Deposit Accounts

Savings Accounts

Your initial deposit of $25 into a TFCU savings account is your share of ownership and establishes you as a member-owner of El Paso Area Teachers Federal Credit Union (TFCU).  Regular savings also keeps your money safe and available.  It’s also a good way to start developing good savings habits so you have the funds you need for planned purchases or an unexpected expense. Your savings account earns competitive dividends when you maintain a minimum balance of $300.

Christmas & Vacation Club Accounts

TFCU also offers club accounts for your special savings needs.  They are a great way to help you save for special occasions.  You can open a club account with as little as $5 and begin setting aside a specific amount from each paycheck to ensure that you have enough money for Christmas and/or vacation expenses.

Checking Accounts

Wherever you are in life, TFCU has the checking account to fit your lifestyle.  Life Style Checking offers four value-minded choices:

  • Basic Checking is very affordable at TFCU. There is no monthly fee if you have direct deposit of your payroll, government or Social Security check.
  • Student Checking is Free for our young members.  We understand the challenges that come with your first checking account.  So if you are between the ages of 18-24 years of age, your checking account is FREE.
  • Free Prime Checking for members in the prime of their life.  If you are 55 years of age or older, your checking account is free and you receive 240 free checks a year along with other cost saving benefits.
  • Freedom Checking.´╗┐ If you are between the ages of 15-17 years of age your checking account is free. There is no monthly service charge or minimum balance. You can also enjoy the freedom of a free ATM card & Visa Check Card.

 

*Basic Checking

Free Student Checking 

*Prime Checking

Monthly Service Charge

No Monthly Fee with direct deposit.  Otherwise, $4.00 monthly if average daily balance falls below $500

 

Free for members 18 –24 years of age.

Free for members 55 years of age and older.

Earns Dividends

Monthly with $2500 average daily balance

Monthly with $2500 average daily balance

Monthly with $2500 average daily balance

VISA Check Card

 

No activation fee

 

No activation fee

No activation fee

Cost of Checks

Cost determined by design selected

 Cost determined by design selected

Free Custom Checks; Up to 240 per calendar year

Other Features

Overdraft protection

Overdraft protection

Overdraft protection

 


 

Free telephone transfers; Up to 3 per month

 


 

50% off wire transfers

 

 

 

Free notary service

 

 

 

Free financial consultation


Declaration Date 03-20-14

Account Type


 

Dividend Rate

 

APY*

 


Savings .15% .15% Quarterly Dividends;  $300.00 Min. Balance
Checking .10% .10% Monthly Dividends;  $2,500.00 Min. Balance
Checking Business Plus .15% .15% Monthly Dividends;  $2,500.00 Min. Balance

 

*Share Checking Account dividends are paid monthly.

*Please note that the rates may change after the account is opened. Fees may reduce earnings.

* **The annual percentage yields are accurate as of March 20, 2014.

** Dividends are paid and compounded quarterly. A minimum deposit of $25 is required to open account.

 

IRA

IRAs help you to begin investing for a secure future and can save you tax dollars when you contribute and while your money grows. TFCU offers Traditional, Roth and Education IRA accounts.


IRA Share Certificates are also available and offer the same rates and terms as our Traditional and Jumbo Share Certificates.



Account Type

Dividend Rate

APY*

 

IRA

0.30%

0.30%

Quarterly Dividends;  $1.00 Min. Balance

Dividends are paid and compounded quarterly.

Please note that the rates may change after the account is opened.

The annual percentage yields are accurate as of March 20, 2014.

Insured Money Market Account

An Insured Money Market Account (IMMA) serves as a liquid investment account that earns competitive dividends when you maintain the balance requirement. It’s an excellent account in which to place your emergency reserves or park money you plan to invest later.


Account Type

Dividend Rate

APY*

 

IMMA

0.25%

0.25%

Monthly Dividends;  $2500.00 Min. Balance

 

0.35%

0.35%

Monthly Dividends;  $10,000.00 Min. Balance

 

0.50%

0.50%

Monthly Dividends;  $25,000.00 Min. Balance


For Insured Money Market Accounts, there is a $2,500 minimum daily balance required to maintain the account. If the $2,500 minimum daily balance is not met, the Insured Money Market Account will be closed and the existing balance will be transferred to your Savings Account.

