Products

Personal Loans
A Personal Loan from N.W. Iowa Credit Union may be a great way to finance your next vacation, consolidate debt, purchase a home computer or protect yourself from overdrafts. Your Credit Union has several types of Personal Loans to choose from.

Share/Certificate (CD) Secured Loans
With a Share/CD Secured Loan, the amount of the loan is secured by your Share/CD Account. A Share/CD Secured Loan is an excellent way to build credit. For the duration of the loan, shares remaining in an account must at least equal the outstanding loan balance and cannot be withdrawn. As the loan is paid off, fewer shares are required for collateral, making more shares available to you. Although shares are used as collateral, they continue to earn dividends.

Signature Loans
An Unsecured Signature Loan may be used for purchases up to $5,000 depending upon your gross monthly income. Signature Loans are offered at a fixed rate and there are no prepayment penalties. For current rates and payment terms, please click here to go to our rates page.

Line of Credit Loans
A Pre-Approved Line of Credit lets you draw on your loan as needed rather than borrowing an entire amount at once.

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Vehicle/Recreational Loans
Once you've decided to purchase your next car, boat, motor home or snowmobile, N.W. Iowa Credit Union can arrange the financing for you. No down payment is required. We offer friendly, efficient service with very competitive interest rates.

New/Used Vehicles
N.W. Iowa Credit Union offers fixed rate, 100% financing including sales taxes, title, and licensing fees on cars and trucks. With competitive rates and no prepayment penalty, a vehicle loan from N.W. Iowa Credit Union is sure to suit your needs. For current rates and payment terms, please click here to go to our rates page.

Fixed Rates

100% Financing

Competitive Rates

No Prepayment Penalty

Recreational Vehicles
Whether its a boat, RV, snowmobile, motorcycle, ATV or Jet Ski, we can help you bring home your favorite way to relax. With our competitive rates, your dream can become a reality. For current rates and payment terms, please click here to go to our rates page.

Fixed Rates

Up to 100% Financing

Competitive Rates

No Prepayment Penalty

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Real Estate Loans

First Mortgage Loan
Whether you are in the market for a new home or improving upon a home you already own, N.W. Iowa Credit Union offers you First Mortgage loan products to meet all your needs. Our Real Estate Lending Department offers you personalized, professional service. N.W. Iowa Credit Union offers competitive rates on a variety of conventional mortgage products. Mortgage rates vary daily. Contact one of our mortgage service specialists today to find out how we can help you secure a mortgage loan to meet your needs.

Special features include:

Low Closing Costs

No Private Mortgage Insurance for Most Conventional Products

No Prepayment Penalties

Home Equity Loans
N.W. Iowa Credit Union offers competitively rated home equity loans.

Low Closing Costs

Flexible Payment Schedules

Up to 90% Financing

Potential Tax Deduction on Interest Paid (Consult a tax advisor regarding the deductibility of interest)

No Prepayment Penalties

Home Improvement Loans
Whether it's adding a deck, finishing off the basement, or putting in a new security system, a Home Improvement Loan can help you get started. With a Home Improvement Loan, the interest you pay may be tax deductible.

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Membership Share Account
By opening a Share Account, you become a member of the Credit Union. As long as you maintain a minimum balance of $5.00 in this primary account ($50.00 if you have a checking), you remain a Credit Union member for life. Your Share Account earns daily dividends, and can easily be accessed should the need arise. Once you're a member, you may be eligible to open several other loan or savings accounts. A share account is the perfect way to save for those expected or unexpected short-term needs. Your Savings Account earns dividends from the day of deposit, and you are not limited to the number of transactions you can make. You can direct deposit your paycheck, use your account for automatic payments, or even use your ATM or Debit card to access your account.

Checking Account
A Checking Account at N.W. Iowa Credit Union makes sense. Our Checking Accounts require no minimum balance and have no monthly service charges. Earn dividends from the date you deposit your funds. An ATM/Debit Card is available for your convenience.

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Christmas Club Account
Depositing once or depositing regularly to a Christmas Club Account at N.W. Iowa Credit Union helps you save money during the year for Christmas gift giving, a winter vacation or something special for yourself. A Christmas Club Account earns the same rate as a savings account, and the balance is available to you at any time during the year!

