Savings Accounts
Share Savings
A $5.00 deposit in a share savings account is required for membership at Northwoods Community Credit Union. Membership gives the primary owner on the account voting privileges. With a $100.00 minimum balance, dividends are paid monthly on the share savings account.
There is no minimum balance required to receive dividends if the account holder is under the age of 21.
Click here to view our share rates, and to open a share savings account, visit any NCCU office!
Club Savings
A “Club” Account is just another savings account with a special name – Club Savings. Saving up for a special reason, like a vacation or a special holiday? Why not open a Club Savings Account? You can easily keep track of the balance with online banking, mobile banking, or with 24-Hour Member Information Attendant (MIA). With the convenience of payroll deduction, a deposit can be made directly to your club account with every paycheck.
Share Certificates
With a variety of terms and competitive tiered dividend rates, Northwoods Community Credit Union has Share Certificates to complement all of your savings needs. Come into one of our offices and visit a Member Service Representative, who can help you decide which investment is right for you.
IRAs
IRAs are an excellent way to save for the future. Northwoods Community Credit Union has three types of IRAs, all of which offer the ease and convenience of a simple savings account that earns a competitive dividend rate. The IRA savings accounts’ dividends are compounded and paid monthly. Choose from the following options:
Traditional IRAs – Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. All earnings in the Traditional IRAs are not taxed until they are withdrawn. The main attraction of Traditional IRAs is the ability to defer taxes on the earnings and to withdraw in a year when you may be in a lower tax bracket.
Roth IRAs – Regular contributions to the Roth IRAs can be withdrawn tax-free and penalty-free at any time. After your Roth has been open for five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59 1/2, disability, death, or a first-time home purchase (lifetime limit is $10,000.00 per person).
Coverdell Education Savings Accounts (ESA) – Formerly known as the Education IRA, the Coverdell Education Savings Accounts sole purpose is to help you pay for your child’s education expenses such as tuition, fees, books, supplies, computer equipment, and technology required for elementary, secondary, and post-secondary education. Contributions are not-tax-deductible, but there is potential for tax-free withdrawals including earnings. The funds in the Coverdell ESA can also be transferred from one child’s account to an account for another child in the family.