SAVINGS PROGRAMS
Regular
Savings
All members open a Regular Savings Account
upon joining TIC. A minimum deposit of $25 must be maintained
in this account and serves as your share ownership of the
credit union. By maintaining a balance of at least $25 in
your Regular Savings Account, you can take advantage of other
TIC services.
Christmas Savings
TIC helps you prepare for your holiday
expenses by offering a Christmas Savings Account. Deposit
at your convenience or have regular deposits deducted from
your paycheck. Your Christmas Savings are automatically transferred
to your Regular Savings Account on October 1st each year.
The following table illustrates how early planning can help
you be ready for the holiday. The table does not include dividends.
Amount Deposited Weekly |
Total Saved by October |
(Beginning January 1st) |
(Does not include dividends)
|
$ 5.00 |
$210 |
$10.00 |
$420 |
$15.00 |
$630 |
$20.00 |
$840 |
Click
here for the current dividend rate on the Christmas Savings
Account.
Tax Savings
Save for your tax expenses throughout
the year and earn dividends with TIC's Tax Savings Account.
Deposit at your convenience or have regular deposits deducted
from your paycheck. Your tax savings are automatically transferred
to your regular savings on April 1st. Click
here for the current dividend rate on the Tax Savings
Account.
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Money
Market Account
A TIC Money Market Account is an ideal way to earn more on
your savings dollars while still having access to your cash
when you need it. The TIC Money Market Account gives you a
higher interest rate than a regular savings account, while
maintaining many of the same benefits:
- No monthly maintenance fee
- No minimum withdrawal amount
- $2500 minimum balance required
- Convenient access anytime, anywhere
- Funds accessible through eBranch, Member Touchtone Service
and ATMs
- Ability to set up Automatic Transfers from Checking and
Savings
- Balance alerts sent via email through eBranch
- Funds are federally insured to the maximum provided by NCUA
Click here for the current dividend
rates for the Money Market Account.
Certificates
Whether you are saving for short- or long-term needs, certificate
accounts offer a great way to save for the future. Benefits
include:
- No maintenance fee
- $500 minimum deposit
- Variety of terms, ranging from three
months to two years
- Prime Club members earn a special bonus
rate on certificates.
Click
here for current certificate rates.
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Individual
Retirement Accounts (IRA) -
Traditional and Roth
IRAs are a great way to prepare for your retirement years.
Dividends are tax deferred on your account until you begin
withdrawing funds. In addition, depending on your income,
contributions to your IRA may be tax deductible. Although
Roth IRA contributions are not tax deductible, you will never
have to pay taxes on your earnings provided that you follow
IRS regulations.
The benefits of an IRA from
TIC include:
- Convenient payroll deduction available
- No maintenance fees
- Dividends compounded quarterly on the
average daily balance
The following table
shows how investing in an IRA can help you prepare for retirement.*
| Starting
Age |
Age of Withdrawal |
Value at Age of Withdrawal
|
20 |
60 |
$170,159 |
30 |
60 |
$ 86,009 |
40 |
60 |
$ 39,637 |
50 |
60 |
$ 14,082 |
*Totals are based on an annual
investment of $1,000 and a dividend rate of 6 percent.
Click here
for current IRA rates.
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Scottie
Savers
This special account is just for kids
age 12 and younger. The TIC Scottie Savers Account helps parents
teach children the value of saving at a young age. When your
child makes a deposit at any TIC office, they will receive
a prize from our treasure chest. All Scottie Savers receive
a birthday card and special newsletters throughout the year.
New Scottie Savers have one year from the date the account
is opened to bring their balance up to the minimum of $25.
Be sure to visit Scottie
Savers Club Web page for more information on Scottie Savers.
Xtreme Savers
This special account is just for teenagers
age 13-17. The TIC Xtreme Savers Account is designed to help
teenagers learn the importance of good savings habits. All
Xtreme Savers receive a membership card that will help them
receive discounts at select local area retailers, a quarterly
newsletter on teen information, and a Web page designed exclusively
for Xtreme Savers.
Be sure to visit the Xtreme
Savers Page for more information on Xtreme Savers.
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Special
Savings Account
TIC's Special Savings Account is another
savings option that allows you to make deposits and withdrawals
at anytime and earn dividends while you save. The Special
Savings Account is an excellent way to help save for special
purchases, such as a down payment on a home or a family vacation.
Prime Club
TIC's Prime Club is available for members
age 50 and above. The benefits listed below are available
with no service fees and no minimum balance.
- Bonus rate on Prime Club savings
- Bonus rate on certificates*
- Free Prime Club checks
- Free eBranch, free Online Bill Pay, and a free TIC
Debit Card
- Free Cashier's Checks
- Free Regular Traveler's Checks
- Free Notary Service
- Discount Safe Deposit Box
- Direct Deposit
- OOPS! (Occasional Overdraft Priviledge Service)**
- Annual Financial Checkup
*Bonus rates do not apply
to certificate specials
** View our OOPS! Policy for more information concerning this service. |
