Savings
Accounts
Think about your finances and your future. With a little planning, both can
offer unlimited potential. Sure, establishing and reaching goals of any kind
takes discipline. But by thinking of financial goals in small, attainable steps,
you will soon be on your way to financial security. Whether you’re saving for a
worry-free retirement or have a short-term goal in mind, Industrial Federal
Credit Union can help you.
From Regular Share Savings Accounts to Health Savings Accounts to Share
Certificates and IRA’s, you can count on IFCU to offer the savings options you
need in order to create the kind of future you have in mind. Your Membership
Services Representative can assist you in selecting the right combination of
savings accounts to reach your financial goals one step at a time.
Christmas Club
The IFCU Christmas Club is a simple way to set aside a little
cash each payday so you’ll be ready for those extra expenses when the holiday
season starts. You can make deposits anytime for any amount and there is no
minimum deposit. You can even take advantage of Payroll Deduction. Best of all,
your IFCU Christmas Club earns competitive dividends, which are calculated and
paid quarterly. Your Christmas Club savings will be available for withdrawal throughout November and December,
just in time for holiday shopping!
Regular Share Savings
This is where it all begins! With your initial deposit and one
time $5 membership fee, you purchase one share in the credit union and become an
IFCU member/owner. Your savings earn competitive dividends, which are calculated
and paid quarterly on balances greater than $350. Plus, Industrial Federal
Credit Union provides you with $1,000 accidental death and dismemberment
insurance at no cost to you.
Funds Manager Savings (similar to a Money Market account)
If you want a good return on your investment but you need
convenient access to your money, an IFCU Funds Manager Savings account gives you
the best of both worlds. You can open an IFCU Funds Manager account with a
minimum $2,500 deposit. You earn money market rates, which are calculated daily
and paid monthly on balances of $2,500 or more. You may make a withdrawal at anytime
with no penalty.
Health Savings Accounts (HSA's)
A Health Savings Account is a good alternative
to the rising health care costs. With a Health Savings Account (HSA), you may
either contribute all or a portion of your health plan deductible into a
tax-advantage savings account, within certain limits. Like an Individual
Retirement Account (IRA), your HSA interest earnings are tax-deferred. The
balance of your HSA at the end of the year is carried over to the next year.
To be eligible for a HSA, you are required to have health coverage under a
qualified high-deductible health plan. You cannot be covered by certain other
plans that pay medical expenses, be enrolled in Medicare, be claimed as a
dependent on another person’s taxes, or have received VA medical benefits in the
previous three months.
Your HSA can be used to pay for qualified medical expenses that apply toward
your deductible. Additionally, you can pay for qualified medical expenses that
your health plan doesn’t cover. You can request distributions at any time for
qualified medical expenses tax-free. Using your funds is simple. You can access
your funds over the counter or with checks.
IFCU makes it affordable for you to open an HSA. We do not charge a set-up fee
or monthly maintenance fee. We require a minimum opening balance of $25. Call or
visit your nearest IFCU Member Center for more information about opening a
Health Savings Account.
Savings Bonds
IFCU sells and redeems savings bonds! There
are two types of Savings Bonds to choose from, the EE Bond and I Bond. Read
about their differences below. If you have any questions about savings bonds,
visit or call your nearest IFCU Member Center.
EE Bonds are safe, low-risk savings
products that pay interest based on current market yields on Treasury Securities
for up to 30 years if you purchased them between May 1997 and April 30, 2005. EE
Bonds purchased May 2005 and after will earn a fixed rate of return. They are
issued at 50% of face value. A $100 EE Bond costs $50 to purchase. EE Bonds are
a safe and secure way to save for the future, whether to finance education,
supplement retirement income, or give as a gift.
I Bonds are low-risk, liquid savings products backed by the U.S. Government.
While you own them, they earn interest and help protect your savings from
inflation. Any individual with a valid U.S. Social Security Number or Tax
Identification Number can own I Bonds. They are issued at 100% of face value. A
$100 I Bond costs $100 to purchase.
What is the difference between EE and I Bonds?
The biggest difference is the rate you receive on your bonds. Rates for EE Bonds
are calculated as 90% of 6-month averages of 5-year Treasury Securities market
yields, while rates for I Bonds are calculated by combining fixed rates of
return and semi-annual inflation rates based on the CPI (Consumer Price Index).
Direct Deposit
It’s convenient, safe and it’s free! It’s also the quickest way
for your government or payroll check to reach you. With Direct Deposit your
check is automatically deposited into your IFCU Checking or Savings account.
It’s that simple.
For more information or to sign up for Direct Deposit of your payroll, pension,
Social Security or government check, stop by any IFCU Member Center or call
(765) 771-8000.
Payroll Deduction
It’s the fast, painless way to save. Each payday you can have a
specified amount directly deposited into your IFCU Checking or Savings account -
if your employer offers Payroll Deduction.
You can have the money distributed among your various IFCU accounts. For more
information or to find out if your company offers Payroll Deduction, talk to
your company’s payroll department or call 765-771-8000.
ATM Access
Industrial Federal Credit Union has 21 automated teller machines
(ATM’s) in Lafayette and surrounding areas for your convenience.List of ATM Locations
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