Alyssa Lane
Teachers Federal Credit Union is a not-for-profit financial institution that offers a variety of accounts with competitive rates and benefits. It was established in 1953 by a group of New York educators. The credit union has over 470,000 members and $9.8 billion in assets, making it the 24th-largest credit union in the country. As a federally insured credit union, members' deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), a federal agency that protects the funds of credit union members. This insurance coverage provides members with peace of mind, knowing that their deposits are secure even in the event of financial institution failure.
| Characteristics | Values |
|---|---|
| Type | Credit Union |
| Federal | Yes |
| Location | Long Island, New York |
| Membership | Open to everyone |
| Number of Members | 470,000+ |
| Total Assets | $9.8 billion+ |
| Year Established | 1953 |
| Membership Fee | $1 |
| Minimum Balance | $1 |
| Monthly Fee | $0 |
| Overdraft Protection Transfer Fee | $8 |
| APY | 2.50% for balances up to $15,000 |
| Services | Mortgage, HELOC, Checking, Loans, CardValet, Mechanical Repair Coverage, Benefits Plus, Investment Services |
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What You'll Learn
Teachers Federal Credit Union membership benefits
Teachers Federal Credit Union is a community-based financial institution based in New York with assets totalling $8.13 billion. It serves over 350,000 members and anyone can become a member, regardless of who they are or where they are from.
Membership Benefits
Teachers Federal Credit Union offers its members a range of benefits, including:
- Better rates and fewer fees
- Access to a full range of financial products and services, including mortgage, HELOC, checking, and loans
- End-to-end home loan servicing
- Financial management services and financial education workshops
- Competitive benefits program
- Interest on savings accounts with a minimum of $50
- ATM fee rebates
- Donation-matching to support nonprofit organizations like Children’s Miracle Network Hospitals
Membership Requirements
Membership is available to people living, working, or worshipping in the credit union’s geographic area, which includes Nassau and Suffolk Counties, New York. Membership is also open to the immediate family of current members. To become a member, one must open a Regular Savings account or Youth Savings account with a minimum opening deposit of $1.
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Services provided by Teachers Federal Credit Union
Teachers Federal Credit Union is a not-for-profit financial institution that provides a range of services to its members. The credit union has been committed to guiding members toward building a strong financial foundation for 73 years.
Services
Teachers Federal Credit Union offers a range of financial products and services, including:
- Low-rate personal and business banking products and services
- Mortgage and HELOC (Home Equity Line of Credit)
- Checking and savings accounts
- Loans
- End-to-end home loan servicing
- Competitive rates on savings and loans
- Remote tax filing services
- Mobile banking app
- Credit cards
Teachers Federal Credit Union also offers scholarships and provides financial education to its members. The credit union is member-owned and not-for-profit, which means that its top priority is the financial future of its members, including offering lower rates on loans and higher yields.
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Interest rates and savings accounts
Teachers Federal Credit Union offers a range of financial products and services, including savings accounts, mortgages, loans, and credit cards. The credit union prides itself on providing competitive interest rates and low to no fees on its financial products.
For example, as of February 5, 2025, the credit union offered an annual percentage yield (APY) of 2.50% on savings account balances up to $15,000. Balances exceeding this amount would receive a lower APY of 0.10%. This means that you can start earning interest with as little as $50 in your savings account.
Additionally, Teachers Federal Credit Union provides investment services with one-on-one assistance to help members work towards their financial goals and plan for their future. They also offer financial management services and educational workshops to support members in making informed financial decisions.
By offering competitive rates and minimal fees, Teachers Federal Credit Union aims to empower its members to take control of their everyday finances and work towards their financial aspirations. Whether it's through their savings accounts or other financial products, the credit union strives to elevate the financial well-being of its members.
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Loan options at Teachers Federal Credit Union
Teachers Federal Credit Union offers a range of loan options to its members. The credit union provides competitive interest rates and fees for mortgages, credit cards, deposits, loans, and more.
For those looking to buy a new home, Teachers Federal Credit Union offers mortgage services. They also provide Home Equity Lines of Credit (HELOC), allowing members to borrow against the equity in their homes. This option may be suitable for those seeking funds for home improvements or other financial needs.
The credit union also offers personal loans with competitive rates and terms. While specific loan details are not readily available, credit unions often provide loans under $1,000, and some offer loans under $500. These loans typically have a minimum credit score requirement of 650, which is considered "fair" credit. Additionally, members may have the option to skip a monthly payment for a small fee, and applying with a co-borrower may be possible.
Teachers Federal Credit Union also provides financial management services and educational workshops to support members in making informed financial decisions. They offer one-on-one assistance through their Teachers Investment Services, helping members work towards their financial goals and plan for the future.
With a focus on smarter products, choices, and savings, Teachers Federal Credit Union aims to elevate the financial well-being of its members. They offer a range of financial products and services, including savings accounts that can be opened with a minimum deposit of just $1, with interest earned on balances of $50 or more.
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The history of Teachers Federal Credit Union
Teachers Federal Credit Union (Teachers) is one of the largest credit unions in the US, with over $9.7 billion in assets and more than 460,000 members across all 50 states. It was founded in 1952 in New York by a group of Long Island educators and has since grown to become a leading credit union with a nationwide open charter.
The credit union was established as a not-for-profit financial institution with a focus on providing smart financial solutions for teachers. Over the years, Teachers has expanded its membership to include anyone in the US, offering a range of member-focused products with competitive rates and low fees. The institution remains committed to providing financial education and guidance to its members, helping them build a strong financial foundation.
Another significant predecessor is the Dade County Florida Teachers Federal Credit Union, founded in 1935 during the Great Depression. It was established by employees of the public school system in Dade County, Florida, to provide a financial alternative for teachers in the region. As membership grew, the credit union expanded its product offerings and changed its name to reflect the inclusion of all school employees. In 2000, it became the South Florida Educational Federal Credit Union, reflecting its broader educational focus.
Today, Teachers Federal Credit Union continues to uphold its founding principles, offering a wide range of financial products and services to its members while maintaining its not-for-profit status. With its commitment to financial education and community support, Teachers has established itself as a trusted and award-winning financial institution.
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Frequently asked questions
Teachers Federal Credit Union is a not-for-profit and member-owned financial institution that offers a variety of accounts with competitive rates and benefits. It was established in 1953 by a group of New York educators.
Teachers Federal Credit Union offers its members benefits such as CardValet, mechanical repair coverage, and Benefits Plus. They also provide financial management services and financial education workshops. In addition, they support nonprofit organizations like Children's Miracle Network Hospitals.
To become a member of Teachers Federal Credit Union, you must live or work in a qualifying Indiana or Michigan county or township or be related to an existing TCU member. You also need to open a Personal Savings account to access all other accounts and services.
Teachers Federal Credit Union offers two types of savings accounts, including a regular savings account with no monthly fee and a minimum balance requirement of $1. They also provide CD accounts with terms ranging from six months to five years and a money market account with competitive rates.
