IFCU Savings & Investments

It's your savings. Get more from it.

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.

Plus, feel safe and secure knowing that IFCU savings accounts are federally insured to at least $250,000 and backed by the full faith of the United States Government by the NCUA (National Credit Union Administration), a U.S. Government agency.

Regular Share Savings Account |Back to Top|

This is where it all begins! With an initial deposit and one-time $5 membership fee, this savings account establishes your ownership of Industrial Federal Credit Union. With this tiered-rate account, the more you save, the more you earn. Plus, you have complete safety and unlimited access to your funds. It's the perfect place to tuck away money each month with the comfort of knowing it'll be there when you need it. Once you open a savings account, you have several easy ways to stay in touch with your money with IFCU's convenience services.

Kids' Club Savings Account |Back to Top|

When it comes to money, you probably know of several ways to spend it, but what else do you know about money?  Financial responsibility is key to any person's future success. The earlier you learn financial responsibility, the easier it will be to keep up responsible financial habits later on in life. IFCU has everything you need to help you earn, save, and decide how to best manage your money. Start saving and earn interest on your money. Visit IFCU's Kid's Club Center.

Health Savings Account (HSA) |Back to Top|

A Health Savings Account (HSA) is an account that offers a different way to save for future health care expenses. HSA's enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. HSA's were created by Congress to combat rising medical costs by providing an incentive for more consumers to pay for current health expenses and save for future qualified medical expenses. An HSA is an IRA-like account that is designed exclusively for covering medical expenses incurred by the account beneficiary and his or her dependents, and works in conjunction with a High Deductible Health Plan. You may contribute either all or a portion of the amount of your health plan deductible into a tax-advantaged Health Savings Account.

Quick HSA Facts:

Like an Individual Retirement Account (IRA), HSA investment earnings are tax-deferred. Funds remain tax-free provided they are used to pay for qualified medical expenses. Unlike Flexible Spending Accounts, unused HSA funds can grow annually, allowing you to save for future medical expenses.

There are several advantages to having an HSA, take look:

Security: Your high deductible insurance and HSA protect you against high or unexpected medical bills.

Affordability: You should be able to lower your health insurance premiums by switching to health insurance coverage with a higher deductible.

Flexibility: You can use the funds in your account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money in your account for future needs, such as:
  1. Health insurance or medical expenses if unemployed.
  2. Medical expenses after retirement (before Medicare).
  3. Out-of-pocket expenses when covered by Medicare.
  4. Long-term care expenses and insurance.
Savings: You can save the money in your account for future medical expenses and grow your account through investment earnings.  IFCU DOES NOT charge a set-up fee or monthly maintenance fee.

Control: You make all the decisions about:
  1. How much money to put into the account.
  2. Whether to save the account for future expenses or pay current medical expenses.
  3. Which medical expenses to pay from the account.
  4. Whether to invest any of the money in the account.
  5. Which investments to make.
Portability: Accounts are completely portable, meaning you can keep your HSA even if you:
  1. Change jobs.
  2. Change your medical coverage.
  3. Become unemployed.
  4. Move to another state.
  5. Change your marital status.
Ownership: Funds remain in the account from year to year, just like an IRA. There are no "use it or lose it" rules for HSAs.

How to open a Health Savings Account (HSA): You can open a HSA at any IFCU Branch. Your employer may also set up a plan for employees as well. You may call a Member Services Representative at 765-771-8000, or talk to our representatives at one of our Branches for additional information. Contributions to your HSA can be made by you, your employer, or both. When you incur a medical expense, you withdraw money from your account to pay that medical expense. When you file your taxes, there is a line item on your tax form where you declare how much money you've contributed to your HSA and that amount is deducted from your taxable income.

Christmas Club Savings Account |Back to Top|

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. When the holiday season arrives, IFCU will transfer your Christmas Club Savings into your IFCU Savings or Checking account or mail you a check upon request - just in time for holiday shopping!

Funds Manager Savings Account |Back to Top|

Easy access and a higher return. Maybe you've received a bonus or built up savings for a down payment on a house or other big purchases. Put those dollars to work in a Funds Manager Savings account and earn a great rate until you need them. Maximize your return and maintain flexibility. This type of account is a good option if:
  1. You plan to maintain a higher balance and want to earn a better rate than a regular savings.
  2. You want access to your money any time (without being penalized).
  3. You like the security of having your funds federally insured.

Share Certificate (Similar to a CD) |Back to Top|

The guaranteed way to earn more. Whether you’re saving for a down payment on your dream house or planning for your child’s education - a Certificate account is hard to beat for growing your money without risk. Whatever your long-term goal, an IFCU fixed-rate certificate can help you reach it. You can open an IFCU Share Certificate with as little as $500 and choose from a variety of terms (between 3-months and 60 months) in order to meet your needs. Your IFCU Share Certificate earns competitive rates. You can have your dividends transferred into your IFCU checking or savings account or allow the dividends to accumulate, creating even greater returns.

Individual Retirement Accounts (IRA's) |Back to Top|

Individual Retirement Accounts (IRA) are an investment tool created by the U.S. Government to supplement retirement income. IRAs are generally available to anyone who receives taxable earned income throughout the year. It's never too early to start saving for your future, and IFCU has lots of ways to help. We offer traditional IRA's, which typically give you an immediate tax deduction for your yearly deposit (consult your tax advisor for the total annual amount you can deposit). Or you may prefer the Roth IRA, which offers the advantage of tax-free withdrawals on earnings. You can also save for your children's college expenses with a Coverdell Education Savings Account. To learn more about IRA's, visit our IRA FAQ's page.

Savings Bond |Back to Top|

IFCU redeems savings bonds for our members only.

Special Savings Account |Back to Top|

An IFCU Special Savings account can be opened in addition to your Regular Savings account so that you can save for a special purpose (i.e. wedding, baby, etc.). Whatever it is you are looking to save for, we’re here to help you get closer to achieving your goals. Special Savings accounts have competitive dividend rates, just like our Regular Savings.


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