Idaho Central Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, December 1, 2020

Idaho Central Credit Union’s checking account options

Free Checking

The most basic of Idaho Central Credit Union’s no-fee checking accounts.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Free Checking derives its name from its lack of maintenance fees. You still have to pay overdraft fees if you overdraw. You also still have to pay ATM fees should you choose to use an ATM that is not in the COOP network.

Free Checking does not bear any dividends. In fact, all but one of Idaho Central Credit Union’s checking accounts have an APY of 0%.

How to get Idaho Central Credit Union’s Free Checking Account

You can open this account online or in person by presenting your government-issued ID, and the account and routing number of the account you’ll be using to fund your initial deposit.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

Go Green! Checking

A lack of ATM fees and a discount on your safe deposit box are your rewards for choosing eco-friendly banking.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35

Like Free Checking, Go Green! Checking also bears no dividends. However, it does reward you for banking digitally. In exchange for setting up direct deposit and opting to receive your statements electronically as a part of establishing this account, Idaho Central Credit Union waives your fees at non-COOP ATMs — a feature unique to this account. You can also get half off when renting a safe deposit box for a year as a reward for eco-friendly banking.

If at any point you refuse e-Statements or discontinue direct deposit, you will be charged a $6 fee every month.

How to get Idaho Central Credit Union’s Go Green! Checking

Open this account online or in person. Be prepared to provide your ID and funding account information.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

Money Market Checking

Idaho Central Credit Union’s lone checking account offering dividends. Unfortunately, those dividends are low.
APYMinimum Balance to Earn APY
0.05%
$2,500
0.10%
$25,000
0.10%
$50,000
0.10%
$100,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $10 if your balance falls below $2,500
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Typically, money market accounts are savings accounts. The potential problem with a savings account is that financial institutions are federally mandated to limit you to six certain debits per month. By providing a money market checking account, Idaho Central Credit Union allows you to circumvent that restriction without penalty.

However, money market accounts usually pay higher dividends. The dividends on this account are paltry. You should absolutely look elsewhere if you’re seeking a money market account that earns more than your typical savings account.

How to get Idaho Central Credit Union’s Money Market Checking

You can open this account online or in person with your ID and funding account information.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Starter Checking

A checking account for teens that financially rewards word-of-mouth advertising.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Idaho Central Credit Union encourages teens ages 12 through 17 to solidify their financial education by opening a Starter Checking account. This account looks similar to other checking accounts offered by Idaho Central Credit Union in terms of fees and lack of dividends, but it differs in its lower minimum opening deposit requirement. It also rewards teenagers for referring their friends to open a checking account with a $25 referral bonus per friend.

How to get Idaho Central Credit Union’s Starter Checking Account

To open this account, you will need to accompany your teen to your local Idaho Central Credit Union branch.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

Classic Checking

A checking account for those age 50+ with free checks and a discount on safe deposit box rentals.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

Built specifically for those ages 50 and over, Classic Checking again has very similar features to most of Idaho Central Credit Union’s other checking accounts. Minimum opening deposits, fees and lack of dividends remain the same. However, you will be rewarded with two free books of checks each year with this account, along with a 50% discount on a year’s rental of a safe deposit box.

How to get Idaho Central Credit Union’s Classic Checking

You can open this account in person or online with your ID and funding account information.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

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How Idaho Central Credit Union’s checking accounts compare

While checking accounts in general are not known for impressively high dividend or interest rates, it is rare to see a financial institution offer zero dividends on nearly all of its checking account options. If you’re interested in the perks, such as the referral bonus for teens, safe deposit box discounts or free checks, you may find the pros outweigh the cons depending on which accounts you qualify for.

But overall, those looking for the highest yields should consider these top checking accounts instead.

Idaho Central Credit Union’s savings account options

Share Savings

This account is required in order to establish membership at Idaho Central Credit Union.
APYMinimum Balance to Earn APY
0.10%
$300
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $300
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

You will need $30 to become a member of Idaho Central Credit Union, with $25 of it going to your share savings account, and the remaining $5 paying a one-time membership fee. This account is the first account you will open at Idaho Central Credit Union, and maintaining it secures your membership and eligibility for all other accounts. If your balance falls below $25, your membership will be put in jeopardy. Even if you’re not over-the-moon excited about the low dividend rate, you need to have this account.

