Empower Your Finances: Personal Banking Solutions
Our share and checking account options offer safety, interest earning opportunities, and easy access to your money. Whether you are planning for a major purchase, building an emergency fund, or simply looking to manage your daily expenses, DoverPhila accounts help you reach your financial goals safely and effectively.
Checking
Manage your daily finances with ease.
Our checking accounts offer you the very best we have to offer. We bolstered the benefits by flat-lining the fees to provide a straightforward checking that works the way you want it to work. Welcome to checking made simple.
Why choose a DoverPhila checking account?
- Convenience: Our checking accounts provide easy access to your funds, making it simple to manage your everyday expenses with unlimited transactions.
- Digital Banking: Access your account anytime, anywhere with our robust online and mobile banking platforms. Pay bills, transfer money, and monitor your balance on the go.
- Low or No Fees: Enjoy accounts with low or no monthly maintenance fees and no minimum balance requirements, so you can keep more of your money.
- Security: Advanced security features protect your account from fraud and unauthorized access, ensuring your financial information is safe.
- Additional Benefits: Take advantage of membership perks tailored to fit your lifestyle and financial needs.
Account Features:
- No minimum balance.
- No monthly maintenance fees.
- Free overdraft protection from your savings account.
- Unlimited transactions and check writing.
- Conveniently access funds with ATMs, Shared Branching, and a debit card.
- Access to online banking, mobile banking, eStatements, paper statements, PAL, texting, and more.
- Receive exclusive DoverPhila benefits.
Reorder Checks
We've streamlined the process to make ordering your checks a breeze.
We have two convenient options for ordering checks, so that you always have a fresh supply of checks on hand, ready for any payments or transactions you need to make.
- Visit your nearest DoverPhila branch office to place your order.
- Order online from Main Street. Click here to order today!
Please keep the following in mind if you order online from Main Street:
- Your name and address must be the same as the name and address on your account at DoverPhila.
- Their standard shipping is “USPS 1st Class.” Business packages have a higher delivery fee due to the size and bulkiness of the order.
- Senior checks can be any of the standard styles with 90 checks per box in either single or duplicate.
If you have not ordered your free checks before, please visit one of our full-service branch locations to order.
Money Market
Grow your savings with our insured Money Market Accounts.
Our Money Market Account gives you the best of both worlds with the freedom to withdraw money when you need to without penalty or sacrificing earning potential. It’s an ideal choice if you’re looking to earn more on your savings while maintaining access to your funds.
How you benefit from a DoverPhila Money Market Account?
- Short-Term Savings: Save for short-term goals while earning higher dividends compared to traditional savings accounts.
- Emergency Fund: Build a stable financial cushion with easy access to your funds in case of unexpected expenses.
- Investment Alternative: Money Market Accounts are a conservative investment option with relatively low risk and steady returns.
- Financial Stability: Protect and grow your savings with a reliable account that offers competitive rates and flexible access.
Account Features:
- Competitive, tiered savings rates.
- No minimum balance to earn dividends.
- High balances earn higher rates.
- Dividends are compounded daily and paid monthly.
- No maintenance fees
- Conveniently access funds at one of our five locations or through Shared Branching.
- Access to online banking, mobile banking, eStatements, paper statements, PAL, texting, and more.
- Receive exclusive DoverPhila benefits.
Certificate Accounts
DoverPhila's certificate accounts maximize earnings without risking principal.
Our certificate accounts offer fixed rates for a set term of your choice. They are a great, risk-free investment option if you do not need immediate access to your funds and want to invest for longer periods of time to receive higher dividends.
How It Works:
- Commit to deposit a fixed sum of money for a fixed period for dividends.
- Redeem your certificate at maturity. DoverPhila pays you the money you originally invested, plus any accrued dividends.
- Early-withdrawal penalty or forfeit a portion of the dividends earned if you withdraw funds your prior to maturity.
How do you benefit from a DoverPhila certificate account?
- Competitive Interest Rates: Earn higher dividends than standard savings accounts, allowing your money to grow faster.
- Fixed Rates: Lock in a guaranteed interest rate for the duration of your certificate term, protecting you from fluctuations in the market.
- Flexible Terms: Choose from a variety of terms that fit your financial goals, ranging from 6 to 72 months.
- Security: Your deposits are insured up to the maximum allowable limit by the NCUA, providing peace of mind.
- No Fees*: Enjoy fee-free accounts with no maintenance fees or hidden charges.
