Teachers Federal Credit Union
Fees
Minimum Deposit
Our Rating
APY Savings
Table Of Content
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Pros and Cons
As with any financial institution, there are both positives and potential negatives associated with RBFCU that you need to be aware of before making any account decisions.
Pros | Cons |
|---|---|
Flexible CD Terms | No Specialty CDs |
Access to a Large ATM Network | No Checks for Money Market Accounts |
Access to a Branch Network | Limited Access |
Minimal Fees | Fairly Low Savings Rate
|
Checking Account Available |
- Competitive CD Rates
Teachers Federal Credit Union offers competitive Certificates rates, allowing members to potentially earn more on their savings.
- Variety Of Banking Products
They provide a wide range of banking products, including different types of accounts and financial services, catering to various financial needs.
- Interest Bearing Checking
Members can benefit from interest-bearing checking accounts, helping them earn while managing day-to-day expenses.
- Extensive ATM Access
Access to an extensive ATM network allows for convenient cash withdrawals and transactions.
- Easy To Join
Membership at Teachers Federal Credit Union is accessible, making it easy for individuals to become members and access its financial services.
- Low Savings Rates
The credit union may offer lower savings rates compared to other financial institutions, potentially resulting in lower returns on savings accounts.
- Limited Locations
Teachers Federal Credit Union has limited physical branch locations, which could pose challenges for members who prefer in-person banking services or live outside the service area.
Top Offers From Our Partners
Top Offers From Our Partners
Savings Accounts
Members must open a savings account to access Teachers' products and services, with a minimum balance requirement of $1 and a minimum of $50 to earn interest.
Those with only a savings account will receive quarterly statements. Additionally, there is a direct deposit savings account option available for members to explore.
Teachers Federal Credit Union Savings | |
|---|---|
Savings APY | 0.10% |
Savings Fees | $0 |
Minimum Deposit | $1 |
Money Market Account
The Teachers Money Market Savings Account provides a low-risk savings option with interest rates while allowing you immediate access to your funds, up to six times per month.
There is no specific term commitment for this account, ensuring your money is available when needed without penalties. The account requires a minimum balance of $2,500 to avoid a $5 monthly charge for falling below that threshold. Dividends are compounded daily and credited monthly.
Importantly, this Money Market account is federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), providing security for your savings. You can also make up to six draft/check withdrawals per month, and there's no minimum deposit requirement.
Direct deposit and payroll deduction options are available, allowing you to earn dividends right from payday. Monthly statements provide a comprehensive overview of your account activity, including deposits, withdrawals, and earned dividends.
CDs
Teachers offers Certificate of Deposits (CDs) with competitive interest rates and flexible terms, ranging from 3 months – 5 years. This allows you to earn higher interest and work towards your savings goals. You can conveniently open a CD through their online platform, at a branch, or by calling 1-800-341-4333.
CD Term | APY |
|---|---|
3 Months | 3.25% |
6 Months | 4.00% |
9 Months | 3.75% |
12 Months | 3.75% |
18 Months | 3.00% |
24 Months | 3.00% |
36 Months | 3.00% |
48 Months | 3.00% |
60 Months | 3.00% |
Overall, the rates are competitive – especially for the short-term certificates such as three months or 6-month certificates.
Checking Accounts
Teachers offers two checking account options: Teachers Personal Checking and Smart Checking.
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Teachers Personal Checking:
- Details: This account has no opening deposit requirement, no minimum balance, no per check charges, and no monthly fee.
- Overdraft Protection: You can set up automatic transfers from your Teachers Savings or Money Market Account to cover overdrafts for a fee of $8 per transfer, or you can establish a Teachers Advantage Line of Credit (subject to approval) to avoid overdraft fees.
- Flexibility: This account offers flexibility for day-to-day spending with fewer fees and more favorable rates compared to other financial institutions.
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Smart Checking
- Details: Smart Checking is a high-yield checking account that earns 3.00% APY on balances up to $15,000 and 0.10% APY on balances greater than $15,000.
- Qualification: To open a Smart Checking account, you can qualify in one of three easy ways: maintain an average monthly balance of $5,000 in your Smart Checking account, have $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.
- Benefits: The Smart Checking offers $0 monthly service fees and provide up to $15 per month in ATM fee rebates. They also include secure online banking and eStatements for security, as well as the convenience of depositing checks and transferring funds through the Teachers Mobile App.
Investing Options
Teachers Investment Services offers personalized assistance to help individuals achieve their financial goals at any stage of life. As a Teachers member, you gain access to a wide range of financial management services and educational workshops.
Teachers partners with broker/dealer LPL Financial to provide financial services and virtual education. Their services include:
Financial Asset Management and Investment Planning: Tailored investment strategies to align with your comfort level and financial goals.
Rollover/IRA Transfers and Retirement IRAs: Assistance in understanding retirement options, including Traditional and Roth IRAs, along with managing accounts as retirement age approaches.
Credit Union Financial Planning: Expert advice on maximizing credit union benefits.
Fixed & Variable Annuities: Guidance in selecting annuities to diversify your portfolio.
Mutual Funds: Utilization of mutual funds to enhance savings and build a diversified investment portfolio.
Life Insurance: Options for integrating life insurance into your overall financial plan.
Credit Cards
Teachers FCU also provides access to a number of investment options. These include:
- Visa Platinum Credit Card: Earn 1 point per $1 spent on qualifying purchases, with 0% Intro APR on Balance Transfers and New Purchases. Plus, there's no annual fee.
- Visa Cash Back Credit Card: Get unlimited 1.50% cash back on all purchases, along with 0% Intro APR on Balance Transfers and New Purchases. No annual fee makes it even more appealing.
- Visa Low Rate Credit Card: This card is great for those seeking a reliable, low-interest rate to reduce monthly interest costs. It comes with no annual fee and offers a 0% Intro APR on Balance Transfers.
- Visa Student Credit Card: Designed for college students, it helps build credit with credit limits ranging from $250 to $750. There's no annual fee, and the application process is quick and easy.
- Visa Secured Credit Card: Ideal for credit building, this card requires consistent, on-time monthly payments. It has no annual fee and offers a straightforward application process.
How We Rate And Review Credit Unions: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
