Membership Account
There are a variety of ways to save at your credit union, and all of them start with a $5 savings account. A $5 deposit into a savings 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.
Effective Date: May 1, 2024
| Account Type | APY** |
|---|---|
| Membership Savings Account | 0.10% |
| Dividends are paid on balances over $100.00, excluding youth accounts. $5.00 minimum balance required for membership. No annual maintenance fees. Rates are subject to change at any time. | |
Checking Account
Spending Made Simple
It's time to go shopping! ICCU's free checking account is just that, FREE! There are no monthly fees and no minimum balances. Schedule an appointment or open your checking account in online banking!
Your Account Comes With:
Debit Card
Mobile App
Card Controls
Debit Card Round-up
Instant Deposit
Sub-Savings Accounts
Saving Your Way
There are times you want to tuck money away 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.
Schedule an appointment to talk to us about your savings options or open your account in online banking!
Sub-Savings Account Rates
Effective Date: May 1, 2024
| Account Type | APY** |
|---|---|
| Sub-Saving Accounts | 0.10% |
| Vacation Savings | 0.10% |
No minimum balance required. No withdrawal penalties, minimum balances, or annual maintenance fees. Dividends are compounded quarterly and paid on balances over $100.00. Rates are subject to change at any time.
Youth Accounts
Treasure Hunt Savings Account
The Treasure Hunt Youth Savings account is created for kids ages 3-12 and will teach the little ones about savings and spending as they start their financial journey. Check out the benefits below:
Free gift upon new account opening
Every $5 deposited earns a gold coin that can be used to purchase items from the Treasure Chest Store
Birthday card mailed during the month of their birthday
Celebrate Youth Month in April
Online banking and mobile app
No monthly service fees
Automatically signed up for e-statements
When child turns 13 this account automatically rolls into a Captains Choice Savings account
Captain’s Choice Teen Accounts
Savings
Designed for children ages 13-17 this account teaches positive savings habits, through fun contests and promotions. The child will learn positive savings habits enter to win great prizes, and enjoy a fun and interactive games. Savings account opened by minor under 16 must have parent or adult in household as joint.
Free gift upon new account opening and balance of $500 (power bank, crystal money tree)
Opportunities to participate in contests and promotions
Automatic entry for a chance to win $25 gift card during the month of your birthday. (Winner randomly drawn at the end of the month and be notified by phone. One entry per person.)
Online banking and mobile app
Automatically signed up for e-statements
No monthly fee, no minimum balance
ATM card available
Checking
Smart money habits start young. Help your teen gain important financial skills while saving money to use towards a future goal with ICCU. This account is available for members who are 13-17 years old, with a joint ownership by a member parent. When member turns 18 they roll out of the club.
Free gift upon new account opening and balance of $500 (Rtic cup, silicone cup, lunch box, notebook)
Contactless debit card (one for you and one for teen)
Social media follow, like and watch the Student Run Credit Union Instagram
Online banking and mobile app (with mobile check deposit)
Automatically signed up for e-statements
No monthly fee, no minimum balance
Access to over 30,000 ATMs
Christmas Savings Account
Have a Happier Holiday
Save up for your holiday spending throughout the year with a Christmas Savings Account. You can even have automatic transfer deposits, so you can set it and forget it until November 1st when the funds are moved to your checking account.
Schedule an appointment to talk to us about your savings options or open your account in online banking!
Christmas Savings Account Rates
Effective Date: May 1, 2024
| Account Type | APY** |
|---|---|
| Christmas Savings | 0.10% |
| Christmas Savings balances are transferred on November 1st of each year. Dividends are paid on balances over $100.00. No minimum balance required. No annual maintenance fees. Rates are subject to change at any time. | |
Premium Savings Accounts
Saving for a Rainy Day
The Premium Savings Account is an accessible, insured savings account paying a dividend for balances over $1,000.
Schedule an appointment to talk to us about your savings options or open your account in online banking!
