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, a checking account, 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 Christmas Club 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.
Money Market Account
Earn higher rates of return in our tired-rate Money Market Account. Dividends are computed on the average daily balance, paid and compounded quarterly for these balances:
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: Provide 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 Earnings can be withdrawn tax-free if done under qualifying IRS regulations.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.
Applicant must have a GPA of 2.75 or higher, plan to attend and be accepted at a college, university or vocational school after graduation. The student must also be a member of CU Advantage, and if under age 18, a parent or grandparent must also be a member. Click here to download the application, which contains additional requirements and deadline, or pick up an application at the credit union office. The deadline for submitting applications is June 30, 2017.
When you Save to Win, you not only get a chance to win, but you walk away with the deposits you made over the year – plus interest. A definite win-win situation! For more information, visit savetowin.org.
Save To Win is a special savings account at Credit Union Advantage that gives you all the benefits of having a savings account – plus more! You also get chances to win one of six $10,000 grand prizes, plus monthly cash prizes! Every $25 deposit into this account helps build your savings and gets you another chance to win – up to 10 chances every month. Plus, all the money you deposit into the Save To Win account is still yours, with interest!
Save To Win runs from January through December. Members can open a Save To Win account at any time, but the sooner you open the account, the more time you have to earn entries for the grand prize!
To participate, you must be at least 18 years of age, a legal resident of Michigan and a member at a participating credit union like Credit Union Advantage.
Not everyone will win a prize, but if you make regular deposits into your Save To Win account all year you are guaranteed to end up with more money saved that you started with. You seriously have nothing to lose – and everything to win! Ask for details and start participating in the Save To Win offer today!
Raffle open only to Michigan residents. Void where prohibited by law. Official rules available at www.savetowin.org. Federally insured by the NCUA.
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
Regular, Advanced Preferred & Club 55 Checking Programs Feature:
Opportunity Checking provides members, who may have limited alternatives, the ability to have a checking account in order to begin the process of repairing damaged checking account history and/or credit.
This program is available to CU Advantage members with credit scores below 525 or negative item reporting on CheckSystems. The provisions of this program include:
At Credit Union Advantage, we provide you with an easy way to make the switch from other financial institutions. Just click on the links below to obtain the forms you’ll need, along with a checklist to help you organize the transferring of your accounts.
Of course, our Member Service Representatives are available to help you every step of the way. Call or stop by the credit union office and we’ll help you with the entire process.
Switch Kit Transfer Checklist: To help you organize and track your changes.
Direct Deposit Enrollment Form: Provide to other personnel departments to authorize direct deposit to Credit Union Advantage.
Automatic Payment Cancel Form: Provide to company/payee to cancel your current automatic payment.
Automatic Payment Change Form: Provide to company/payee to have your payments made through your Credit Union Advantage account.
Close Account Request Form: Provide to your current financial institution to close your account.
CAUTION: Before you close an account at another financial institution, please be sure there are no outstanding transactions that have not cleared your account. We recommend you leave a balance in that account until you are sure that all transfers to Credit Union Advantage are completed.
Make the switch to Credit Union Advantage and enjoy the full benefits of credit union membership.