The credit union offers competitive dividend rates for accounts such as our Share Savings Account, Summer Pay Club, Holiday Club, Money Market Account and on our various Share Certificates. Show
Savings Rates as of July 1, 2022 Savings Rates
The above dividends are computed on your daily balance and paid quarterly. The dividend rate may change after the account is opened. The minimum balance required is $25.00 to earn the Annual Percentage Yield. Any fees incurred could reduce the earnings on the account. Money Market Rates
Money Market dividends are computed on your average daily balance and paid quarterly. Dividends are payable from current available earnings and cannot be guaranteed. Rates are subject to change without notice. Share Certificate Rates
Minimum deposit $1000.00, additional amounts in $500.00 increments. The certificate dividend is paid quarterly and transferred to your share savings account. Dividends will not be compounded. A penalty will be imposed for early withdrawal which may reduce earnings. This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity. * Initial share deposit and minimum balance requirement in primary share savings is $25.00.
 Quick Take: Teachers Federal Credit Union offers a wide range of basic account types and broad access to its services via its branch network, a well-regarded mobile app and extensive ATM alliance.
How did we calculate this? Pros
Cons
About Teachers Federal Credit UnionTeachers Federal Credit Union has a nearly 70-year history that began with a small group of Long Island educators. Today, Teachers Federal has more than 375,000 members, $8.8 billion in assets and 32 branch locations in Long Island and the New York City boroughs of Queens and Manhattan. Despite its name, the credit union has an open membership policy and serves all customers, not just teachers. In addition to banking at branch locations, you can bank at more than 5,400 Credit Union Service Centers nationwide with Teachers Federal, including more than 50 on Long Island alone. Members can also access over 55,000 Allpoint surcharge-free ATMs worldwide. That’s part of why it made GOBankingRates’ list of Top 100 Banks of 2022. Teachers Federal Credit Union Checking AccountsTeachers Federal Credit Union offers two checking account options: its basic Personal Checking account and the high-yield Smart Checking account. Neither charges a monthly service fee and both pay interest. Personal Checking is a no-frills account that has no no minimum opening deposit or minimum balance requirement and no per-check charges. The minimum balance to earn interest is $2,500 and it pays an annual percentage yield of 0.05%. Smart Checking lets you earn an APY of 0.65% on balances up to $10,000 and 0.10% APY on balances greater than $10,000. To qualify you must either have an average monthly balance of $5,000 in your Smart Checking account; $20,000 in combined end-of-month deposit balances; or establish direct deposit(s) of $500 or more and complete 10 debit card purchases each month. Members must enroll in Teachers online banking and e-statements for this account in order to remain eligible. Teachers Federal Credit Union Savings AccountsTeachers Federal Credit Union offers one basic savings account — Personal Savings — in addition to Youth, Holiday Club, Vacation Club and Health Savings accounts. All members must open a savings account to be eligible for the credit union’s other products and services. There are no monthly service fees. The Personal Savings account has a minimum balance of $1 and a minimum of $50 to earn interest. The APY is 0.10%. Youth Savings is available to members up to 21 years old. It offers an excellent APY of 3.00% on the first $1,000 deposited. Teachers Federal Credit Union Money Market AccountA single money market account is available at Teachers Federal Credit Union. The minimum balance to open an account is $2,500, and a $5 monthly charge will be assessed for the period of time the account remains under $500. Interest rates are tiered, with APYs ranging from 0.15% to 0.35%. To get the highest rate, you need a balance of at least $250,000. Teachers Federal Credit Union CD AccountsLike many credit unions, Teachers Federal offers share certificates rather than certificates of deposit, though they both work the same. Members can get Standard Certificates and Jumbo Certificates. Penalties may apply for early withdrawals. Standard Certificates have a $1,000 minimum opening deposit and come in terms of 90 days to five years. Rates are tiered and range from 0.25% to 1.25% APY, with longer terms getting the higher yields. Jumbo Certificates require deposits of at least $100,000 and have maturities of one to 12 months. The APY is 0.25% on balances up to $100,000 and 0.50% on balances of $100,000 