Share Savings
Our Credit Union operates as a member-owned, not-for-profit, financial institution that you can be a part of. Northwoods Community Credit Union was founded to support those that live and work in our surrounding communities and continues that mission today.
A $5.00 deposit into a regular share savings establishes your membership with Northwoods Community Credit Union.
Club Savings
If you are looking for a convenient way to save up for a special reason, like a vacation, a new vehicle, a home improvement, or your yearly tax bill, why not open a Club Savings Account? A “Club” Account is just another savings account with a special name – Club Savings. Members have successfully used club accounts to save up for unexpected expenses, unforeseen bills, and spur-of-the-moment getaways. These funds are accessible at any time.
Christmas Club
Start saving early for those holiday expenses with a deposit-only Christmas Club Account. Put money into your Christmas Club Account with every paycheck using our Payroll Deduction Program, or deposit as often as you like. Christmas Clubs can be opened at any time during the year. Funds are transferred to your share savings account and are available for withdrawal on the first business day of October of each year.
This is just an example of how quickly your savings can add up over a year:
| $5/paycheck | $10/paycheck | $20/paycheck | $50/paycheck | |
|---|---|---|---|---|
| Weekly | $260.00 | $520.00 | $1,040.00 | $2,600.00 |
| Bi-Weekly | $130.00 | $260.00 | $520.00 | $1,300.00 |
Youth Accounts
Northwoods Community Credit Union realizes the importance of teaching children the value of saving. We offer a youth savings program for those under 18.
Share Certificates
With a variety of terms and competitive tiered dividend rates, Northwoods Community Credit Union has Share Certificates, also known as Certificates of Deposit (CDs), to strengthen your savings portfolio. Speak with a Member Service Representative, who can help you decide which investment is right for you.
IRAs
Individual Retirement Agreements (IRAs) are an excellent way to save for Retirement. Northwoods Community Credit Union offers the ease and convenience of a simple retirement savings account that earns a competitive dividend rate.
Choose from the following options:
Traditional IRAs
tax-deferred earnings
Tax-deductible contributions (verify with your tax adviser)
Earnings not taxed until withdrawn
Roth IRAs
Withdraw tax-free and penalty-free after age 59 1/2
Before withdrawals, your Roth IRA must be open for five tax years
Earnings can be withdrawn tax-free and penalty-free for any of these reasons: 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
Purpose to help you pay for a 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 (verify with your tax adviser).
The funds in the Coverdell ESA can also be transferred from one child’s account to an account for another child in the family.