Saving Money Doesn't Have to Be Difficult
We can help you reach your savings goals by helping you develop a plan and stick to it with the savings account option that fits you best.
Whether you’re building your nest egg, saving your pennies for a rainy day, or planning ahead for something specific, TEG can help you achieve your savings goals. We offer a variety of savings accounts with competitive interest rates. Plus, you can make saving automatic when you set up direct deposit or recurring transfers!
Share Savings Accounts
Primary Share Savings Account
This all-purpose savings account is a great way to save for whatever’s important to you!
- Minimum deposit required: $5
- Dividends earned on balances over $100 (view rates)
- Convenient account access with online and mobile banking
To become a member of TEG, you must open a Primary Share Savings Account. Opening this account establishes you as a partial owner of the credit union.
Special Savings Accounts
If you’re saving for a specific goal or special purpose, establishing a separate account will help you easily measure your progress and keep track of your funds.
Holiday Club Savings Accounts
Reduce the stress of the holiday season by setting money aside ahead of time.
Your Deposits Are Safe
With TEG, your deposits are federally insured by the National Credit Union Administration (NCUA) Share Insurance Fund to at least $250,000 and backed by the full faith and credit of the United States Government. For information on how your accounts are insured by the NCUA, click here.
You can use the NCUA’s Share Insurance Estimator tool to calculate the insurance coverage of individual accounts, joint accounts with no more than 10 owners, revocable trust account (i.e., ITF/POD and living trust accounts) with up to 3 owners and 20 beneficiaries, IRAs and business accounts.
Money Market Accounts
If liquidity is important to you, our Money Market Account is what you need.
A Money Market Account earns a higher yield while giving you the federally insured security of a savings account. With tiered dividend rates based on your balance, you earn more just for saving more!
- No minimum required to open
- Minimum balance to earn dividends: $1,000
- Dividends are compounded and credited monthly (view rates)
- Maximum of 6 withdrawals or transfers to another credit union account or to a third party by means of preauthorized, automatic or computer transfer or telephonic order or instruction. No more than 3 of the transfers may be made by check, draft or similar order to a third party.
- Convenient online and mobile access to your account
If a risk-free, guaranteed return appeals to you, one of our Share Certificates might be the perfect fit for you.
Choosing Short Term vs Long Term
Save for your child’s future with a Custodial Account!
Custodial Accounts are a convenient way to save for long-term goals (such as college tuition) or set money aside for the benefit of a minor child while limiting the child’s access to the account.
Custodial Accounts can be set up as a:
- Savings Account
- Share Certificate
- Money Market Account
IMPORTANT NOTE: The establishment of a custodial account may have legal and tax limitations, including income, gift, and estate tax consequences. You may want to consult your tax advisor before opening a custodial account.
Under the New York Uniform Transfers to Minors Act (NYUTMA), an adult over age 18 can act as the custodian of an account for the benefit of a minor. By opening this type of account, the custodian will be giving the minor an irrevocable gift of the money that is deposited into the account. All money in the account belongs to the minor.
- Parents or other interested persons can deposit money as a gift to the minor.
- The custodian has full power to use the money, when deemed necessary, for support, maintenance, education and benefit of the minor.
- Only a custodian can withdraw from the account or close the account.
- The minor does not have any access to the account, and cannot make withdrawals, obtain information, or cash checks against the account.
- Once the child reaches the designated age (18 or 21), a custodian must turn control of the funds over to the child.