Municipal Savings Accounts
The Municipal Savings Account at Circle Federal Credit Union is designed specifically for municipalities, school districts, townships, and other government entities that need a secure, flexible place to manage public funds. Recognizing the unique budgeting and regulatory requirements of public organizations, Circle FCU offers a savings solution that combines competitive dividend earnings, convenient account management, and the security of federally insured deposits.
Designed for Public Sector Organizations
Unlike personal savings accounts, the Municipal Savings Account is tailored to the needs of government agencies responsible for managing taxpayer funds and operating budgets. Eligible organizations include:
- Cities and villages
- Townships
- School districts
- Municipal departments
- Other qualifying government agencies
Circle FCU serves municipalities and public entities throughout the Niles and Cass County communities, providing financial products that support day-to-day operations and long-term financial planning.
Unlimited Deposits for Ongoing Cash Management
Municipal organizations often receive revenue from multiple sources, including taxes, grants, permit fees, and utility payments. Circle FCU allows unlimited deposits, making it easy to move funds into the account whenever revenue is received.
This flexibility supports routine financial management without transaction limits or deposit restrictions.
Separate Accounts for Better Financial Organization
To simplify budgeting and fund management, eligible organizations may maintain up to two Municipal Savings Accounts. Having multiple accounts can help separate funds designated for different purposes, such as:
- General operating reserves
- Capital improvement projects
- Emergency contingency funds
- Grant proceeds
- Special-purpose municipal reserves
Maintaining separate accounts can improve financial organization and simplify internal reporting.
Free Online Banking
Managing public funds efficiently requires convenient access to account information. The Municipal Savings Account includes free online banking, enabling authorized users to:
- Monitor account balances in real time.
- Review transaction history.
- Transfer funds between eligible accounts.
- Manage finances securely from the office or remotely.
Digital banking tools help reduce administrative work while providing timely access to important financial information.
No Per-Item Transaction Fees
Many business and government accounts charge fees for individual transactions. Circle FCU's Municipal Savings Account has no per-item fees, helping organizations control banking costs while processing routine deposits and transfers throughout the year. This can be especially beneficial for municipalities handling frequent financial activity.
Competitive Returns on Public Funds
The Municipal Savings Account rewards organizations that maintain higher balances while keeping funds readily available. As of today, the account offers:
| Balance Tier | Dividend Rate | APY |
| $2,500 - $500,000 | 0.25% | 0.25% |
| Below $2,500 | 0.02% | 0.02% |
| Above $500,000 | 0.02% | 0.02% |
This structure allows municipalities to earn a higher return on qualifying balances while maintaining full liquidity for operational needs. Rates are variable and subject to change.
Federally Insured Security
Protecting public funds is a top priority for every government organization. Deposits held in the Municipal Savings Account are federally insured by the National Credit Union Administration (NCUA) for eligible amounts, providing an added layer of security and confidence. Organizations should consult Circle FCU regarding applicable insurance coverage based on their account ownership and deposit structure.
All rates are subject to change without prior notice. These rates replace previously dated rates. These rates are for Circle Federal Credit Union members only. Membership required. Must qualify for Membership. Federally Insured by the NCUA up to $250,000. Equal Opportunity Lender.