Account Features:
- Higher rate than savings account or Money Market Accounts.
- Various terms are available (from 6 to 72 months).
- No setup or maintenance fees.
- Only a $500 minimum deposit to open ($250 for Kids Club or Saver Club accounts).
- Automatic renewal at maturity if you do not release funds.
- Dividend forfeiture for principal monies withdrawn prior to the maturity.
- Access to online banking, mobile banking, eStatements, paper statements, PAL, and more.
*Members pay an early-withdrawal penalty or forfeit a portion of the dividends earns if they withdraw funds prior to certificate maturity.
Youth Share Accounts – DP’s Kids Club
For Kids Ages 12 & Under
Parents, do you want to help your children learn to manage money? Then bring your children, ages 12 and under, to any DoverPhila branch and open their very own share account through DP’s Kids Club.
By joining the club, children learn to manage money early and reap the special rewards this account offers.
Join Today
Simply bring your child, their social security card, birth certificate, and a deposit of $5 (or more) to any of our five convenient locations and activate their account. It’s that easy!
If your child already has a DoverPhila share account, you can open a DP’s Kids Club account for your child. No additional deposit is required. (Note: If you currently have a custodial account, you will need to open a separate account for the DP’s Kids Club.)
DP's Kids Club Benefits
Here are just some of the benefits that come with DP’s Kids Club membership:
- Fun Gifts– Kids receive a postcard in the mail each quarter with an incentive to save their money.
- Membership Card – The official club membership card – kids love them!
- Exclusive Savings – Certificate Accounts with low $250 minimum balance*.
- Games & Contests – Quarterly contest with cash prizes.
- Quarterly Newsletter – Credit union news and money facts tailored specifically to kids.
- Special Events – Youth Week, always the last full week in April, celebrates our youngest members with a bonus on deposits and fun giveaways.
- Financial Tools for Kids – Education is the key to success. Club activities and tools are designed to help kids learn money management.
- Access to Banzai – An award-winning, online financial literacy program that allows members to discover real-world finances through “learning by doing.”
- And More!
Early education is crucial to adopting lifelong money management skills. Working together we can help children learn to successfully manage their money. By joining the kids club, kids are given the opportunity to learn the value of saving money while also having fun.
When your child reaches the age of 13, their financial education really kicks into gear. Their membership will automatically be converted to a DP Savers Club membership.
*Only available to DP’s Kids Club and DP Savers Club accounts.
Youth Share Accounts – Savers Club
For Teens Ages 13-17
Whether you’re babysitting, mowing lawns, work a part-time job after school or receive an allowance, chances are this is the stage of life where you’re earning money for the first time. Learning how to manage your money now will pay dividends throughout life. With a DP Savers Club account, you’ll be able to develop solid money management, budgeting, and good credit practices.
Now is the time to start saving and looking toward your future. A DP Savers Club account will give you a jump start on achieving your goals. If you’re saving for your first car or college, we’re here to help. DoverPhila offers many products and services that will help you stay focused on financial goals.
Membership Benefits:
- Earn dividends on share and checking accounts.
- Certificate Accounts with low $250 minimum balance*.
- Fun and educational quarterly newsletters with contests.
- Exclusive savings event to earn bonuses and win giveaways.
- Semi-annual savings incentive postcards.
- Free access to Banzai, an award-winning, online financial program.
Join Today
Simply open a DP Savers Club account with an initial deposit of $5 or more. If you already have a DoverPhila account, you can transfer it to a DP Savers Club account. No additional deposit is required. If you currently have a custodial account, you will need to open a separate DP Savers Club account.
Additional Benefits:
- At age 16, you can apply for a MasterCard® Debit Card+, with a parent joint on your account. A debit card allows you to pay for purchases directly from your checking without the hassle of writing a check.
- Online services consist of On Line-On Time® home banking, eStatements, mobile banking, and online bill pay++.
- On Line-On Time® home banking is available to all members at no charge. You can sign up online or at any branch. Online access allows you to make transfers, view accounts, and make payments on your loan accounts with the credit union.
- Online bill pay is also free. This service allows you to make payments to anyone.
- When you turn 18, your account will automatically be converted to a regular share account. If you have a checking account, you will no longer be required to have an adult joint on your account. You will also be eligible to apply for a Visa® card** or an installment loan.
If you're not already a DP Savers Club member, become one today!
* Only available to DP’s Kids Club and DP Savers Club accounts.
