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Savings Accounts

UTFCU offers a variety of convenient savings account options that help you reach your goals—from tiered money market accounts to our Holiday Club account.

Learn more about your options by reading the summaries below.

Primary and Choice

A Primary savings account establishes your membership at the credit union. Choice savings accounts are designed to let you create special accounts for goals unique to you.

Money Market Accounts

UTFCU Money Market accounts are tiered to allow you to decide where, when, and how to invest your money. Earn higher yields with the added flexibility to access your money when you need it.

Share Certificates
Your financial portfolio is a mix of short, mid, and long term solutions. That’s why we offer Share Certificate products with terms from three months to four years. When the market requires a quick adjustment to rates, UTFCU offers special promotional Certificates. Account Benefits:

 

 

 

  • Competitive interest rates
  • No service fees1
  • Dividends can be kept in Certificate or transferred to another UTFCU account2
  • Automatic renewal or transfer at maturity2

1 – Early withdrawal penalties may apply. Contact a UTFCU representative for more information or refer to your account disclosure for term and early withdrawal penalties information.

2 – Certain restrictions may apply based upon Certificate terms. Dividends are calculated based upon Certificate terms. Contact a UTFCU representative for more information or refer to your account disclosure for term and maturity information.

Individual Retirement Accounts

As a financially sound financial institution, UTFCU chooses investment products to help you manage and secure your retirement plans. Our Individual Retirement Account (IRA) products are designed to maximize your investment needs at competitive rates.

The Traditional IRA:

    • Tax-deferred savings1
    • Account can be invested as Cumulative IRA or Share Certificate
    • No monthly fee
    • Contributions of up to $4,000 allowed per year by individuals under age 50 ($8,000 maximum per couple) and up to $5,000 allowed per year by individuals aged 50 and older ($10,000 maximum per couple).

The Roth IRA:

  • Tax-deferred savings1
  • Account can be invested as Cumulative Roth IRA or Share Certificate
  • No monthly fee
  • Contributions of up to $4,000 allowed per year by individuals under age 50 ($8,000 maximum per couple) and up to $5,000 allowed per year by individuals aged 50 and older ($10,000 maximum per couple).
  • Qualified withdrawals are tax-free

1 – Consult your Tax Advisor on tax-deferred savings and eligibility.

 

Health Savings Accounts

Health Savings Accounts (HSA) offer tax-free savings for future qualified medical and retiree health expenses. Use pre-tax dollars to pay for future medical expenses. You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses. To be eligible for an HSA, you must select a high-deductible health insurance plan from your employer. The balance in your HSA carries over at the end of the year.

Holiday Club Accounts

The Holiday Club account makes saving for the holidays easy. Make weekly or monthly deposits and watch your money grow just in time for those Thanksgiving Day sales. At the end of each October, we’ll deposit the entire account balance into your UTFCU checking account.

For Young Investors (FYI) Accounts

The FYI account is for our members ages 13-18. Begin saving for your future and learn the importance of having a good financial base. They’ll learn the basics of saving, investing, budgeting and more.

An added feature to the FYI account is the opportunity to start your first checking account. The checking account will be opened with a parent or guardian’s signature. Learn to manage your own money, write checks, and become responsible for your future financial endeavors.

Smokey Savers Club

You are never too young to learn the importance of saving. We think our young members are very important and have designed a special club just for them called the Smokey Savers Club (Ages 1-12). Young members have access to the Sammy Save and Song Club and Dollar Dog Kid Club.