Nutmeg supports local businesses in many ways
Nutmeg offers products for the “little guys” that bigger banks won’t
ROCKY HILL, CT (August 15, 2018) — With more and more small businesses in need of a helping hand, Nutmeg State Financial Credit Union offers a variety of different options for business owners and their employees.
How does Nutmeg supplement existing employee benefits programs?
Nutmeg offers Health Savings Accounts for those with high deductible healthcare plans. Not only do these accounts have tax benefits, but also have no minimum balance requirements or fees. Interest on these accounts is also tax-free. Money can be deposited straight from an employee’s paycheck into an HSA to pay for medical expenses. Money saved in the HSA that is not used by the end of the year will carry over.
Nutmeg offers many retirement options as well, including Individual Retirement Accounts (IRAs). They offer both Roth and Traditional IRAs. These accounts have many tax benefits and assist you with saving for the future. Money can be directly deposited right from your paycheck to IRA accounts. Nutmeg has extremely competitive rates on all their IRAs and certificates of deposits (CDs).
Nutmeg also runs its own insurance brokerage that offers a wide variety of protection for employees. These include accident insurance, life insurance, home & auto insurance and much more. The best part for employers is that these policies are outside of their payroll and create no administrative headaches.
Nutmeg’s business products and services
Nutmeg offers business deposit and loan products that work well for a wide variety of businesses. Nutmeg is one of the only credit unions in the state of Connecticut that offers business loans. “We know the value of working with local businesses. These are the families we work hard to serve, for both business owners and the employees,” says John Holt, Nutmeg’s President & CEO.
Nutmeg’s business checking account services have little qualifications and no minimum balance fees or monthly maintenance fees. The options for saving money are also extremely competitive. Their certificate of deposit (CD) rates for businesses are the same as the consumer rates. This allows businesses to build their savings as aggressively as consumers can.
Their business loans are designed to serve smaller businesses as well as larger ones. Loan amounts can start as low as $10,000. They offer term loans, lines of credit, business credit cards, commercial vehicle and real estate loans.
Nutmeg also offers many technology based services, such as payroll processing and card payment processing, electronic check deposits and much more.
Employee financial education
Nutmeg has a long legacy of working directly with businesses and employees right in the workplace. These visits are designed to be fast and easy with a focus on helping families understand the value of budgeting, building credit and avoiding burdensome debt. The education focuses on helping employees understand how HSAs and retirement savings accounts work, which is often an area of struggle for many.
About Nutmeg State Financial Credit Union (NSFCU)
Established in 1936, Nutmeg State Financial Credit Union is a member-owned, not-for-profit financial cooperative headquartered in Rocky Hill, Connecticut. Embracing our roots as a steward of the financial cooperative movement, we’re a values-driven collective committed to intentional actions and investments to “be the change” in our community. We believe prosperity for all people is possible through meaningful social and economic relationships and ensuring inclusive and equitable access to resources. Our mission is to create multi-generational prosperity throughout the community we serve through education, collaboration, and the support of local commerce. Nutmeg State Financial Credit Union has assets of approximately $565 million and currently serves approximately 43,000 members. Please visit nutmegstatefcu.org for more information.
