Members Plus Credit Union

What Members Plus Credit Union does

Members Plus Credit Union is a not-for-profit, member-owned financial cooperative founded in 1940 and headquartered at 29 High Street in Medford, Massachusetts, with a stated 101–250 employee base. The institution, formerly known as Winchester Credit Union, serves individual consumers, small businesses, and teenagers/young adults whose membership eligibility is defined by residence or work in Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties in Massachusetts. It distributes products and services through 7 physical branches (Medford, Medford Square, Everett, Norwood, Plymouth, two Dorchester locations, and a limited-service Winchester location), a full-featured online banking platform, a mobile application with remote check deposit, and the CO-OP ATM/shared branching network for surcharge-free ATM access nationally.

The product portfolio spans a complete retail banking suite: deposit products (Members Checking, Members Plus Checking, Savings, High-Five Money Market at 3.50% APY, traditional Money Market, Certificates of Deposit, IRAs, Club Accounts, Rising Teen Accounts); consumer lending (auto loans starting at 4.95% APR, personal loans at 9.99% APR, Members Plus Credit Card, Rewards Credit Card with 4.90% intro APR, Open End Line of Credit, Secured Consumer Loans, 0% Mass Save HEAT Loans, GAP Protection); and mortgage/home equity products (fixed-rate and adjustable-rate mortgages, HELOC at 6.75% Prime, fixed-rate home equity, home improvement loans, first-time homebuyer programs). Business banking is limited to business accounts and resources. Digital features include Apple Pay, Google Pay and other digital wallets, mobile deposit, online bill pay, and Zixmail-based secure messaging. Deposits are federally insured by the NCUA up to $250,000 and additionally insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC) for balances above that threshold; the institution also holds an Equal Housing Lender designation.

The revenue model is a standard cooperative banking model: primary revenue comes from net interest income generated by lending activities (consumer loans, auto loans, mortgages, HELOCs, credit cards), supplemented by transactional fee income (overdraft, wire transfer, ATM, late payment, and account service fees). Earnings are not distributed to shareholders; instead, the cooperative returns value to members through higher dividends on savings and lower loan rates than competing for-profit banks. The institution is governed by a member-elected volunteer Board of Directors and is regulated by the NCUA and the Massachusetts Commissioner of Banks under Chapter 171 of the General Laws. On April 2, 2026, Members Plus announced its intent to merge with Metro Credit Union, a strategic combination intended to consolidate two mission-driven, community-rooted institutions serving the greater Boston market.

Name

Members Plus Credit Union

Legal name

Members Plus Credit Union

Website

https://memberspluscu.org

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

101–250 employees

Short description

Members Plus Credit Union is a not-for-profit, member-owned cooperative founded in 1940 and headquartered in Medford, Massachusetts. It serves individual consumers, small businesses, and young adults in five Massachusetts counties through 7 branches, online and mobile banking, and the CO-OP shared branching network, offering deposits, consumer loans, mortgages, and credit cards.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213), Credit Unions (522130), Credit Card Issuing (522210)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Mortgage and home equity
• Credit union deposits
• Community banking

Headquarters

HQ city

Medford

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest charged on consumer loans including auto loans, mortgages, home equity loans, personal loans, and credit cards. As a not-for-profit credit union, earnings are returned to members in the form of higher dividends and lower loan rates.
2. Fee Income: Various service fees including overdraft fees, wire transfer fees, ATM fees (for out-of-network use), late payment fees, and other account service charges.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Members Plus Credit Union is a member-owned, not-for-profit credit union that provides retail banking, consumer lending, and mortgage/home equity products to individuals and small businesses in greater Boston, Massachusetts. Its core offerings include checking and savings accounts, money market accounts, CDs and IRAs, debit and credit cards, auto loans, personal loans, mortgages, HELOCs, and home equity loans, distributed through 7 branches, online banking, a mobile app, and the CO-OP shared branching/ATM network.

