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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.
Insured by the NCUA (National Credit Union Administration)
Share Insurance Fund. Your Share Savings may be used
as collateral to secure a loan, which offers a reduced
interest rate.
Summer Savings
To our school groups this is a method of savings for
the summer months when school is out. To other members
this is a way of saving for a special summer vacation.
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.
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
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.
Account Disclosure*
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