anyone desiring monthly interest income, you may wish to consider this Monthly Member Account from M.A.C. Minimum balance of $10,000 required.