Finance, Review

Teachers Federal Credit Union – Review of Money Market Rates & Savings Account

This is the official TFCU (Teachers Federal Credit Union) Low Minimums and Wide Range of Accounts review. It provides a guide on the money market, savings rates today and their teller salaries. As Americans, we all know that the Teachers Federal Credit Union offers a wide range of basic account types and broad access to its services via its branch network. It also has a well-regarded mobile app and extensive ATM alliance for every teacher to use.


  • TFCU has a very high customer ratings on mobile apps
  • Availability of wide access via third-party branch network and All-point ATMs
  • Teachers Federal Credit Union has competitive yields


  • Teachers Federal Credit Union is currently limited in geographic reach
  • Presently, there are very few options on individual accounts

History of Teachers Federal Credit Union

Going by research, the Teachers Federal Credit Union has a nearly 70-year history that came into existence with a small group of like minds from Long Island educators. Presently, TFCU has more than 375,000 members. Their assets has grown to reach $8.8 billion. They now have 32 branch locations in Long Island and the New York City boroughs of Queens and Manhattan. This group now allows other user, despite its name. Meaning that, the credit union has an open membership policy and serves all customers, not just teachers only.

Apart from banking at any choice branch locations, you can also bank at more than 5,000 Credit Union Service Centers across the country. With Teachers Federal banking system, you can access more than 50 on Long Island alone. All fully registered members can freely access over 55,000 All-Point surcharge-free ATMs globally.

Teachers Federal Credit Union Checking Accounts Options

In America, the Teachers Federal Credit Union has 2 checking account options

  1. Basic Personal Checking account
  2. High-yield Smart Checking account.

Please note non of them charges a monthly service fee and both pay interest monthly.

Personal Checking is a simple account that does not have a minimum opening deposit nor minimum balance requirement. There’s no per-check charges. It is usually called a no-frills package account. Presently, the minimum balance to earn interest is $2,500. This minimum balance pays an annual percentage yield of 0.05% flat.

Smart Checking allows users to earn an APY (Annual Percentage Yield) of 0.65% on balances of up to $10,000. Similarly, you can get up to 0.10% APY on balances higher than $10,000. But for you to qualify for this, you must either have an average monthly balance of $5,000 in your Smart Checking account. Secondly, you also qualify if you have up to $20,000 in combined end-of-month deposit balances. Thirdly, if you are able to establish direct deposit(s) of $500 or more and complete 10 debit card purchases each month, then you also qualify. However, in order to remain eligible, you must register in Teachers online banking and e-statements for this account to be active.

Teachers Federal Credit Union Savings Accounts

As can be seen above, the Teachers Federal Credit Union offers one basic savings account know as the “Personal Savings”. But this is an addition to your Youth, Vacation Club, Health and Holiday Club Savings accounts. You have to open a savings account as a member to be eligible for the credit union’s other products and services. Remember that there are no monthly service fees/charges.

The best part is Personal Savings account having a small minimum balance of $1 and a minimum of $50 to earn interest. That is; the Annual Percentage Yield (APY) is 0.10%. In the United States, the Youth Savings is open to young members of up to 21 years of age. As of now, it offers an wonderful Annual Percentage Yield of 3.00% on the first $1,000 lodged into your account.

Teachers Federal Credit Union Money Market Account

As an individual, you can access a single money market account in Teachers Federal Credit Union. However, the lowest balance to open an account begins from $2,500. It comes with a $5 monthly charge which will be assessed for the period of time the account remains under $501. All the interest rates are categorised, with Annual Percentage Yield (APYs) ranging from 0.15% to 0.35%. Ultimately, to get the biggest interest rate, you must have a minimum balance of $250,000 flat.

Teachers Federal Credit Union CD Accounts

Similar to other credit unions in the US, the American Teachers Federal offers share certificates instead of certificates of deposit. But note that they both do the same work. Fully registered members can get Standard Certificates and Jumbo Certificates. Bear in mind that penalties may apply for early withdrawals. Make sure you read your fine print carefully for more details.

  • The TFCU Standard Certificates have a $1,000 minimum opening deposit and come in terms of 3 months to 5 years. Rates are categorised and range from 0.25% to 1.25% Annual Percentage Yield. Note that longer terms gets the higher interest.
  • TFCU Jumbo Certificates require deposits of at least $100,000. This type of account have maturities of 1-12 months. The Annual Percentage Yield is 0.25% on balances up to $100,000. Additionally, you can get up to and 0.50% on balances of $100,000 or more.

