Savings & Checking Accounts

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”.

SavingsCurrent Rates   Calculators
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.

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CheckingCurrent Rates   Calculators
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.

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Holiday ClubCurrent Rates   Calculators
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 will be transferred into your checking account in early November, each year.

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Vacation ClubCurrent Rates   Calculators
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.

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Share Certificates of Deposit (CDs)Current Rates   Calculators
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.

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Money Market SavingsCurrent Rates   Calculators
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.

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Individual Retirement Accounts (IRAs)Current Rates   Calculators
We offer Traditional, Roth and Education IRAs. This is a great way for members to save for the future.

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This credit union is federally insured by the National Credit Union Administration.