Product overview

Members Plus Credit Union offers a comprehensive suite of financial products and services organized into personal banking (checking, savings, money market, CDs, IRAs, credit cards, debit cards), consumer lending (auto loans, personal loans, credit cards, HEAT loans, GAP protection), and mortgage/home equity products (mortgages, HELOC, home equity loans, home improvement loans). The credit union provides digital banking through mobile and online platforms with features including mobile deposit, digital wallets, and online loan applications. Business banking services include business accounts and resources. The product portfolio also includes promotional offerings like the Summer Sizzler Loan and specialized accounts such as Rising Teen Accounts and Club Accounts for specific savings goals.

Differentiator

Problem solved

Functional benefit

Products and services

• Members Checking Basic consumer checking account with no minimum balance requirements and no monthly fees for everyday transactions.
• Members Plus Checking Premium consumer checking account offering enhanced features and benefits beyond the basic Members Checking account.
• Rising Teen Accounts Banking account designed for teenagers, helping young members learn financial responsibility with age-appropriate features.
• Savings Basic consumer savings account offering competitive interest rates for members to deposit and grow their money securely.
• High-Five Money Market Money market account offering 3.50% APY, providing higher interest rates for members with larger balances seeking to maximize savings returns.
• Money Market Money market savings account offering competitive rates with limited check-writing capabilities.
• Certificates of Deposit (CD) Term deposit accounts with fixed interest rates for members seeking guaranteed returns over a specified period.
• IRAs Individual Retirement Accounts including Traditional and Roth options for tax-advantaged retirement savings.
• Club Accounts Savings accounts designed for specific savings goals such as vacation, holiday, or other targeted savings purposes.
• Debit Mastercard Debit card providing access to member checking accounts with worldwide acceptance at ATMs and merchants.
• Members Plus Credit Card Credit card offering standard credit services with Mastercard acceptance and various account management features.
• Rewards Credit Card Credit card with rewards program offering cash back and other incentives, featuring a LOW Intro APR of 4.90% and cash rewards.
• Auto Loans Vehicle financing for new and used cars with competitive rates as low as 4.95% APR for 4-year terms, including refinancing options.
• HEAT Loan Mass Save HEAT Loan offering 0% interest financing for energy efficiency home improvements, part of the Massachusetts energy conservation program.
• Personal Loans Unsecured loans for various personal purposes with rates starting at 9.99% APR for qualified borrowers.
• Open End Line of Credit Revolving credit line that members can draw against as needed, providing flexible access to funds.
• Secured Consumer Loans Secured loans backed by collateral such as savings accounts or CDs, typically offering lower interest rates.
• Mortgages Home purchase financing with various mortgage products including fixed-rate and adjustable-rate options for home purchases.
• First Time Homebuyer Mortgage programs and resources specifically designed for first-time homebuyers with educational support and favorable terms.
• Adjustable Rate Mortgage Mortgage with interest rates that adjust periodically based on market conditions, offering initial lower rates.
• Fixed Rate Home Equity Home equity loan with fixed interest rates providing a lump sum based on home equity with predictable monthly payments.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity allowing members to borrow as needed with rates at 6.75% (Prime rate).
• Home Improvement Loans Financing options specifically for home improvement projects, including the 0% HEAT Loan for energy-efficient upgrades.
• Summer Sizzler Loan Seasonal promotional consumer loan with rates as low as 9.99% APR, available during summer months for various personal needs.
• Business Accounts Checking and savings accounts designed for business members with features tailored to business banking needs.
• GAP Protection Guaranteed Asset Protection coverage that covers the difference between what a member owes on their vehicle and its actual cash value in case of total loss.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Metro Credit UnioncoreStrategic or Co-development Partner · 2 April 2026Metro Credit Union and Members Plus Credit Union have announced their intent to merge, bringing together two strong, mission-driven institutions with deep local roots and a shared commitment to people, purpose, and community. This merger would combine two credit unions serving the greater Boston area.
• CO-OP Credit UnioncoreTechnology or IntegrationCO-OP Credit Union network provides surcharge-free ATM access and shared branching services to Members Plus Credit Union members, enabling access to thousands of ATMs nationwide.
• Mass SaveminorStrategic or Co-development PartnerPartnership with Mass Save program to offer 0% interest HEAT Loans for energy efficiency improvements. This energy assistance program enables members to access favorable financing for home energy improvements.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Market position

Competitive moat4 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Members Plus Credit Union