Whether it's a short-term emergency fund, saving for a big-ticket item (your first home?), or retirement investing, we have several choices for our members.
Tongass Federal Credit Union offers competitive interest rates that will help you save for future needs. All accounts are federally insured through the National Credit Union Administration, so you know your money is safe.
Share Savings Accounts
A deposit of $5.00 into this account is all it takes to become a member! Some features include:
- Shares earn dividends monthly.
- Add to your savings anytime with payroll deduction, direct deposit or auto-save from another TFCU account.
- View a list of no fee ATMs for TFCU Members
- Have more than one savings – you name it (vacation, new car fund, emergency fund).
Money Market Accounts
A Money Market account is for serious savers who still want access to their funds. Higher rates are paid on higher balances. The account is more “liquid” than a Certificate because up to three withdrawals per month are allowed. Other features include:
- Add to your account anytime with payroll deduction, direct deposit or auto-save from another TFCU account.
- Dividends are paid monthly based on tiers.
- Up to $2,499
- $2,500 - $9,999
- $10,000 - $24,999
- $25,000 - plus
- If balance falls below $2,500, there is a monthly service fee.
These are time deposits, where a commitment is made to invest funds for a certain period with a guaranteed return (dividends). Dividends are paid quarterly and/or at maturity. There are penalties for early withdrawals.
Regular Certificates of Deposit: The following are some of the features of our certificates of deposit:
- Dividend rates are higher than savings.
- The minimum to invest is $500.00.
- Maturities range from 90 days to 60 months.
- Watch for specials, particularly at PFD time!
Savings Builder Certificate: This is a unique TFCU certificate crafted to help establish good savings habits. Some features include:
- Open with $50 minimum.
- Add $$ as often as you want, no minimum required.
- Maximum balance is $2,500.
- Certificate matures and renews every 30 days.
- Dividend rate is the same as our 1-Year Certificate!
- Dividends paid at maturity.
Health Savings Accounts
Health Savings Accounts (HSA) enable our members to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax free basis.
A person must be covered by a high deductible health plan (HDHP) to take advantage of an HSA.
An HDHP generally costs less than traditional health care coverage. Money saved on insurance premiums can be put into the HSA.
See more information.
Brochure: Health Savings Accounts
Coverdell Education Savings Accounts
A Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses. Some features of this tax-advantaged account include:
- Distributions are tax-free if used for qualified education expenses, such as tuition and fees, required books, supplies and equipment, even expenses for room and board.
- There are many approved schools, including junior and community colleges, vocational and technical training, and even private schools at lower grade levels.
- Total contributions for the beneficiary of this account are limited to $2,000 in any year.
- Parents, grandparents, relatives or godparents can use this account to help finance future education needs.
Brochure: Coverdell Education Savings Accounts