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Savings

Deposits at the Industrial Credit Union are fully insured under Massachusetts Banking Law.  Total deposits in single accounts are federally insured up to $250,000 by the National Credit Union Administration (NCUA) with additional insurance provided by Massachusetts Credit Union Share Insurance Corporation (MSIC).  Total deposits in joint accounts are federally insured up to $500,000 by the NCUA with additional insurance provided by MSIC.

 

If you're interested in opening an account,

   1. please scroll to the appropriate type,

   2. click the "Open an Account" button,

   3. complete,

   4. print and sign the card.
Then mail it to us along with a check payable to Industrial Credit Union.  
    

 

Certificates of Deposit
Our CDs offer competitive dividend rates for terms from six months to sixty months. There is a minimum deposit of $1,000 required to open a CD and a $1,000 minimum required to receive the annual percentage yield (APY). CDs with a term of less than 12 months earn simple interest and are paid dividends at maturity.  CDs with a term of 12 months or longer are compounded quarterly and the dividends are credited to the account quarterly and at maturity. We use the Daily Balance Method to calculate the dividends on your account. You can only deposit to a CD on the maturity date of the account.
 
There is a substantial penalty for early withdrawal from CD accounts.  Loss of 1 month's interest on accounts with a maturity of 12 months or less and loss of 3 month's interest on accounts with a maturity greater that 12 months.

  

 

  

NOW Plus and NOW Checking Accounts
Both our NOW Plus and our NOW Checking account offer:

  • No Monthly Maintenance Fees or per check charges
  • Free Online Banking
  • Free Bill Pay
  • Online Statements
  • ATM or Visa Check Card access

NOW Checking accounts require a $25.00 minimum to open an account and a $200.01 minumum balance to receive the annual percentage yield (APY).

 

NOW Plus accounts require a minimum deposit of $2,500.00 to open the account and a $2,500.00 minimum balance to receive the annual percentage yield (APY).  Balances under $2,500.00 receive the annual percentage yield (APY) paid on NOW Checking Accounts.

 

Dividends are compounded monthly and credited monthly.  We use the Daily Balance Method for the purpose of calculating dividends on your account. 

 

NOW Plus and NOW Checking accounts are variable rate accounts.  The dividend rate and annual percentage yield (APY) change monthly.   

 

 

  

Individual Retirement Account (IRA)
We offer both Traditional IRA and Roth IRAs. IRAs are not subject to any administration fees. IRA funds can be deposited to share savings accounts or to certificate of deposit accounts. IRAs are subject to all of the terms and conditions applicable to share savings accounts and to certificate of deposit accounts.

  

 

Savings Account - Shares
Share savings accounts have a minimum deposit of $10.00 to open an account and require a $10.00 minimum balance to receive the annual percentage yield (APY). You can open either a statement share account or a passbook share account. Statement share accounts receive a monthly statement. Passbook share accounts do not receive statements because all of the transactions are posted to the passbook. The passbook must be presented for all transactions.


Dividends are compounded monthly and credited monthly.  We use the Daily Balance Method for the purpose of calculating dividends on your account.
 
Share savings accounts are variable rate accounts.  The dividend rate and annual percentage yield (APY) are subject to change at any time.
  

 

 

Visa Check Card
ICU's Visa Check Card is a quick and easy way to pay for purchases or services and have them deducted directly from your checking account.  You won't have to write a check or show a driver's license - just hand over your Visa Check Card.  It's accepted like a credit card anywhere Visa debit cards are accepted.  Other conveniences of an ICU Visa check card include:

  • Worldwide acceptance.
  • No interest payments.
  • Shop by phone or online.
  • Peace of mind.  In an emergency you're covered.
  • Detailed transactions on your monthly account statement. 

To apply for a Visa Check Card simply click the apply now button, print and complete the application and return it to us.