Savings accounts fall under Regulation D — a federal mandate that limits up to six certain debits per month. Some financial institutions will close your account or convert it to a checking account if you make more than the maximum amount of withdrawals, but when we spoke with Idaho Central Credit Union on Oct. 30, 2018, the only consequence is a $2 fee charged each time you make an excessive withdrawal. This same rule applies to all of its savings accounts.

How to get Idaho Central Credit Union’s Share Savings

The first time you open an account at Idaho Central Credit Union, it is highly recommended that you visit in person with your photo ID. However, you can also open this account online.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Choice Savings account

Save for something special, but be sure not to make more than two withdrawals per year.
APYMinimum Balance to Earn APY
0.10%
None
0.15%
$1,500
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

At other credit unions, Choice Savings may be referred to as a “club” account. Usually club accounts will come with a specific end date, and then distribute your savings into your checking account. This makes saving for things like holiday shopping or vacation easier.

Choice Savings has a similar end goal: allowing you to save for holiday shopping, travel or other life events. However, instead of coming with an end date, it allows you to make two withdrawals per year. Every withdrawal after that is accompanied by a $25 fee.

How to get Idaho Central Credit Union’s Choice Savings account

You can open this account online or in person with your photo ID.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Health Savings Account

Save money for health care expenses with tax-deductible deposits.
APYMinimum Balance to Earn APY
0.15%
$0.01
0.15%
$2,500
0.15%
$25,000
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Annual account maintenance fee: $30
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

If you have a High Deductible Healthcare Plan (HDHP), you can open up a Health Savings Account (HSA). There are limits for this account, which Idaho Central Credit Union spells out in its brochure.

Contributions to this account are tax-deductible, and if you use the money to pay health care expenses, you won’t have to pay any taxes on it when you make a withdrawal. You can make five of these withdrawals per month via check, or unlimited withdrawals with the account’s accompanying VISA card. It’s important to note that there is a maintenance fee on this account. It isn’t monthly, but rather annual.

How to get Idaho Central Credit Union’s HSA

You will have to schedule an appointment and visit a branch in person in order to open this account.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Central Cents Savings account

Round up your purchases to the nearest dollar to build up your savings.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $0.01
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

With this unique savings account, the purchases you make day to day will be rounded up to the nearest dollar. Then the change will be sent to your Central Cents Saving account. So if you spent $20.82 on gas, an additional $0.18 would be sent to your savings. While this account does not earn a competitive APY, it does build a savings habit without you even having to think about it. Go over the limit of six debits a month, and you’ll be looking at a $2 fee per excessive debit.

How to get Central Cents Savings account

You can open this account online or in person with your government-issued ID and information for the banking account with which you would fund your account.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Youth Savings account

Two names for identical accounts, both for children under 18.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.10%
$300
0.15%
$1,500
  • Minimum opening deposit: $5-$25
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

The name of this account will change depending on your child’s age. If your child is 0-11, it is called the Share Bear Savings Account. If your child is 12-17, it is known as Starter Savings. The minimum opening deposit on the Share Bear account is $5, while Starter Savings must be opened with a $25 deposit. Both accounts offer the same dividends and have the same fees. They both also offer the opportunity to enter quarterly drawings when your child gets at least one “A” on their report card and/or deposits $10 into their account .

How to get Idaho Central Credit Union’s Youth Savings account

You will need to visit your local branch with your child in order to open this account.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s savings accounts compare

Idaho Central Credit Union’s savings accounts earn almost nothing in dividends when compared with the best offers on the market. Even if you’re interested in an account such as the Central Cents Savings account for its unique features, you’ll still want to shop around to consider your high-yield savings account alternatives. On one hand, saving without thinking about it may serve you better if you have shaky savings habits. On the other, you’ll be missing out on a lot of returns by going this route.

