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  • “Moving our accounts to Cove FCU has been one of the better financial decisions we have made in quite some time. Instead of feeling like we are merely a number in the system, we have been welcomed into the CFCU family. Whether I have come into the Credit Union personally or the one time I had to call in an emergency from Washington DC, we have been consistently treated as a treasured partner. Not long after joining CFCU we participated in an Auto-financing class and through this process we quickly purchased a new adapted van to help transport my special needs daughter. CFCU stood by us throughout the process and helped broker the final deal. The process was so easy with CFCU’s help, my oldest daughter went through CFCU and purchased her own very first new vehicle a couple of months later. Our relationship with Cove and the people that work there is extremely rewarding! I highly recommend switching to Cove FCU!"
    Jason D. Salensky

Auto Loans

Once you are approved, you can shop worry free at the dealership, knowing you’re already qualified for a loan. You are in control, which means you can focus on getting the best deal.

Mortgage Loans

Variable Rate Loans

Cove Adjustable (Variable) rate mortgages, or “ARM”s offer lower introductory rates for a fixed period of time. Usually from 5 to 7 years, followed by periodic rate adjustments. ARMs differ from fixed-rate mortgage loans which keep the same interest rate for the life of the loan. Choosing an ARM loan could be a solid financial decision that could potentially same you thousands of dollars. ARMS can make a lot of sense for members who anticipate paying off their home loan within a few years or being relocated or are expecting an inheritance. ARMs have varying types of caps which limit the increases on your mortgage rate which will affect the size of your payment. If interest rates fall, and drive down the index against which your ARM is based, there’s a possibility that your monthly payment could drop.

Manufactured Homes

The terms “Mobile Home”, “Manufactured Home” and “Pre-Fab Home” are often used interchangeably to refer to a variety of structures that have been assembled, at least in part, in a factory.

Housing units that been factory-built (such as modular, prefabricated, panelized, or sectional housing) and assembled on site (no chassis) are not considered “Mobile Homes” for our lending purposes. If your home is one of these types of dwellings, you may apply for our home loan products and indicate your home is a single family home.

Home Equity Loans

Home Equity Loans

Put your home to work for you. You’ve made a huge investment in your home. Home Equity Loans are a fantastic way to access that investment to pay for those big expenses, home improvements, consolidate higher rate bills, take your dream vacation, pay for collect tuition, start a business, or just about for anything you need.

Home Equity Lines Versus Home Equity Loans

In general, there are two ways to access the equity you’ve worked so hard to build – home equity lines and loans. Both loans types will allow you to use your home as collateral and both are considered to be “second” mortgages. These types of loans are viewed to carry less risk which is why these types of loans usually carry lower interest rates.

Individual Retirement Accounts

An individual retirement accounts (IRAs) allow individuals to direct pre-tax income towards investments that can grow tax-deferred (meaning no capital gains or dividend income is taxed). Specific annual limits are set for Traditional IRA contributions, but they may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors.

When an individual begins to receive distributions from a Traditional IRA, the income is treated as ordinary income and may be subjected to income tax. This differs from the Roth IRA, which can offer tax-free distributions. For people over the age of 50, higher annual contribution limits may apply if the IRA has been recently created or under-funded in previous tax years.

Distributions are required to come out of the account by the time the owner reaches age 70.5.

*Before starting any IRA, consult with your tax advisor to determine which type of IRA would work best for you.

Savings Accounts

We offer a variety of savings accounts that pay highly competitive interest rates. Whether you’re preparing for your family’s future or building your nest egg, each account is designed to get you closer to your financial goals.

This account serves as your primary Cove account and is required for membership. This account must be opened with a minimum of $5.00.

  • Earn dividends on the average daily balance.
  • Dividends are paid monthly to maximize your return.
  • Shared Branches are available to provide cash withdrawals.

*Savings accounts are limited to 6 electronic withdrawals per month due to federal regulation. APY = Annual Percentage Yield.
**A Choice Savings account with a minimum $5 balance is required to become a member and open an account.
Your $5 will be returned to you should you close your membership.



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