** Some restrictions apply.
+ See Credit Union for disclosure information.
++ Checking account required.
See Credit Union for disclosure information. See Credit Union for disclosure information on excessive use charges.
Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged account owned by an individual that is used to accumulate savings to pay for current and future health care expenses. Contributions are tax-deductible, dividends earned are tax-deferred, and withdrawals for qualified medical expenses are tax-free.
Account Benefits
- Protection – save money for high or unexpected medical bills
- Affordability – higher deductibles mean lower premiums
- Savings – deduct your contributions and defer tax on the earnings
- Flexibility – contribute at any time and roll the balance from year to year
- Portability – you own the account, even if you change jobs or insurance providers
- Investing – powerful tool for retirement savings
Eligibility
HSA eligibility is defined in IRS Publication 969. To qualify to open and contribute to an HSA, you must:
- Be covered by a high-deductible health plan (HDHP)
- Not be covered by another health plan
- Not be enrolled in Medicare
- Not be claimed as a dependent on someone else’s tax return
High-Deductible Health Plan Requirements for an HSA
| Tax Year | Single Coverage HDHP Minimum Deductible | Single Coverage HDHP Maximum Out-of-Pocket | Family Coverage HDHP Minimum Deductible | Family Coverage HDHP Maximum Out-of-Pocket |
|---|---|---|---|---|
| 2024 | $1,600 | $8,050 | $3,200 | $16,100 |
| 2023 | $1,500 | $7,500 | $3,000 | $15,000 |
| 2022 | $1,400 | $7,050 | $2,800 | $14,100 |
Contributions
Prior to contributing to an HSA, the eligibility criteria outlined above must be met. The amount you can contribute depends on your HDHP coverage, your age, and the dates you were eligible to contribute during the year. Contributions can be made with pre-tax money through payroll deduction, or contributions can be made post-tax and then deducted from your income when you file your income tax return.
HSA Contribution Limits
| Tax Year | Single Coverage Annual Contribution Limit | Family Coverage Annual Contribution Limit | 55+ Catch Up |
|---|---|---|---|
| 2024 | $4,150 | $8,300 | $1,000 |
| 2023 | $3,850 | $7,750 | $1,000 |
| 2022 | $3,650 | $7,300 | $1,000 |
Distributions
DoverPhila’s Health Savings Accounts were designed with your individual needs in mind. Accounts have allowable withdrawals for qualified medical expenses for the HSA owner, the owner’s spouse, and the owner’s dependents. Qualified medical expenses are defined in IRS Publication 502. Some examples include doctor visits, prescribed medicines, and surgeries.
Account Features:
Contact DoverPhila for more information.
Not intended as tax advice. Please consult your financial and/or tax adviser.
Educational Savings Account
Coverdell ESA
A Coverdell Education Savings Account (ESA) helps you save money to pay for your child’s current and future education expenses, such as tuition, fees, books, and supplies. Unlike state 529 plans, Coverdell ESAs can be used to pay for qualified elementary and secondary education expenses, in addition to post-secondary expenses.
Contributions to a Coverdell ESA are never tax-deductible. However, earnings grow on a tax-deferred basis, and distributions are tax-free if the money is used to pay for qualified education expenses. Anyone who meets the income requirements can contribute to your child’s ESA. Total annual contributions for each child cannot exceed $2000, and contributions must stop once your child reaches age 18.
Passbook ESA
- No minimum balance required
- Make deposits or withdrawals at any time in any amount with no dividend forfeiture penalty
- Use payroll deduction/direct deposit to make deposits easily
- Dividends are compounded daily and paid monthly
- No custodial fees
Certificate ESA
- $500 minimum balance
- Lock in a rate for a specific term
- Same terms/conditions apply as with certificate accounts
- Dividends are compounded daily and paid monthly
- No custodial fees
- Dividend forfeiture for principal monies withdrawn prior to the maturity
Individual Retirement Account
Securing your financial future starts with making the right choices today.
Planning for retirement is one of the most important financial decisions you will make. Our Individual Retirement Accounts (IRAs) help you save and invest for a comfortable and secure future. Whether you are looking for tax-deferred growth or tax-free withdrawals, we have the right IRA option to meet your needs.
Why choose DoverPhila for your retirement needs?
- Personalized Guidance: Our knowledgeable IRA specialist can help you choose the IRA that best fits your retirement goals.
- Low Fees: Enjoy no or low maintenance fees, ensuring more of your money goes towards your retirement savings.
