When you join our credit union, we will open a Primary Savings account with your refundable deposit of $25. That $25 deposit buys you a share of our credit union—making you a member-owner—and gives you access to all of the financial services we offer, including the ability to open additional types of savings accounts.
- Secondary Savings
- Money Market Savings
- Virtual Coin Jar Savings
- Escrow Savings
- Clubs (Youth & Holiday)
- Certificates of Deposit (CDs)
- Individual Retirement Accounts (IRAs)
- Educational Savings Accounts (ESAs)
You can open as many secondary savings accounts as you like at no charge, either in-person or inside Online Banking. You can also name each account (such as “vacation savings” or “education”) to help you stay focused, on-track and organized. Secondary Savings accounts earn the same dividend as our Primary Savings accounts.
Money Market Savings
We offer a Money Market Savings account for members who are looking for a higher return on their savings but still require the flexibility that comes with a liquid account.
- No time limit is required for funds to be on deposit to earn the higher dividend rates
- A minimum deposit of $2,500 is required to establish the account and earn dividends
- Members may make withdrawals of $500 or more by check or in cash, or within It’sMe247 Online Banking
- Automated monthly distribution of dividends from Money Market accounts are exempt from the minimum withdrawal requirement.
- Interest will be earned on those days during which a member’s balance exceeds the $2,500 minimum
- Visit our rates page for the current dividend being paid on Money Market Savings accounts. Otherwise, please contact the credit union for full details on this account, or stop-in to open your account today!
Virtual Coin Jar Savings
Sign-up for DMPOCU’s Virtual Coin Jar Savings Program and every purchase you make with your DMPOCU debit card will help you save some extra cash!
Here’s how it works:
- Contact us to participate in the Virtual Coin Jar Program
- Make any purchase with your DMPOCU debit card
- At the end of each business day, debit transactions that have been posted to your account will automatically be “rounded-up” to the nearest whole dollar amount and those “extra” funds will be transferred into the account of your choice.
The funds in your Virtual Coin Jar account are yours to keep or spend! If you have a savings goal, you can even set up an alert within Online Banking to automatically notify you when your Virtual Coin Jar account has reached your goal amount.
Escrow Savings Accounts
This is an account you can use to escrow for the payment of property taxes and homeowners insurance. Isolating these funds will help you keep track of the balances required to semi-annually pay your property taxes and annual homeowners insurance. Plus, Payroll Deduction makes it simple and easy to deposit the funds in to your account.
- Holiday Club – Open a Holiday Savings Account to help you pay for the holidays! As you save throughout the year, the funds will remain safe-and-sound in your holiday club account. In fact, in order to withdrawal funds before October, you must close the account.On approximately the 15th of October each year, the funds will be transferred in to your Primary Savings account so you can begin holiday shopping!
- Youth – Click here to view our “Youth Services” page.
Certificates of Deposit (CDs) are a great way to earn a higher dividend payment on your savings dollars with no risk to your initial investment. CDs also enable you to choose how long you want your funds to be invested, and the longer you invest the funds, the higher your dividend rate.
DMPOCU offers three types of Individual Retirement Accounts for you to choose from based on your needs, age, available funds and end goals:
- Traditional IRAs
- ROTH IRAs
- Coverdell Education Savings Accounts (ESAs)
The variety of IRA choices can be overwhelming, so you’re always welcome to call or stop by Des Moines Police Officers’ Credit Union so one of our IRA specialists can explain the features and benefits of each IRA option.
Educational Savings Accounts
With the rising cost of education, financing your child’s elementary and secondary education expenses can sometimes seem like an unreachable dream. However, we offer Coverdell Educational Savings Accounts to assist you in setting savings goals, and ultimately reaching that dream.
For more information about Coverdell ESAs, please contact us to discuss your goals and available options.