Free Check Writing

Up to 3 per month***

Earns Dividends

Monthly with $2,500 minimum daily balance

 

Share Certificate Accounts

Regular and Jumbo Share Certificates offer a variety of fixed rates and maturity terms to fit your investment needs.  Because you invest your money for a fixed term, share certificates pay higher dividends than regular savings accounts and the longer the term, the higher the dividend rate.  TFCU consistently offers some of the best dividend rates on share certificates in El Paso.

Rate Plus Share Certificates

With 18 and 30 month Rate Plus Certificates, you can invest your money at today’s rates with the flexibility to increase the dividend rate once during the term of the Share Certificate.  This gives you the peace of mind of knowing that if a higher rate is offered by TFCU at any time during the term of your Rate Plus Certificate, you can take advantage of it.

Save-Lot Share Certificates

TFCU offers Save-A-Lot Share Certificates for smaller savers.  You can open a one-year share certificate for as little as $25 and begin earning quarterly dividends.  And to keep your savings momentum going, you can make minimum deposits of only $10 as often as your budget permits.  It’s a great way to earn higher dividends on your savings plan.

 

 

Effective Date 01-17-14

 

Share Certificate Type

Term

Dividend Rate

APY*

 

Regular Certificates

91 Days

0.30%

0.30%

Dividend Paid at Maturity; $2,500.00 Min. Deposit

Regular Certificates

6 Months

0.35%

0.35%

Dividend Paid at Maturity; $2,500.00 Min. Deposit

Save A Lot Certificate

12 Months

0.55%

0.55%

Dividend Paid Quarterly; $25.00 Min. Deposit

Regular CertifIcates

12 Months

0.55%

0.55%

Dividend Paid Quarterly; $500.00 Min. Deposit 

Regular Certificates

18 Months 

0.75% 

0.75% 

Dividend paid Quarterly; $500.00 Min. Deposit 

Regular Certificates

24 Months

0.75% 

0.75% 

Dividend Paid Quarterly; $500.00 Min. Deposit

Regular Certificates

 30 Months

1.05%

1.06% 

Dividend Paid Quarterly; $500.00 Min. Deposit

Regular Certificates

36 Months

1.05%

1.06%

Dividend Paid Quarterly; $500.00 Min. Deposit

Regular Certificates

48 Months

1.05%

1.06%

Dividend Paid Quarterly; $500.00 Min. Deposit

Regular Certificates

60 Months

1.45%

1.46%

Dividend Paid Quarterly; $500.00 Min. Deposit

´╗┐JUMBO CERTIFICATES Effective Date 02-25-14

Jumbo Certificates

6 Months

0.45%

0.45%

Dividend Paid at Maturity; $50,000.00 Min. Deposit

Jumbo Certificates

12 Months

0.65%

0.65%

Dividend Paid Quarterly; $50,000.00 Min. Deposit

Jumbo Certificates

18 Months Rate Plus

0.85%

0.85%

Dividend Paid Quarterly; $50,000.00 Min. Deposit 

Jumbo Certificates

24 Months

0.85%

0.85%

Dividend Paid Quarterly; $50,000.00 Min. Deposit

Jumbo Certificates

30 Months Rate Plus

1.15%

1.16%

Dividend Paid Quarterly; $50,000.00 Min Deposit

Jumbo Certificates

36 Months

1.15%

1.16%

Dividend Paid Quarterly; $50,000.00 Min. Deposit

Jumbo Certificates

48 Months

1.15%

1.16%

Dividend Paid Quarterly; $50,000.00 Min. Deposit

Jumbo Certificates

60 Months

1.55%

1.56%

Dividend Paid Quarterly; $50,000.00 Min. Deposit


*All rates stated as Annual Percentage Yields. Rates are in effect until further notice and are subject to change by the Board of Directors. You may call (915) 843-TFCU(8328) for additional rate information. Three and six month share certificate dividends are paid at maturity. Twelve to sixty month share certificate dividends are paid and compounded quarterly. We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the early withdrawal penalty is based on the term of your account. You must be eligible for membership. The minimum balance required to open a share savings account for membership is $25.00.

**Transfer limitations. For all share savings accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a  preauthorized, automatic or internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed.

***For Insured Money Market (IMMA) accounts, no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a  preauthorized, automatic or internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed.