Share Savings
Our savings account offers competitive dividend rates, which are declared and paid annually. The interest calculated is based on your average number of shares throughout the year. The average is determined on the basis of the number of shares held at the end of each day. A share savings account with a $5 minimum balance establishes and maintains your credit union membership.
Your funds are available at any time. We offer no penalties for withdrawals. Members’ shares constitute the capital of the Credit Union.
Termination of membership
Upon death or termination of membership, any amounts standing to the credit of that deceased and former member’s accounts are transferred to a special account. TECU is, however, still liable for payment of these amounts and upon notification by the beneficiaries of the deceased member, the amount is paid based on the bye laws of the credit union.
Return on Shares
In 2022, 2.5% was paid in dividends.
Your life savings are protected
| Age | Coverage |
|---|---|
| 1-69 years | $150,000.00 |
| 70-79 years | $75,000.00 |
| 80 years and over | $37,500.00 |
Attaining your financial goals
Make saving simple
Setting up a savings plan is quick, easy and can help you reach your goals faster. No matter what you’re saving for – a holiday, a car, or a home loan deposit, or something else – TECU gives you flexibility and control over your savings plan.
You can set up a scheduled transfer from your bank account or salary to your TECU share account for whatever time, frequency and amount suits you best – be it weekly, fortnightly or monthly, for any amount.
Start saving effectively
- Step one of any savings plan is to create a budget. It shows you how much you earn, how much you spend and how much you have left over each month.
- Once you have a budget in place you then need to set a realistic savings goal and get into the habit of saving money each month.
- Finally, talk to a Financial Planner. Our specialists can help you develop a budget, show you how to save, assist with insurance and investments and offer advice on how to achieve your goals.