Idaho Central Credit Union’s CD rates

Personal CD

Even though these CDs come with a reasonable deposit requirement, the APY simply isn’t worth it.
TermAPY
3 Months0.05%
6 Months0.10%
12 Months0.15%
18 Months0.20%
24 Months0.25%
36 Months0.30%
48 Months0.40%
60 Months0.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

Idaho Central Credit Union’s Personal CDs come with terribly low rates. When you put your money in a CD, it will be inaccessible for the length of the term. When you’re tying your money up for a period of time, you want to make sure it’s worth the wait. And it simply isn’t with Idaho Central Credit Union especially when there are other far better options out there.

Be conscious that when you withdraw money from your CD, not only will you be hit with a penalty, but you risk losing your account altogether. If your balance dips below the $500 mark, your CD will automatically be shut down.

How to get Idaho Central Credit Union’s Personal CDs

You can open this account in person or online. Be prepared for the application process with your government-issued ID.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Promo CD

Far more competitive rates which could disappear tomorrow.
TermAPY
6 Months0.25%
12 Months0.35%
18 Months2.65%
24 Months0.45%
60 Months0.85%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

Idaho Central Credit Union does offer promo rates for your CD. These promo rates are far more competitive, though hardly the best in the business. These offers are also subject to disappear at any time, so if you’re determined to open one, be sure to make your decision in a timely manner, otherwise you may end up with a whole new set of variables before you click “Open Account”.

How to get Idaho Central Credit Union’s Promo CDs

You can open this account online or in person with your government-issued ID.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s CD rates compare

Idaho Central Credit Union’s certificate products don’t hold water when you look at the competition. The APY offered is simply too low. If you’re going to be putting your money away in an inaccessible place for months to years, you want to make sure you’re getting a good return on it. Keep shopping for better CD rates. You can do better.

Idaho Central Credit Union’s money market account options

Money Market Savings Account

Poor interest rates on high minimum balances.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.15%
$25,000
0.15%
$50,000
0.20%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if your balance falls below $2,500
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

The idea behind a money market account is stashing away larger chunks of cash into a liquid account while earning more than you would in a regular savings account. Frankly, Idaho Central Credit Union’s Money Market Account doesn’t fulfill this task. While rates are marginally higher than its own savings accounts, when you hold these APYs up to the competition, they’re so low you might not even guess they were similar products.

Money market accounts are in the same category as savings accounts, meaning you must follow Regulation D. You are allowed to make up to six certain debits per month, or you will be charged a $2 fee each time.

How to get Idaho Central Credit Union’s Money Market Savings Account
You can open this account online or in person with your government-issued ID and account funding information.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Premium Money Market Savings Account

Slightly increased rates as long as you hold an Idaho Central Credit Union checking account.
APYMinimum Balance to Earn APY
0.10%
$2,500
0.15%
$25,000
0.15%
$50,000
0.20%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $15 if balance drops below $2,500
  • ATM fee: $1.50 at all non-COOP ATMS
  • ATM fee refund: None
  • Overdraft fee: $35

In order to open a Premium Money Market Savings Account, you must currently hold a checking account with Idaho Central Credit Union. If you fulfill this requirement, you will be able to reap the incentive of higher dividends over the regular Money Market Savings Account. If at any point your checking account closes, your Premium account will revert into a regular money market account, decreasing your rates.

Just because rates go up relative to the regular Money Market Savings Account doesn’t mean they’re great. And unfortunately, that’s the case with this account.

How to get Idaho Central Credit Union’s Premium Money Market Savings Account

Open this account in person or online with your government-issued ID and information for the account with which you will be funding your Premium Money Market Savings Account.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s money market accounts compare

The rates on Idaho Central Credit Union’s money market accounts are extremely low. This problem is compounded by the monthly maintenance fees you will incur if you at any point fall below the $2,500 mark.

If you’re putting your cash into a money market account, it’s most likely because you want to see it grow. Do the most logical thing and shop for financial institutions with higher money market rates.