- Secure and Insured: Your funds are federally insured up to $250,000 by the National Credit Union Administration (NCUA).
Roth IRA: Enjoy Tax-Free Withdrawals
A Roth IRA is funded with after-tax dollars, meaning you won’t receive an immediate tax deduction. However, the benefit comes in retirement when your withdrawals, including earnings, are entirely tax-free, provided certain conditions are met.
A Roth Individual Retirement Account (Roth IRA) is available to anyone who has earned compensation and whose income falls below the limits set forth by Congress. Contributions to a Roth IRA are made after-tax, so there are no tax deductions for these contributions. However, your earnings grow tax-deferred, and withdrawals are tax-free as long as the funds have been in your account for at least 5 years and you are either over age 59½, disabled, buying your first home, or paying qualified education expenses.
- Dividend forfeiture for principal monies withdrawn prior to the maturity
Traditional IRA: Save with Tax-Deferred Growth
Traditional IRAs are available to anyone regardless of age that has earned compensation. A traditional IRA may provide you with significant immediate tax savings since contributions are tax-deductible if you qualify. Income tax on the earnings is tax-deferred until you withdraw the funds. Minimum withdrawals are required once you reach age 73.*
- Dividend forfeiture for principal monies withdrawn prior to the maturity
*The minimum withdrawal age was raised from 72 to 73 in 2023. If you turned 72 in 2022, you should have taken your first RMD by April 1, 2023 and made another one by the end of 2023. If you turned 72 in 2023, you do not have to take an RMD until 2024 (when you turn 73), which will be due by April 1, 2025.
Maximum Contributions
| Tax Year | Contribution Limit | 50+ Catch Up |
|---|---|---|
| 2024 | $7,000 | $1,000 |
| 2023 | $6,500 | $1,000 |
| 2022 | $6,000 | $1,000 |
Additional Retirement Options
Passbook IRA
Combining the benefits of a classic passbook with the tax advantages of an IRA, our Passbook IRA provides a simple and reliable solution to help you achieve your retirement goals.
- No minimum balance required
- Make deposits or withdrawals at any time in any amount with no dividend forfeiture penalty
- Use payroll deduction/direct deposit to make deposits easily
- Dividends are compounded daily and paid monthly
- No custodial fees
Certificate IRA
Our Certificate IRA is an excellent choice for those looking to maximize their retirement savings with a fixed-rate investment.
- $500 minimum balance
- Lock in a rate for a specific term
- Same terms/conditions apply as with certificate accounts
- Dividends are compounded daily and paid monthly
- No custodial fees
- Dividend forfeiture for principal monies withdrawn prior to the maturity
Not-For-Profit
Discover how DoverPhila's not-for-profit accounts empower your organization's mission.
As a not-for-profit credit union, we appreciate the unique governing structure of not-for-profits, their need to keep expenses in check, and their desires to show results for programming. For that reason, our not-for-profit account offers all of the great features and benefits of our business checking account, but without the monthly service charges (waived for qualified 501c3, not-for-profit organizations).
Why choose DoverPhila for your not-for-profit?
- Member-Centric Focus: We prioritize our members over profits, ensuring your organization benefits from lower or no fees and personalized member service.
- Community Commitment: We are dedicated to supporting the communities we serve, including not-for-profit organizations that make a positive impact.
- Secure and Trustworthy: Your funds are federally insured by the NCUA, providing peace of mind and security for your organization’s finances.
Account Features:
- No minimum balance.
- No monthly service charges.
- Free overdraft protection from your savings account.
- Unlimited transactions check writing*.
- Digital check images through online banking.
- Receive a debit card with access to ATMs.
- Access to online banking, mobile banking, eStatements, paper statements, and PAL.
*While your first order of checks needs to be made through a DoverPhila branch location, you can reorder checks quickly and easily online.
Account Opening
Open your account online with DoverPhila Federal Credit Union.
As a resident of Tuscarawas County, you are eligible to join DoverPhila. Anyone who lives, works in, worships in, or attends school in Tuscarawas County is eligible for membership.
Join today and take advantage of the benefits of credit union membership. We’re here to support your financial journey with personalized service, competitive rates, and a commitment to your financial well-being. Once you become a member, we gladly extend our credit union membership perks to any member of your immediate family.
Opening any personal account at DoverPhila will require individuals to present the following:
- A valid driver’s license.
- Social Security Number (either issued card or government document).
- Proof of address, if:
- Address differs from your driver’s license – proof must be within the last six months.
