Savings & Investments
There are a variety of ways to save at your credit union, and all of them start with a $5 share (savings) account. A $5 deposit into a share account makes you a member-owner. As a member-owner, you can use the services of the cooperative and take advantage of outstanding rates and low-cost financial products.
Club & Sub-Savings Accounts
There are times you just want to tuck money away that is earmarked for a specific purpose. Instead of having to open a new, separate account, ICCU gives members the opportunity to open sub-accounts. This way, you can have a separate place to save money for taxes, insurances, or any other reason you may have, while still having just one, simple-to-read statement and account number to remember. There are no minimum balance required to open or maintain a sub account at ICCU. There are no withdrawal penalties (except on the Christmas Club), minimum balances, or fees on Club & Sub-Savings Accounts. Dividends are paid on balances over $100.
Christmas Club Account
ICCU's Christmas Club account allows you to save money all year long, either through direct deposit, payroll deduction, or in person. On November 1st, the balance is automatically transferred to your base share/savings account for holiday spending needs.
If saving money via payroll deduction or direct deposit into a Christmas Club account, your deduction will automatically continue after November 1st, and will be put toward the following year.
There is a $10.00 penalty for early withdrawal, which will be deducted from the account, if applicable.
"You Name It" Account
You can re-name your accounts to anything you wish. This can be done either through "It'sMe247" online banking, or with any teller. For example, you could choose "get-away account," "college fund," "spring break," or "Paris holiday." It's your account, and you can name it whatever you wish!
Vacation Club Account
The Vacation Club account is designed - as the name suggests - to help you save for vacation expenses. You can use it, however for ANY type of saving like insurance, taxes or saving for a new car. You can save through direct deposit, payroll deduction, or in person.
Pet Sub-Saving Account: Pets are a significant part of many families. They can also use up a significant portion of your savings caring for them. To save for vet bills, shots, general pet care or pet insurance, consider opening an ICCU Pet Sub-Savings account. Also, if you pay a pet insurance premium, it can be automatically deducted from your Pet Sub-Savings Account. Discounts on pet insurance are available with Benefits Plus.
Dog Bones: ICCU gives free dog bones to its four legged friends who visit the drive-thru's at both locations. One member told us that "his dog made him come to ICCU" that day.
Premium Share Account
The Premium Share Account is an accessible, insured savings account paying a dividend for balances over $1,000. Talk to a Financial Service Representative about the many options available to determine what is best for you.
Insured Money Market
If you are looking for a SAFE investment option, with competitive earnings, ICCU’s Insured Money Market Savings Account is a great option!
The Insured Money Market Savings Account is designed to provide a fully insured investment option for larger deposits. Interest is compounded and credited monthly, with competitive rates assigned at the beginning of each month. The tiered rate structure allows you to earn increasingly more as your balance grows.
Because this account pays interest and not dividends, you are guaranteed the rate assigned at the start of each month. Because the interest compounds monthly, your earnings will grow faster!
Certificates of Deposit (CDs)
What is a CD? A Certificate of Deposit (CD) is an insured investment that allows you to earn a guaranteed rate of interest for a specified period of time, called the "term." As you are agreeing not to touch that money for the term of the CD, you typically earn a higher rate of interest than you would in a regular deposit account or money market. You can generally assume "the longer the term, the higher the rate."
ICCU offers both insured (regular) certificates and insured Individual Retirement Account (IRA) CD's. The minimum deposit for an IRA or regular CD is $500.
Individual Retirement Accounts (IRA)
The sad reality is that people spend more time planning their vacation than they do the 20-40 years they will spend in retirement. Let ICCU help you plan for a more positive future with an IRA at your credit union.
ICCU offers three basic types of Individual Retirement Accounts (IRAs), including:
- Traditional IRA
- Roth IRA
- Coverdell Education Savings Account
Isabella Community Credit Union offers both share and certificate options for each IRA type. For more information, see the link below.
IRS Publication: Click for descriptions and facts on IRAs- IRS Publication 590, "Individual Retirement Account (IRA) Agreements. Information includes contributions, early withdrawals, ROTH IRA details, the differences between IRA types, early distribution penalties and more.