Features of Teachers Federal Credit Union

Monthly Fees

As an account holder, you don’t have to pay monthly services fees for deposit accounts at Teachers Federal. You will agree that this is a big plus. But some other fees might seem a bit high. Such as; the $32 fee if you deposit or do money market withdrawal transaction more than 6 times a. But most additional fees are similar to what other financial institutions charge. Trust me, these additional fees can be easily be kept at arms length.

Mobile App for Android and iOS

The mobile app offered by Teachers Federal Credit Union gets positive online reviews from users. Currently, the app has got 4.5 stars out of 5 on Google Play and 4.8 on the Apple App Store. The TFCU MOBILE app allows users to easily manage their accounts, check balances, deposit checks and view transaction history.

Breadth of Products

TCFU offers a fairly broad product line, although it is not very in-dept. It comes with only two primary checking account choices;

  • One primary savings account
  • One money market account.

While some other products and services include IRAs, loans, credit cards, financial management and business accounts.

TCFU Account Minimums

To have an active account the Teachers Federal, members require a minimum balance. But these requirements are usually manageable because they are quite small. First of all, there is no minimum balance requirement for the Personal Checking account. Officially, you only need $1 to open a Personal Savings account. But for you to earn interest, you need a minimum of $50. Secondly, the $2,500 required to open a money market account is the same with many other financial institutions. Remember, that $1,000 is the minimum to have for a Standard Certificate. Thirdly, the $100,000 minimum for a Jumbo Certificate and $5,000 minimum for Smart Checking are on the optional side.

My Favourite Take

For me, the Personal Checking account is a truly free. It is currently a no-nonsense checking account that doesn’t require you to be on your toes to avoid fees. I think the $8 overdraft protection transfer feature is an additional benefit for user. Why? I believe that high overdraft charges are one of the primary black marks at most banks. Don’t believe me? Do more research from the posts below.

Competitor Banks vs. Teachers Federal Credit Union

Even though the Teachers Federal Credit Union has a limited reach, it still competes with both regional and national banks. Below are the similarities they match up with.

Teachers Federal Credit UnionBranch and ATM access for members in its service area
Navy Federal Credit UnionHigh checking and savings rates
The Summit Federal Credit UnionDeep account roster
New England Federal Credit UnionHigh certificate rates

Navy Federal Credit Union vs. Teachers Federal Credit Union

In America, Navy Federal Credit Union has a competitive edge on Teachers when it comes to interest rates on its deposit accounts. As against the 0.10% APY at Teachers Federal Credit Union, the Navy Federal pays a 0.25% APY on its savings account. But for an easily soft landing, Teachers Federal Credit Union has lesser membership requirements compared to Navy Federal. Member for the Navy Federal requires that you must be a recruit/cadet to the military, Department of Defense or the National Guard.

The Summit Federal Credit Union vs. Teachers Federal Credit Union

As against the Teachers Federal Credit Union which has only two checking account, the Summit Federal Credit Union has four. This means that the Summit has a deeper account roster including. The Summit has a high APY of 0.60% while Teachers Federal gets the upper hand for its certificates, which offer an APY as high as 1.25%.

NEFCU vs. Teachers Federal Credit Union

According to Wikipedia, the New England Federal Credit Union is the largest credit union in Vermont, but it only has 7 branches globally. On the other hand, the Teachers Federal Credit Union has nearly 5 times branches. But in the long run, NEFCU still pays a higher interest rate on certain deposit accounts. It includes a 1.76% APY on the first $5,000 deposited into its Future Saver Plus Certificate.

Other Credit Union Guides

Final Take

You can say that Teachers Federal Credit Union is limited geographically to portions of New York. Conversely, customers from nearly anywhere can benefit from its services because it has branch networks and participates in the Allpoint ATM system. For me, I think the credit union checks all the questionnaire boxes in terms of basic account types. Sadly, if you’re searching for more specialised accounts or the very highest yields might want to check other credit unions near you.

Teachers Federal Credit Union FAQ

Here are the answers to some commonly asked questions about Teachers Federal Credit Union.

Does Teachers Federal Credit Union offer Zelle?

Yes, Teachers Federal Credit Union doesn’t currently offer Zelle. However, the credit union’s highly rated mobile app does have a feature available to transfer funds. See Venmo Review.

Does Teachers Federal Credit Union have free checking?

No, Teachers Federal Credit Union has no monthly maintenance or per-check fees for either of its main checking accounts. Its free of charge.

When are deposits available at Teachers Federal Credit Union?

Be aware that certain types of checks, such as government and cashier’s checks, are available the same day they are lodged. But for other checks, the first $225 will be available the first business day after the deposit, with the balance clearing the following business day. Always do you findings correctly.


Please note that Interest Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 30, 2022. Updates for 2023 is coming soon.

Editorial Note/Disclaimer: This content is not provided by Teachers Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Teachers Federal Credit Union.