- Driver’s license has been issued within the last 30 days, even if the address listed is correct. Proof must be within the last six months.
Checking
Manage your daily finances with ease.
Our checking accounts offer you the very best we have to offer. We bolstered the benefits by flat-lining the fees to provide a straightforward checking that works the way you want it to work. Welcome to checking made simple.
Why choose a DoverPhila checking account?
- Convenience: Our checking accounts provide easy access to your funds, making it simple to manage your everyday expenses with unlimited transactions.
- Digital Banking: Access your account anytime, anywhere with our robust online and mobile banking platforms. Pay bills, transfer money, and monitor your balance on the go.
- Low or No Fees: Enjoy accounts with low or no monthly maintenance fees and no minimum balance requirements, so you can keep more of your money.
- Security: Advanced security features protect your account from fraud and unauthorized access, ensuring your financial information is safe.
- Additional Benefits: Take advantage of membership perks tailored to fit your lifestyle and financial needs.
Account Features:
- No minimum balance.
- No monthly maintenance fees.
- Free overdraft protection from your savings account.
- Unlimited transactions and check writing.
- Conveniently access funds with ATMs, Shared Branching, and a debit card.
- Access to online banking, mobile banking, eStatements, paper statements, PAL, texting, and more.
- Receive exclusive DoverPhila benefits.
Reorder Checks
We've streamlined the process to make ordering your checks a breeze.
We have two convenient options for ordering checks, so that you always have a fresh supply of checks on hand, ready for any payments or transactions you need to make.
- Visit your nearest DoverPhila branch office to place your order.
- Order online from Main Street. Click here to order today!
Please keep the following in mind if you order online from Main Street:
- Your name and address must be the same as the name and address on your account at DoverPhila.
- Their standard shipping is “USPS 1st Class.” Business packages have a higher delivery fee due to the size and bulkiness of the order.
- Senior checks can be any of the standard styles with 90 checks per box in either single or duplicate.
If you have not ordered your free checks before, please visit one of our full-service branch locations to order.
Money Market
Grow your savings with our insured Money Market Accounts.
Our Money Market Account gives you the best of both worlds with the freedom to withdraw money when you need to without penalty or sacrificing earning potential. It’s an ideal choice if you’re looking to earn more on your savings while maintaining access to your funds.
How you benefit from a DoverPhila Money Market Account?
- Short-Term Savings: Save for short-term goals while earning higher dividends compared to traditional savings accounts.
- Emergency Fund: Build a stable financial cushion with easy access to your funds in case of unexpected expenses.
- Investment Alternative: Money Market Accounts are a conservative investment option with relatively low risk and steady returns.
- Financial Stability: Protect and grow your savings with a reliable account that offers competitive rates and flexible access.
Account Features:
- Competitive, tiered savings rates.
- No minimum balance to earn dividends.
- High balances earn higher rates.
- Dividends are compounded daily and paid monthly.
- No maintenance fees
- Conveniently access funds at one of our five locations or through Shared Branching.
- Access to online banking, mobile banking, eStatements, paper statements, PAL, texting, and more.
- Receive exclusive DoverPhila benefits.
Certificate Accounts
DoverPhila's certificate accounts maximize earnings without risking principal.
Our certificate accounts offer fixed rates for a set term of your choice. They are a great, risk-free investment option if you do not need immediate access to your funds and want to invest for longer periods of time to receive higher dividends.
How It Works:
- Commit to deposit a fixed sum of money for a fixed period for dividends.
- Redeem your certificate at maturity. DoverPhila pays you the money you originally invested, plus any accrued dividends.
- Early-withdrawal penalty or forfeit a portion of the dividends earned if you withdraw funds your prior to maturity.
How do you benefit from a DoverPhila certificate account?
- Competitive Interest Rates: Earn higher dividends than standard savings accounts, allowing your money to grow faster.
- Fixed Rates: Lock in a guaranteed interest rate for the duration of your certificate term, protecting you from fluctuations in the market.
- Flexible Terms: Choose from a variety of terms that fit your financial goals, ranging from 6 to 72 months.
- Security: Your deposits are insured up to the maximum allowable limit by the NCUA, providing peace of mind.
- No Fees*: Enjoy fee-free accounts with no maintenance fees or hidden charges.
Account Features:
- Higher rate than savings account or Money Market Accounts.
- Various terms are available (from 6 to 72 months).
- No setup or maintenance fees.
