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Savings & Investments

Regular Shares/Savings

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.

You also have voting privileges at the Annual Membership Meeting held each spring to elect the governing (volunteer) Board of Directors. This is yet another area where credit unions differ from for-profit financial institutions, like banks.   ICCU has volunteer board members, not paid stock-holders and each member in good standing has a voice and a vote!
 

Please review ICCU's Field of Membership information to see if you are eligible to join. Then, proceed to the nearest credit union office with valid picture ID to get started.

Small businesses and organizations may also join and use ICCU. At least one of the signers must be an existing ICCU member.  Please contact Financial Services for details, including special rules for business accounts.

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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."

There is a penalty for early withdrawal from any certificate of deposit.

ICCU offers both insured (regular) certificates and insured Individual Retirement Account (IRA) CD's.

Interest & Minimums:  The interest on both regular CD's and Individual Retirement Account (IRA CD's) compounds (pays) monthly.  The minimum deposit for an IRA or regular CD is $500. You may either have your interest stay in the CD, which increases your earnings to the quoted Annual Percentage Yield (APY).  Or, you can have the interest transferred monthly to an ICCU savings or checking account. If you choose the latter, your yield will be the same as the interest rate (APR) quoted.

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Club Accounts

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.

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.

Like all club accounts, there is no minimum balance or fees on the account. Dividends are paid on balances over $101.

There are no withdrawal penalties or minimum balance. The funds are yours to access whenever you need them.

Sub 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 is no minimum balance required to open or maintain a sub account at ICCU.

  • "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 fund" or "Paris holiday." It's your account, and you can name it whatever you wish.
     
  • 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. 

    You can open a Pet Savings under your existing account. This type of account is called a "sub account" and there is no minimum balance or withdrawal penalties. 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.

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.

Insured by NCUA:  In this time of uncertainty, ICCU is proud to provide NCUA insurance on all IRA funds up to $250,00. Your money is safe at ICCU. To learn more, click here.

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.

Click here for information on: IRA Rates

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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!

Although the Money Market Savings is not designed to be a transactional account, you are able to access your funds when needed, without penalty. Please review the Truth-In-Savings Disclosure for more details.

Money Market Rates

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Premium Share Account

Th Premium Share Account is an accessible, insured savings account paying a slightly higher dividend for balances over $1,000.  Talk to a Financial Service Representative about the many options available to determine what is best for you.

U.S. Savings Bonds:  Redemption

 You can redeem savings bonds at your credit union.

Financial institutions are no longer permitted to sell U.S. savings bonds, you can purchase bonds online through www.treasurydirect.gov

 To find the value of your US Department of Treasury Savings Bond, use the links below.

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Inactive Accounts and Unclaimed Property  

The Law:  The State of Michigan requires businesses and government agencies who have unclaimed property to remit and file an unclaimed property report annually with the State Treasurer.   As define by law, if property is unclaimed after three years it must be escheated (sent to) the State of Michigan.  The previous requirement was five years of dormancy and/or inactivity and has been changed to three years.

What This Means to You and ICCU:  As ICCU is a financial cooperative, it is important that member-owners participate in the credit union by saving, borrowing and actively using ICCU products and services.  Inactive accounts increase fraud risks and are also expensive for the credit union to maintain.

Inactivity Fee:  To counteract inactive account maintaince costs, ICCU contacts and encourages members to use their credit union account to avoid a fee, and potentially having their account escheated (sent to the state as unclaimed property). If no action is taken by the member after learning their account status, or after repeated attempts to contact the account holder, ICCU will charge an inactive account fee of $5 per month if a membership is inactive for more than 12 consecutive months. 

Minor Accounts Not Charged:  To encourage young people to save money, and get into the savings habit, ICCU does not charge an inactive fee of any kind for members under the age of 18.  An "inactive account letter" might be sent to a minor member, but they will never be charged a fee to save money, regardless of the cost to the credit union.

Notification Process:  ICCU members will be notifed in advance by letter (or in some cases a phone call) if they are nearing the 12 months inactivity time-line.  The courtesy letter will allow for ample time to activate their account with a small deposit and/or withdrawal to avoid a fee.

Details: Shorter Term/No Expemptions:  Effective, July 1, 2011 ICCU's inactivity term was recently shortened (from 24 to 12 months) in reponse to shortered time frames from the State of Michigan regarding unclaimed property, and to prevent fraud.   Previously, there was an exemption for account balances over $500.  With the changes implemented by the State of Michigan in July of 2011, all account regardless of amount are subject to inactivty and/or unclaimed property requirements. Therefore you may receive an "inactivity letter" when you may not have in the past. 

How to Avoid an Inactive Account Fee

Simply make a deposit to, or withdrawal from, the applicable account in any dollar amount to avoid an inactive account fee. That's it!  You may deposit at any ICCU teller window, by mail, or payroll deduction through your employer.  

Please note:  If you have an outstanding loan, VISA credit card, or IRA (Individual Retirement Account) you are required to keep your account active, and open (with a $5 share/savings balance) to maintain those services. 

As always, you are invited to talk to a Member Service Representative about this and other account issues, questions or concerns at any time.

How to Claim Escheated Funds or Property Sent to the State of Michigan

Use the (safe) website links below to access the US Department of Treasury/State of Michigan website:

Unclaimed Property:  Department of Treasury -- State of Michigan

Form 3277 -- MI Claim Form for Refund of Unclaimed Property

Michigan Department of Treasury
Unclaimed Property Division
PO Box 30756, Lansing, MI 48909
Telephone:  (517) 636-6940

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