Life is filled with financial uncertainties, from medical bills to car repairs. For times like these it's important to have a Savings plan in place. Team One Credit Union has a wide variety of savings account options to fit your needs. All Deposit/Savings Accounts are Federally Insured to at least $250,000 by the NCUA. Click below to learn more about the benefits of our Savings plans.
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Savings Accounts
Receive tax benefits and save on medical expenses
A Health Savings Account (HSA) enables you to take advantage of tax benefits while you save for medical expenses, if you are currently covered by a High-Deductible Health Insurance Policy (HDHP)*.
- With a Team One Health Savings Account you can:
- Make tax-free withdrawals for payment of qualified medical expenses
- Conveniently make deposits to your account in person, by mail, by electronic transfer or through payroll deduction
- Earn interest on your account
- Make withdrawals by check
- View account balance online through Team One Online Banking
- Receive a detailed statement including deposits and withdrawals
- Contribute up to $3,550 for individual or $7,100.00 for family coverage per year.
- Roll over your balance from year to year to accumulate your tax-free savings.
*HDHP Minimum deductible amounts for insurance are $1,250 for individual and $2,500 for family coverage. HDHP maximum out-of-pocket amounts are $6,350 for individual and $12,700 for family coverage.
Our Money Market Savings Accounts are liquid savings accounts that earn higher dividends than Regular Savings. These accounts allow Members to earn competitive dividend rates based on their balances while still having access to their funds.
- Money Market Savings Accounts Include:
- NO minimum opening deposit.
- Earn dividends based on account balances.
- No monthly fees.
- Unlimited deposits.
- $500 minimum for withdrawals. Maximum of 6 withdrawals per month.
Our Certificate of Deposit (CD) Accounts offer better dividend rates to Members who are willing to have limited access to their funds. Terms up to 5 years.
- Certificate of Deposit Accounts Include:
- $500 minimum opening deposit.
- Terms from 3 months to 5 years.
- No monthly fees.
- No deposits during the CD term.
- Fixed dividend rate.
- Early withdrawal penalties apply.
- Funds can be used for a Certificate Secured Loan.
Coverdell Education Savings Account (CESA) help you save for education expenses.
A Coverdell education savings account (Coverdell ESA) is a trust or custodial account set up in the United States solely for paying qualified education expenses for the designated beneficiary of the account. This benefit applies not only to qualified higher education expenses, but also to qualified elementary and secondary education expenses. There are certain requirements to set up a Coverdell ESA:
- When the account is established, the designated beneficiary must be under the age of 18 or be a special needs beneficiary.
- The account must be designated as a Coverdell ESA when it is created.
- The document creating and governing the account must be in writing, and it must meet certain requirements.
Services
Direct Deposit makes depositing hands free
With Direct Deposit, you arrange to send your entire net pay, Social Security or pension check directly to the credit union each payday. It's fast, safe and easy! Direct Deposit gives you the security of knowing your money is automatically deposited into your Team One account(s). It can even be automatically divided among different accounts based on your direction. You'll have immediate access to your money without waiting in line.
To begin enjoying the convenience of direct deposit, simply give your Payroll Department our Routing Transit Number, #272484470, and your Team One account number, or provide them with a voided check and tell them you would like Direct Deposit with Team One.
If you receive Social Security payments, you can sign up to have these payments direct deposited into your Team One account by visiting godirect.org or calling 1-800-772-1213.
Reminder: Please use your MICR number for any direct deposits or automatic debits.
Save Effortlessly with Payroll Deduction
With Payroll Deduction you authorize your employer to send part of your paycheck directly to the credit union each payday. Your deposit can be divided into any of your accounts or used to make loan payments at your direction. Payroll deduction encourages you to save effortlessly by having the funds deducted right out of your paycheck.
All you need to get started is to provide your payroll provider with Team One's routing/transit number (272484470) and your appropriate TOCU account number.