Savings Accounts

Savings Accounts

With a variety of savings account options from youth accounts to IRAs and everything in between, we’re here to help you save. Click through to see savings options.


Traditional Savings Accounts

Share Savings

The dividends for this account are tiered according to your balance. Open a share savings with a minimum of $5.00.

  • Deposits can be made through direct deposit/payroll deduction and deposits at the Credit Union.
  • By members’ choice, your deposits are insured to $250,000 per account by American Share Insurance. Excess Share Insurance Corporation provides up to an additional $250,000 of insurance per account.
  • If you live, work, worship or attend school in Lorain County, Ohio, you are eligible to open an account.
Money Market Investment Accounts

Without tying up your money, this account can earn you higher dividends than a Share Savings. Minimum investment is $2,500.00.

  • Deposits can be made through direct deposit/payroll deduction and deposits at the Credit Union.
  • By members’ choice, your deposits are insured to $250,000 per account by American Share Insurance. Excess Share Insurance Corporation provides up to an additional $250,000 of insurance per account.
  • If you live, work, worship or attend school in Lorain County, Ohio, you are eligible to open an account.
Health Savings Account

Health Savings Account (HSA) with a HSA MasterCard Debit Card is a tax-advantaged medical savings account available to taxpayers who are enrolled in a High Deductible Health Plan (HDHP). This account is established exclusively for the purpose of paying or reimbursing qualified medical expenses from you, your spouse and/or dependents enrolled in a High Deductible Health Plan.

Coverdell Education Savings Account

The Coverdell Education Savings Account (ESA) is a great way to save for your child’s education expenses. Save for tuition, books, uniforms, and other education expenses.

Launch Kids and Teen Savings Accounts

CommStar offers youth savings accounts for kids and teens up to 17 years old, and a checking account is available for teens at 16 years of age. A parent or guardian is required as a joint owner on these accounts.


Christmas Club & Vacation Club Accounts

Club accounts are a great way to save separate from your normal savings account for that special event or time, especially if you take advantage of convenient direct deposit or payroll deduction.

Deposit money weekly, bi-weekly or monthly and it will earn a higher interest rate in a Club Account than a normal Share Savings account.  When the Club year ends, we’ll deposit the money from your Club Account into your checking or savings.

  • Higher interest than a normal Share Savings Account.
  • Deposit at the Credit Union or conveniently by direct deposit/payroll deduction.
  • Christmas Club year is October 1st – September 30th but you can begin any time.
  • Vacation Club year is May 1st – April 30th but you can begin any time.

Certificates of Deposit

Certificates are a terrific way to save in a higher interest bearing account. We offer certificates with terms as low as 90 days, ranging up to five years with various rates based upon the term of the certificate. Whatever your investment goals, we have certificates to match. Our experienced staff will help you select the best alternatives to meet your current and future needs.

Certificates
  • No risk method of earning interest.
  • Terms range from 90 days to 60 months.
  • Fixed interest rate for the term of the certificate.
  • Minimum deposit of $500.
Certificate Specials
  • Higher interest than a regular Certificate of Deposit.
  • Terms range from 11 to 37 months.
  • Fixed interest rate for the term of the certificate.
  • Minimum deposit of $500.

Individual Retirement Account (IRA)

An Individual Retirement Account (IRA) from Community Star Credit Union helps keep individuals’ savings needs in mind, to build a retirement nest egg for later. Offering Traditional and Roth IRAs, we pay dividends to you monthly. In addition, there are no fees for a Community Star Credit Union IRA.

Community Star Credit Union offers Individual Retirement Account (IRA) options to best fit your individual needs. A Certificate IRA has an initial minimum deposit of $500 and ranges from 18 to 60 month terms. The benefit of a Certificate IRA is the fixed interest rate for the term of the certificate, which is much higher than a normal savings account.

An Accumulation IRA has a variable rate and offers a more flexible option for people looking to have an IRA. Deposit money anytime with an Accumulation IRA by direct deposit, payroll deduction or deposits at the Credit Union. The benefit of an Accumulation IRA is your money won’t be tied up for a specific amount of time.

Certificate IRA
  • Fixed rate for the term of the certificate
  • Higher interest than other accounts
  • Terms 18 to 60 months.
  • Can be tax deductible- check with your tax advisor
Accumulation IRA
  • Variable rate
  • Higher interest than a savings account
  • No terms so your money’s not tied up
  • Add money anytime in any amount
  • Can be tax deductible- check with your tax advisor

 

Click here to see rates associated with these accounts.
Click here to see disclosures associated with these accounts.