Idaho Central Credit Union’s IRA account options

IRA Certificate of Deposit

Poor rates carried over from CDs outside of an IRA.
TermAPY
3 Months0.05%
6 Months0.10%
12 Months0.15%
18 Months0.20%
24 Months0.25%
36 Months0.30%
48 Months0.40%
60 Months 0.50%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

IRA certificates typically offer slightly higher rates than certificates outside of an IRA. Idaho Central Credit Union, however, keeps the rates steady whether your certificate is inside an IRA or not. Since the rates were not great outside of an IRA, inside they’re competitively worse.

Because a certificate is already a conservative investment compared with stocks or even bonds, you’ll want to make sure it’s at least yielding something close to the market average. Unfortunately, this product’s rates don’t really cut it.

How to get Idaho Central Credit Union’s IRA CDs

You cannot open this account online. You must schedule an appointment and open this account in person at your local branch.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Promo IRA Certificate of Deposit

Competitive dividend rates make this certificate one of Idaho Central Credit Union’s more desirable deposit accounts.
TermAPY
6 Months0.25%
12 Months0.35%
18 Months2.65%
24 Months0.45%
60 Months0.85%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of dividends on CDs with terms 11 months or less; CDs with terms of 12 months or more will incur a penalty that is equivalent to 180 days’ worth of dividends.

As with certificates outside of IRAs, promo rates are far more competitive. The 60 month term here even comes out on top of the competition. However, it is especially important to note the impermanence of these rates as they are inside a retirement account. If they disappear, you will face penalties if you withdraw the money. That means you’d either have to deal with the fact that you got bumped to the lower IRA Personal CD rates or go through the hassle of transferring to a different financial institution.

How to get Idaho Central Credit Union’s Promo IRA Certificates of Deposit

To open one of these promotional rate CDs, you will need to visit a branch in person rather than opening an account online.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

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How Idaho Central Credit Union’s IRA CD rates compare

If you’re looking at Personal CDs, Idaho Central Credit Union doesn’t hold a candle to the best offers on the market for IRA CDs. In fact, Idaho Central Credit Union’s rates are undesirable. But if you take advantage of the Promotional IRA CD rates, you’ll fare much better — as long as you realize that while these rates are here today, they could be gone tomorrow.

IRA Share Savings Account

An even more conservative part of your portfolio with even worse rates.
APYMinimum Balance to Earn APY
0.10%
$0.01
0.15%
$300
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None

If a certificate within an IRA is an extremely conservative investment, a savings account within an IRA is about as conservative as it gets. While this account does have a low barrier to entry with a small minimum opening deposit requirement, the interest rates simply aren’t there; you won’t even get close to keeping up with inflation over the short or long term.

Typically, savings accounts would be subject to Regulation D, but because you’ll have to go in and file paperwork every time you want to make a withdrawal due to IRS penalties, you won’t be able to accidentally go over the monthly withdrawal limit.

How to get Idaho Central Credit Union’s IRA Share Savings Account

You must open this account in person with your government-issued ID. You cannot do so online.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

IRA Money Market Savings Account

High minimum balance requirements do not merit the slight bump in APY.
APYMinimum Balance to Earn APY
0%
$0.01
0%
$2,500
0%
$25,000
0%
$50,000
0%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None

While the IRA Money Market Account does slightly increase dividend rates from the IRA Share Savings Account, it does so for fairly high balances. It’s not just that the balance requirements are high; it’s also concerning that interest rates are so low. If you’re looking for IRA money market accounts, shopping around may land you dramatically higher rates.

How to get Idaho Central Credit Union’s IRA Money Market Account

You cannot open an IRA online. Instead, you’ll have to schedule an appointment to come into a brick-and-mortar location.

SEE DETAILS Secured

on Idaho Central Credit Union’s secure website

NCUA Insured

Overall review of Idaho Central Credit Union’s banking products

Idaho Central Credit Union does not offer competitive deposit accounts. While there are a couple of unique and useful accounts — like Choice Savings which allows you to withdraw the money you’ve been saving for a specific goal twice per year at your discretion, or the Common Cents Savings account which automatically rounds up your purchases to the nearest dollar saving the difference — the vast majority of them are going to put you at a financial disadvantage when compared with those who bank with other financial institutions. Shop somewhere where the rates are higher, or learn to be okay with extremely low yields.