- Only a $500 minimum deposit to open ($250 for Kids Club or Saver Club accounts).
- Automatic renewal at maturity if you do not release funds.
- Dividend forfeiture for principal monies withdrawn prior to the maturity.
- Access to online banking, mobile banking, eStatements, paper statements, PAL, and more.
*Members pay an early-withdrawal penalty or forfeit a portion of the dividends earns if they withdraw funds prior to certificate maturity.
Individual Retirement Account
Securing your financial future starts with making the right choices today.
Planning for retirement is one of the most important financial decisions you will make. Our Individual Retirement Accounts (IRAs) help you save and invest for a comfortable and secure future. Whether you are looking for tax-deferred growth or tax-free withdrawals, we have the right IRA option to meet your needs.
Why choose DoverPhila for your retirement needs?
- Personalized Guidance: Our knowledgeable IRA specialist can help you choose the IRA that best fits your retirement goals.
- Low Fees: Enjoy no or low maintenance fees, ensuring more of your money goes towards your retirement savings.
- Secure and Insured: Your funds are federally insured up to $250,000 by the National Credit Union Administration (NCUA).
Roth IRA: Enjoy Tax-Free Withdrawals
A Roth IRA is funded with after-tax dollars, meaning you won’t receive an immediate tax deduction. However, the benefit comes in retirement when your withdrawals, including earnings, are entirely tax-free, provided certain conditions are met.
A Roth Individual Retirement Account (Roth IRA) is available to anyone who has earned compensation and whose income falls below the limits set forth by Congress. Contributions to a Roth IRA are made after-tax, so there are no tax deductions for these contributions. However, your earnings grow tax-deferred, and withdrawals are tax-free as long as the funds have been in your account for at least 5 years and you are either over age 59½, disabled, buying your first home, or paying qualified education expenses.
- Dividend forfeiture for principal monies withdrawn prior to the maturity
Traditional IRA: Save with Tax-Deferred Growth
Traditional IRAs are available to anyone regardless of age that has earned compensation. A traditional IRA may provide you with significant immediate tax savings since contributions are tax-deductible if you qualify. Income tax on the earnings is tax-deferred until you withdraw the funds. Minimum withdrawals are required once you reach age 73.*
- Dividend forfeiture for principal monies withdrawn prior to the maturity
*The minimum withdrawal age was raised from 72 to 73 in 2023. If you turned 72 in 2022, you should have taken your first RMD by April 1, 2023 and made another one by the end of 2023. If you turned 72 in 2023, you do not have to take an RMD until 2024 (when you turn 73), which will be due by April 1, 2025.
Maximum Contributions
| Tax Year | Contribution Limit | 50+ Catch Up |
|---|---|---|
| 2024 | $7,000 | $1,000 |
| 2023 | $6,500 | $1,000 |
| 2022 | $6,000 | $1,000 |
Additional Retirement Options
Passbook IRA
Combining the benefits of a classic passbook with the tax advantages of an IRA, our Passbook IRA provides a simple and reliable solution to help you achieve your retirement goals.
- No minimum balance required
- Make deposits or withdrawals at any time in any amount with no dividend forfeiture penalty
- Use payroll deduction/direct deposit to make deposits easily
- Dividends are compounded daily and paid monthly
- No custodial fees
Certificate IRA
Our Certificate IRA is an excellent choice for those looking to maximize their retirement savings with a fixed-rate investment.
- $500 minimum balance
- Lock in a rate for a specific term
- Same terms/conditions apply as with certificate accounts
- Dividends are compounded daily and paid monthly
- No custodial fees
- Dividend forfeiture for principal monies withdrawn prior to the maturity
Educational Savings Account
Coverdell ESA
A Coverdell Education Savings Account (ESA) helps you save money to pay for your child’s current and future education expenses, such as tuition, fees, books, and supplies. Unlike state 529 plans, Coverdell ESAs can be used to pay for qualified elementary and secondary education expenses, in addition to post-secondary expenses.
Contributions to a Coverdell ESA are never tax-deductible. However, earnings grow on a tax-deferred basis, and distributions are tax-free if the money is used to pay for qualified education expenses. Anyone who meets the income requirements can contribute to your child’s ESA. Total annual contributions for each child cannot exceed $2000, and contributions must stop once your child reaches age 18.
