At Hermantown Federal Credit Union, our focus is always
on our members, since each member is in part an owner of
the Credit Union. As a member-owner of Hermantown Federal,
you are eligible for a number of money-saving benefits, including
excellent rates on insured savings, affordable loans, and
a full spectrum of convenient services. Whatever financial
goals you have in place, we have the products tailored to
meet your specific needs.
“We promise F.I.R.S.T. rate member service where
all our interactions with members are Friendly, Individualized,
Respectful, Sensitive, and timely”.
The share savings account is the base account all members
must maintain to be eligible for credit union services.
We offer a variety of savings plans that can be put together
to help meet your specific needs. All of our savings accounts
pay competitive dividend yields, and are insured up to
$250,000 by the National Credit Union Administration.
Hermantown Federal Credit Union offers a checking account
that will fit your needs! Not only are we virtually "fee
free", we offer anywhere access to funds in your checking
account with our MasterCard Check & Cash card as well as Online
account access and Herman, our 24/7 telephone teller. In
addition we offer members the opportunity to attach a line
of credit to their checking account which protects you from
any unfortunate overdrafts.
Avoid short-changing Santa or running up unwelcome yuletide
credit card debt by opening a Holiday Club account. This
account helps you save for the holidays all year round
by regularly taking an amount you designate out of your
share savings or your paycheck and depositing it to this
interest earning account. This is an annual deposit only
account. The total amount accumulated in the account is
mailed to you in the form of a check in early November
This account works like the Holiday Club account, but can
be used to save for something specific like a vacation.
This account is particularly useful for trade union members,
who do not have paid time off. Call your trade union or
the credit union for the rules governing this account,
such as when the deposits are made and if authorization
is required to access your money.
If you like to receive higher returns on your investments, our share certificates
are just what you're looking for. A share certificate is an interest bearing
time share account that represents the best savings alternative if you have
money you know you will not need to access for a particular period of time.
The money market account offers a higher rate than a share
savings account and has more flexibility than a CD. The
following restrictions apply:
- Has a minimum balance of $2500. If the balance drops
below this amount, no dividends are paid.
- Can make three withdrawals per month without charge.
All withdrawals over three are assessed a $10 fee.
- Dividends/interest is paid monthly.
We offer Traditional, Roth and Education IRAs. This is a
great way for members to save for the future.