Premium Savings Account Rates
Effective Date: May 1, 2024
| Account Type | APY** |
|---|---|
| Premium Savings Account | 0.15% |
| No minimum balance required. No withdrawal penalties, minimum balances, or annual maintenance fees. Dividends are compounded quarterly and paid on balances over $1000.00. Rates are subject to change at any time. | |
Coverdell Education Savings Account
Plan Ahead for Your Child's Education
A Coverdell education savings account (ESA) allows you to make nondeductible contributions on behalf of a child each year until they are 18 years old. The earnings generated on the ESA contributions remain tax-deferred in the account. When a child uses the funds to pay for qualified education expenses, the contributions and the earnings are distributed tax-free.
Schedule an appointment with us to open an account for the young student in your life!
Qualified Education Expenses
Tuition and fees
Books
Supplies and equipment
Room and board
Computers
Special needs services
Who Can Contribute?
Anyone can contribute to a child's ESA as long as their modified adjusted gross income (MAGI) falls below or within the income limits for the year (see below). Those who are eligible can contribute to more than one ESA on behalf of multiple children, not to exceed the yearly limit of $2,000 per child. Also, no individual child can receive more than $2,000 total per year in ESA contributions.
Modified Adjusted Gross Income Limits
Single Filer: $95,000 - $110,000
Married, Joint Filer: $190,000 - $220,000
Distributions
If a child does not use the ESA funds or does not transfer or roll over the ESA funds to an eligible family member (see below) by the time they are 30 years old, the ESA will be distributed. The child must include the distributed amount in gross income for the year and pay a penalty tax on the earnings if the distribution is not used to pay for qualified education expenses.
Eligible Family Members
Eligible family members must be under the age of 30 and include the child's, father, mother, stepfather, stepmother, or in-law, spouse, brother, sister, stepbrother, stepsister, or in-law, child or descendent of child, stepchild, eligible foster child, or in-law, first cousin, aunt, uncle, niece, nephew, or the spouse of the childs' niece or nephew.
Health Savings Account (HSA)
Balancing Rising Health Care Costs
Health Savings Accounts (HSAs) are available at ICCU to members who have an HSA-eligible high deductible health plan (HDHP). An HDHP generally requires you to pay out of pocket for medical expenses incurred until your deductible is met. Plan coverage kicks in after that.
An HDHP may be HSA-eligible if it satisfies the IRS' annual deductible and out-of-pocket expense limits. But the rules that define an HSA-eligible HDHP can be complicated, so check with your insurance provider or employer to see if your health plan is HSA-eligible. HSA eligibility is determined as of the first day of each month.
In addition to having HSA-eligible HDHP coverage, you:
cannot be covered by another health plan (with limited exceptions)
cannot be enrolled in Medicare
cannot be eligible to be claimed as a dependent on another person's tax return
Schedule an appointment with us to open an HSA!
Health Savings Account Rates
Effective Date: May 1, 2024
| Account Type | APY** |
|---|---|
| Health Savings Account (HSA) | 0.40% |
| HSA eligibility required. No annual maintenance fees. Rates are subject to change at anytime. | |
Contributions
As long as you don't go over the limits that apply to your type of insurance coverage, you can contribute as much as you want, as often as you want throughout the year until your tax return due date (generally April 15th of the following year). In fact, anyone can contribute for you, even your employer.
Tax-Deductible
As you contribute to your HSA, don't forget about that tax deduction. As long as you cannot be claimed as a dependent on another person's tax return, you can deduct your HSA contributions (except those made by your employer).
Tax-Free Deductions
When it is time to take money out of your HSA, simply use the money for qualified medical expenses. This typically includes most medical, dental, and vision care expenses by you, your spouse, or any covered dependents. HSA distributions not used for qualified medical expenses are subject to ordinary income tax and, if taken before age 65, a 20 percent IRS penalty tax (unless the distribution is because of death or disability). Be sure to consult with a tax advisor regarding your HSA deductions and how to claim tax-free HSA distributions.