Passbook ESA
- No minimum balance required
- Make deposits or withdrawals at any time in any amount with no dividend forfeiture penalty
- Use payroll deduction/direct deposit to make deposits easily
- Dividends are compounded daily and paid monthly
- No custodial fees
Certificate ESA
- $500 minimum balance
- Lock in a rate for a specific term
- Same terms/conditions apply as with certificate accounts
- Dividends are compounded daily and paid monthly
- No custodial fees
- Dividend forfeiture for principal monies withdrawn prior to the maturity
Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged account owned by an individual that is used to accumulate savings to pay for current and future health care expenses. Contributions are tax-deductible, dividends earned are tax-deferred, and withdrawals for qualified medical expenses are tax-free.
Account Benefits
- Protection – save money for high or unexpected medical bills
- Affordability – higher deductibles mean lower premiums
- Savings – deduct your contributions and defer tax on the earnings
- Flexibility – contribute at any time and roll the balance from year to year
- Portability – you own the account, even if you change jobs or insurance providers
- Investing – powerful tool for retirement savings
Eligibility
HSA eligibility is defined in IRS Publication 969. To qualify to open and contribute to an HSA, you must:
- Be covered by a high-deductible health plan (HDHP)
- Not be covered by another health plan
- Not be enrolled in Medicare
- Not be claimed as a dependent on someone else’s tax return
High-Deductible Health Plan Requirements for an HSA
| Tax Year | Single Coverage HDHP Minimum Deductible | Single Coverage HDHP Maximum Out-of-Pocket | Family Coverage HDHP Minimum Deductible | Family Coverage HDHP Maximum Out-of-Pocket |
|---|---|---|---|---|
| 2024 | $1,600 | $8,050 | $3,200 | $16,100 |
| 2023 | $1,500 | $7,500 | $3,000 | $15,000 |
| 2022 | $1,400 | $7,050 | $2,800 | $14,100 |
Contributions
Prior to contributing to an HSA, the eligibility criteria outlined above must be met. The amount you can contribute depends on your HDHP coverage, your age, and the dates you were eligible to contribute during the year. Contributions can be made with pre-tax money through payroll deduction, or contributions can be made post-tax and then deducted from your income when you file your income tax return.
HSA Contribution Limits
| Tax Year | Single Coverage Annual Contribution Limit | Family Coverage Annual Contribution Limit | 55+ Catch Up |
|---|---|---|---|
| 2024 | $4,150 | $8,300 | $1,000 |
| 2023 | $3,850 | $7,750 | $1,000 |
| 2022 | $3,650 | $7,300 | $1,000 |
Distributions
DoverPhila’s Health Savings Accounts were designed with your individual needs in mind. Accounts have allowable withdrawals for qualified medical expenses for the HSA owner, the owner’s spouse, and the owner’s dependents. Qualified medical expenses are defined in IRS Publication 502. Some examples include doctor visits, prescribed medicines, and surgeries.
Account Features:
Contact DoverPhila for more information.
Not intended as tax advice. Please consult your financial and/or tax adviser.
Youth Share Accounts – Savers Club
For Teens Ages 13-17
Whether you’re babysitting, mowing lawns, work a part-time job after school or receive an allowance, chances are this is the stage of life where you’re earning money for the first time. Learning how to manage your money now will pay dividends throughout life. With a DP Savers Club account, you’ll be able to develop solid money management, budgeting, and good credit practices.
Now is the time to start saving and looking toward your future. A DP Savers Club account will give you a jump start on achieving your goals. If you’re saving for your first car or college, we’re here to help. DoverPhila offers many products and services that will help you stay focused on financial goals.
Membership Benefits:
- Earn dividends on share and checking accounts.
- Certificate Accounts with low $250 minimum balance*.
- Fun and educational quarterly newsletters with contests.
- Exclusive savings event to earn bonuses and win giveaways.
- Semi-annual savings incentive postcards.
- Free access to Banzai, an award-winning, online financial program.
Join Today
Simply open a DP Savers Club account with an initial deposit of $5 or more. If you already have a DoverPhila account, you can transfer it to a DP Savers Club account. No additional deposit is required. If you currently have a custodial account, you will need to open a separate DP Savers Club account.
Additional Benefits:
- At age 16, you can apply for a MasterCard® Debit Card+, with a parent joint on your account. A debit card allows you to pay for purchases directly from your checking without the hassle of writing a check.
- Online services consist of On Line-On Time® home banking, eStatements, mobile banking, and online bill pay++.
- On Line-On Time® home banking is available to all members at no charge. You can sign up online or at any branch. Online access allows you to make transfers, view accounts, and make payments on your loan accounts with the credit union.
