Savings Products

1. Deposit Center
2. Savings Products

The first account you open when joining is Savings (Share) account. We call it a "Share" account because as a cooperative association you become part owner when you join. Additionally, we offer other high interest bearing accounts to satisfy your personal savings and investment plans. However, no matter how many types of accounts you choose to have, they are all listed under one easy to remember account number that makes it easier for you to access your money.

Primary Share Account

This is the first account every member must open to begin their membership, the deposit requirement is $5.00. Deposits in your Share Account (and all TEG deposit accounts) are insured by the NCUA (National Credit Union Administration) Share Insurance Fund. Your deposits are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. Your Share Savings may be used as collateral to secure a loan, which offers a reduced interest rate.

Return to Top

Summer Savings

To our school groups this is a way of saving for the summer months when school is out. To our other members this is a way of saving for a special summer vacation.

Return to Top

Holiday and Vacation Clubs

Are you borrowing too much money during the vacation and holiday seasons? You don't have to! TEG offers Vacation and Holiday Clubs that save you money. When you rely on credit for vacation and holiday expenses, you also have to pay interest charges. Payroll deduction to either of these accounts adds up quickly, and better yet, there is no set amount to deposit. Deposit as it fits your budget and there are no coupons to remember when depositing.

Return to Top

Money Market Accounts

We have three types of Money Market Accounts to choose from.

• Regular Money Market — Minimum balance to earn dividend: $1,000.00
• Super Money Market — Minimum balance to earn dividend: $2,500.00
• Preferred Money Market — Minimum balance to earn dividend: $50,000.00

Return to Top

Certificates of Deposit

Regular Certificates

Are you ready to invest your hard earned money but not quite prepared for a long term commitment? TEG Certificates begin with a minimum deposit of $500.

Available CDs:

Individual Retirement Account Certificates (IRA CDs)

Traditional or Roth, minimum deposit $500.00.

Terms available:

Open a Certificate*

Apply now with our print form.
Instructions: Print and complete the application then take it to any of our branches. The Application is available for online viewing in PDF format*.

Return to Top

IRAs

Individual Retirement Accounts (IRAs) let you save money to supplement your pension or Social Security benefits. With an IRA, you can save money now, take advantage of yearly tax deductions, plus defer taxes on the interest your IRA accumulates.

Most members are eligible, although there are some restrictions. For each IRA, there are income caps and other limitations that apply. For more information, contact the credit union and your tax advisor to see if an IRA works for you.

Your credit union has a full range of IRA options to choose from:

• Traditional IRA — best IRA for long term retirement planning. You don't pay taxes now on these retirement accounts, when your income is high. At retirement, you are able to take out your funds or roll them over into another option. Taxes paid then are considerably less, since your income will be less.
• Roth IRA — if you will need your money sooner than retirement, consider the Roth IRA. Savings for a down payment on a house or other expenditure will add up to more with the higher interest paid on a Roth IRA. While you will have to pay taxes on the funds now, you will be saved those taxes when you use the money, and you do not incur any penalties for withdrawal after 5 years.
• Coverdell Educational Account — Parents, grandparents, other relatives, friends, and even minors (with earned income) can set up an account for any designated beneficiary under age 18. You can make nondeductible contributions of up to $2,000 per child each tax year. The accumulation of interest and withdrawals are tax-free as long as the funds are used for financing Elementary, Secondary and Post-secondary education expenses. If the beneficiary is not going to use the money for education expenses, it must be withdrawn by age 30. The Coverdell Education Account can be rolled over into another child's account in the same family. The contributions to this account do not count toward your $3,000 single taxpayer or $6,000 married taxpayer (filing jointly) IRA contributions. You can save for a child's education and maximize your own IRA every tax year.

Return to Top