or more. Teachers Federal Credit Union FeaturesFeesYou don’t have to pay monthly services fees for deposit accounts at Teachers Federal, which is a big plus. Certain other fees might seem high, like the $32 fee for every savings and money market withdrawal transaction in excess of six per month. But most ancillary fees are in line with what other financial institutions charge and can be easily avoided. Mobile AppThe mobile app offered by Teachers Federal Credit Union gets good reviews from users, earning 4.5 stars out of 5 on Google Play and 4.8 on the Apple App Store. Among other things, the app lets you manage your accounts, check balances, deposit checks and view your transaction history. Breadth of ProductsTeachers Federal Credit Union offers a fairly broad product line, although it is not deep, with only two primary checking account choices, one primary savings account, and one money market account. Other products and services include IRAs, loans, credit cards, financial management and business accounts. Account MinimumsMinimum balance requirements are pretty manageable at Teachers Federal. There is no minimum with Personal Checking. You only need $1 to open a Personal Savings account, though you will need $50 to earn interest. The $2,500 needed to open a money market account is in line with many other financial institutions, as is the $1,000 minimum for a Standard Certificate. The $100,000 minimum for a Jumbo Certificate and $5,000 minimum for Smart Checking are on the steep side.
Teachers Federal Credit Union vs. CompetitorsTeachers Federal Credit Union has a limited reach but still competes with both regional and national banks. Here is how it stacks up against some of them.
Teachers Federal Credit Union vs. Navy Federal Credit UnionNavy Federal Credit Union has the edge on Teachers when it comes to interest rates on its deposit accounts. Navy Federal pays a 0.25% APY on its savings account versus the 0.10% APY at Teachers Federal Credit Union. But Teachers Federal Credit Union has fewer membership requirements compared to Navy Federal, which requires ties to the military, National Guard or Department of Defense. Teachers Federal Credit Union vs. The Summit Federal Credit UnionThe Summit Federal Credit Union has a deeper account roster than Teachers Federal Credit Union, including four checking accounts. Teachers Federal gets the nod for its certificates, which offer an APY as high as 1.25% versus a high of 0.60% at The Summit. Teachers Federal Credit Union vs. NEFCUNew England Federal Credit Union is the largest credit union in Vermont, but it only has seven branches. Teachers Federal Credit Union has nearly five times as many. But NEFCU pays a higher rate of interest on certain deposit accounts, including a 1.76% APY on the first $5,000 deposited into its Future Saver Plus Certificate. Final TakeTeachers Federal Credit Union is limited geographically to portions of New York, but its shared branch network and participation in the Allpoint ATM system mean that customers from nearly anywhere can benefit from its services. The credit union checks all the boxes in terms of basic account types, but those looking for more specialized accounts or the very highest yields might want to look elsewhere. Teachers Federal Credit Union FAQHere are the answers to some commonly asked questions about Teachers Federal Credit Union.
Vance Cariaga contributed to the reporting for this article. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 11, 2022. Editorial Note: This content is not provided by Teachers Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Teachers Federal Credit Union. Is this your bank?Thank You For Signing Up!Get ready to receive top financial tips from the experts at GOBankingRates. Take Advantage of our Best Offer(s)What is the savings rate for Tfcu?A $5 minimum deposit and balance in your primary share (savings) account is required to establish membership with TFCU.
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. Is APY yearly or monthly?It's calculated on a yearly basis and shown as a percentage. APY, which stands for Annual Percentage Yield, is the rate you can earn on an account over a year and it includes compound interest.
Does Tfcu have money market accounts?Explore TFCU Money Market Accounts
A TFCU Money Market Accounts is a flexible way to earn interest. Your money is available for withdrawal and deposits. There are a maximum of six transactions per month.
What is the on Tfcu money market?TFCU money market offers an APY starting at 0.15% and ranging up to 0.35% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $2500.
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Teachers federal credit union savings account interest rates
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