- Online bill pay is also free. This service allows you to make payments to anyone.
- When you turn 18, your account will automatically be converted to a regular share account. If you have a checking account, you will no longer be required to have an adult joint on your account. You will also be eligible to apply for a Visa® card** or an installment loan.
If you're not already a DP Savers Club member, become one today!
* Only available to DP’s Kids Club and DP Savers Club accounts.
** Some restrictions apply.
+ See Credit Union for disclosure information.
++ Checking account required.
See Credit Union for disclosure information. See Credit Union for disclosure information on excessive use charges.
Youth Share Accounts – DP’s Kids Club
For Kids Ages 12 & Under
Parents, do you want to help your children learn to manage money? Then bring your children, ages 12 and under, to any DoverPhila branch and open their very own share account through DP’s Kids Club.
By joining the club, children learn to manage money early and reap the special rewards this account offers.
Join Today
Simply bring your child, their social security card, birth certificate, and a deposit of $5 (or more) to any of our five convenient locations and activate their account. It’s that easy!
If your child already has a DoverPhila share account, you can open a DP’s Kids Club account for your child. No additional deposit is required. (Note: If you currently have a custodial account, you will need to open a separate account for the DP’s Kids Club.)
DP's Kids Club Benefits
Here are just some of the benefits that come with DP’s Kids Club membership:
- Fun Gifts– Kids receive a postcard in the mail each quarter with an incentive to save their money.
- Membership Card – The official club membership card – kids love them!
- Exclusive Savings – Certificate Accounts with low $250 minimum balance*.
- Games & Contests – Quarterly contest with cash prizes.
- Quarterly Newsletter – Credit union news and money facts tailored specifically to kids.
- Special Events – Youth Week, always the last full week in April, celebrates our youngest members with a bonus on deposits and fun giveaways.
- Financial Tools for Kids – Education is the key to success. Club activities and tools are designed to help kids learn money management.
- Access to Banzai – An award-winning, online financial literacy program that allows members to discover real-world finances through “learning by doing.”
- And More!
Early education is crucial to adopting lifelong money management skills. Working together we can help children learn to successfully manage their money. By joining the kids club, kids are given the opportunity to learn the value of saving money while also having fun.
When your child reaches the age of 13, their financial education really kicks into gear. Their membership will automatically be converted to a DP Savers Club membership.
*Only available to DP’s Kids Club and DP Savers Club accounts.
Not-For-Profit
Discover how DoverPhila's not-for-profit accounts empower your organization's mission.
As a not-for-profit credit union, we appreciate the unique governing structure of not-for-profits, their need to keep expenses in check, and their desires to show results for programming. For that reason, our not-for-profit account offers all of the great features and benefits of our business checking account, but without the monthly service charges (waived for qualified 501c3, not-for-profit organizations).
Why choose DoverPhila for your not-for-profit?
- Member-Centric Focus: We prioritize our members over profits, ensuring your organization benefits from lower or no fees and personalized member service.
- Community Commitment: We are dedicated to supporting the communities we serve, including not-for-profit organizations that make a positive impact.
- Secure and Trustworthy: Your funds are federally insured by the NCUA, providing peace of mind and security for your organization’s finances.
Account Features:
- No minimum balance.
- No monthly service charges.
- Free overdraft protection from your savings account.
- Unlimited transactions check writing*.
- Digital check images through online banking.
- Receive a debit card with access to ATMs.
- Access to online banking, mobile banking, eStatements, paper statements, and PAL.
*While your first order of checks needs to be made through a DoverPhila branch location, you can reorder checks quickly and easily online.
Account Opening
Open your account online with DoverPhila Federal Credit Union.
As a resident of Tuscarawas County, you are eligible to join DoverPhila. Anyone who lives, works in, worships in, or attends school in Tuscarawas County is eligible for membership.
Join today and take advantage of the benefits of credit union membership. We’re here to support your financial journey with personalized service, competitive rates, and a commitment to your financial well-being. Once you become a member, we gladly extend our credit union membership perks to any member of your immediate family.
Opening any personal account at DoverPhila will require individuals to present the following:
- A valid driver’s license.
- Social Security Number (either issued card or government document).
- Proof of address, if:
- Address differs from your driver’s license – proof must be within the last six months.
- Driver’s license has been issued within the last 30 days, even if the address listed is correct. Proof must be within the last six months.
