Regular Savings Account
Begin your Credit Union Advantage membership with an initial deposit of $5.00 in to this account. This first $5.00 represents your credit union share and provides you with the privileges of membership including participation in all credit union services and voting for open positions on the Board of Directors. There is a $3.00 monthly account maintenance fee, which is waived with a $200 aggregate savings, loan, mortgage or VISA.
Credit Union Advantage follows all procedures of the U.S. Patriot Act when opening accounts.
Save separately for your holiday shopping and travel needs in the Holiday Savings Account. Make deposits throughout the year in person, by mail, automatic transfers, through direct deposit or payroll deduction, or make transfers through Online Banking. Your money is available to you in October…just in time for the holiday season.
Certificate of Deposit
Choose from various Certificates of Deposit with minimum balance requirements and terms to meet your needs. Choose from terms of 3 or 6 months, or 1 to 5 years. By maintaining a minimum balance of $500 for 3 months or more, you have the option of having your interest transferred to another account or it can remain in the CD for the term. Jumbo Certificates of Deposit are also available for balances of $25,000 or more. These Jumbo CD’s are available for 6 months or 1-5 year terms. A penalty is imposed for early withdrawals from a Certificate of Deposit.
Individual Retirement Accounts – IRAs
Save for your retirement and qualified members can save on taxes today with an IRA. At Credit Union Advantage, you can choose from a Traditional, Coverdell Education Savings IRA, or Roth. We recommend you consult with your tax preparer or advisor regarding your IRA eligibility.
Traditional IRA: This IRA grows tax deferred and may allow you a tax deduction, depending on your gross income. You may be eligible to contribute up to $5,000 per year, or owners age 50 and over may contribute up to $6,000 per year.
Roth IRA: Tax-free growth and contributions are non-deductible, and withdrawals can be made without federal penalty or taxation. Earnings can be withdrawn tax-free if done under qualifying IRS regulations. You may contribute up to $5,000, or $6,000 for individuals age 50 and over. Contributions cannot exceed earnings.
Coverdell Education Savings Account: The purpose of this IRA is to assist with your child’s education expenses. Contributions are not tax deductible, but the Coverdell offers the potential for tax-free withdrawals, including earnings.
IRAs can also be rolled over or transferred from one financial institution to another. Consult with your tax advisor.
Call a Member Service Representative for additional information at 248-996-6070 or email .
Federally Insured by NCUA
At Credit Union Advantage, we’ve made a commitment to our young members and are pleased to offer two youth accounts – the Penny Savers Club for members age 12 and under, and the Teen Club for members age 13-17. We offer many special programs throughout the year to encourage our Penny Savers and Teen Club members to save.
Penny Savers Club
Credit Union Advantage members age 12 and under can enjoy the benefits of the Penny Savers Club. This Club has been designed especially to meet the needs of our young members. Penny Savers learn the importance of saving money, and they’ll see how saving regularly can make their money grow. The Penny Savers Club is a great way to learn about financial responsibility and have fun at the same time. Just some of the benefits of this program include:
For Members Ages 13-17
At Credit Union Advantage, we understand the financial needs of teens today. We know that it’s important to learn about financial services and the importance of saving at a young age. We help them become familiar with financial and electronic services so that when they are ready to go off to college or be on their own, they are able to manage their own financial affairs under the guidance of their parents.
Youth Certificates of Deposit
Earn a higher rate in a Youth Certificate of deposit, with a minimum deposit of $100, and a maximum of $100,000. Deposits can be made to this account at any time, and in any amount. A variety of terms are available.
Each year, high school seniors have the opportunity to apply for one of two $1,000 Credit Union Brock Scholarships. This scholarship program is named in honor of our founding member, Frank Brock.
Applicants must have a GPA of 3.0 or higher, plan to attend and be accepted at a college, university or vocational school after graduation. Official scholarship applications are available in January at the Credit Union offices, or can be accessed online. The deadline for submitting applications is July 15th.
Once you’ve established a checking account at a financial institution, it may seem like a hassle to make the switch to a new checking account. At Credit Union Advantage, we help you every step of the way and provide you with a step-by-step switch kit to help you make the transition smooth.
So if you are tired of high bank fees and high minimum balance requirements, bring your checking account to Credit Union Advantage today. Choose from three checking account programs.
This is a non-dividend bearing account.
Advanced Preferred Checking
Club 55 Checking Account – For members age 55 and up
All checking account programs feature:
Make the switch to the best checking account at CU Advantage today!