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Certificates
Share Certificates (formerly called Certificates of Deposit) are a good way to invest your earnings at a fixed interest rate. Your money is deposited for a specific amount of time, and in return the Credit Union offers you a dividend rate that is usually higher than a regular Savings Account. N.W. Iowa Credit Union's certificates have deposit terms of 6-month, 12-month, and 24-months. Dividend rates vary depending upon the length of the certificate and are compounded monthly. You may invest in a certificate at N.W. Iowa Credit Union for as little as $1000.00.

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Individual Retirement Account (IRA)
An Individual Retirement Account is a great way to invest for your retirement while realizing a high yield at a fixed rate. A fixed rate IRA guarantees your dividend even if rates go down. You may be able to defer taxes on the earnings.

Traditional IRAs
Contributions may be made up to the year you turn age 70 as long as you have earned income; a nonworking spouse of a wage earner may also contribute up to the year the nonworking spouse turns age 70. The maximum annual contribution is $4,000 if you are under age 50 or there is a Catch-Up contribution for individuals age 50 or older of $4,500 per year or 100% of your earned income, whichever is less. Required minimum distributions (RMDs) must start at age 70. As of January 1st, 2006 the Catch-Up contribution will increase to $5000.00 per year.

There is no marriage penalty. One spouses active participation in an employer provided pension plan such as a 401(k) does not affect the other spouses status for contribution deductibility.

There is an early withdrawal IRS 10% penalty tax if you're under age 59. Exceptions to this withdrawal penalty are: 1) first time home purchases (up to a lifetime of $10,000), 2) if you become disabled, and/or 3) higher education expenses.

Deposits are often tax-deductible, so the owner pays less in income taxes in the year he/she contributes. Earnings are always tax-deferred until withdrawn.

Roth IRAs
Anyone can make contributions as long as they have earned income or are a nonworking spouse of a wage earner. The Roth IRA, like the Traditional IRA, has a maximum annual contribution limit of $4,000 if under age 50, or $4,500 Catch-Up per year if over age 50 or 100% of your earned income, whichever is less. As of January 1st, 2006 the Catch-Up contribution will increase to $5000.00 per year.

An early withdrawal IRS 10% penalty tax applies on distributions of earnings or accounts held less than 5 years and the owner is under age 59. Exceptions to this withdrawal penalty are: 1) if you become disabled and/or 2) for first-time home purchases (up to a lifetime limit of $10,000).

Unlike Traditional IRAs, the Roth IRA allows you to make contributions after the age of 70. The Roth IRA does not require mandatory minimum distributions once you reach age 70. Roth IRA contributions are non-deductible. Withdrawals of both contributions and earned dividends are tax-free after age 59 as long as the money has been in the account for five years.

Converting Traditional IRAs to a Roth IRA:
You can convert your Traditional IRAs to a Roth IRA using special rules developed by the IRS. Amounts in Traditional IRAs can be transferred to Roth IRAs provided the tax payer's Adjusted Gross Income is $100,000 or less for the year in which the transfer is made. Part of the transferred amount is subject to income tax, but is exempt from IRS early withdrawal penalties.

SEP Plan
Self-employed people and owners of small businesses are eligible to participate a SEP Plan. Contributions are tax-deferred for individuals. Business tax deductions are available for employers making employee contributions.

Employers may contribute up to 25% of compensation or $40,000, whichever is less. Employees may make individual IRA contributions to a SEP account based on Traditional IRA limits and eligibility. Contributions can be deducted from employers federal taxable income. Employee IRA contributions to the SEP account are subject to Traditional IRA deductibility rules.

There is an early withdrawal IRS 10% penalty tax if you're under age 59 and the withdrawal does not qualify as an exception to the tax. Required minimum distributions (RMDs) must start at age 70.

Coverdell Education Savings Accounts (CESAs)
There is a maximum annual contribution of $2,000 per child (single incomes under $95,000; joint $190,000) until the child reaches 18 years of age (does not apply to special needs children). There are no requirements that a contributor have earned income or be under a certain age. Withdrawals of both contributions and earned dividends are tax-free if used for education expenses (tuition, fees, and room and board at an eligible higher education institution, elementary school or secondary school).

CESAs are non-deductible.

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