Savings

Enjoy all the advantages of Total Choice membership by opening a Membership Savings Account with an initial deposit of only $5.00. This $5.00 share in Total Choice, which must remain in your account, identifies you as a member and owner of Total Choice. Your Membership Savings Account also establishes a lifetime of financial benefits including:

• Once a member, always a member – you can keep your account open even if you switch jobs or move away

• Quarterly dividends paid using the average daily balance method

• Funds insured up to $250,000.00 by the National Credit Union Administration

• Use savings as collateral for a share-secured loan

• Use Online Banking, QUE Telephone Teller, or visit any branch to transfer funds to or from these accounts 

Avoid running up credit card debt by starting a Christmas Club Account today to save for the holidays!  

• Funds automatically transferred into your Membership Savings Account on November 1st unless you tell us you’d prefer a check mailed or the funds deposited to a different account

• Setup payroll deduction and watch your savings grow

• Quarterly dividends paid using the average daily balance method

• Automatic transfer or cash deposits accepted anytime

Whether you are saving up for education expenses, vacation, insurance, or a rainy day, you can open additional savings accounts to keep on track. All of our savings accounts have the following benefits:

• Quarterly dividends paid using the average daily balance method

• Funds insured up to $250,000.00 by the National Credit Union Administration

• Use savings as collateral for a share-secured loan

• Use Online Banking, QUE telephone teller, or visit any branch to transfer funds to or from these accounts

Invest wisely and securely for your future with a Total Choice IRA. Every dollar you contribute builds upon your retirement savings and provides for a financially sound tomorrow.  The following IRA investment options are available:

Total Choice offers both Traditional and Roth IRA plans. You choose how you want to invest your funds: in an IRA Savings Account or IRA Share Certificate. If you would like to transfer funds from an existing IRA or retirement plan into an TCFCU IRA savings or IRA Share Certificate, call 985-783-2130 or 800-624-7313 for more information.

*Remember every tax situation is different and you should consult your tax advisor on deductibility of IRA contributions.

Here is a basic comparison of the two IRA plans:

Traditional IRA

Many taxpayers enjoy partial or full tax deductibility on Traditional IRA contributions. Even if contributions do not qualify for a tax deduction, the dividends earned are tax-deferred until the IRA funds are withdrawn.

Eligibility

Any wage earners under 70 1/2 years old or anyone who files taxes jointly with a spouse who earns compensation are eligible to open a Traditional IRA.

Deposit (Contribution) Limits

The annual contribution limit may change from year to year and may be made up to the tax filing deadline (usually April 15) for the previous tax year. Visit the IRS website to find out the current limits and to learn more.

Withdrawals (Distributions)

Withdrawals can be made after age 59½ without penalty.  Withdrawals are required the year the IRA account holder reaches age 70 1/2. Due to changes made by the SECURE Act, if your 70th birthday is is July 1, 2019 or later, you do not have to make withdrawals until you reach age 72.

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You can withdraw more than the minimum required amount. Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).

Penalties

Early withdrawals are subject to a penalty tax of 10 percent of the amount of the withdrawal.  If required distributions are not taken by age 70 1/2, a 50% penalty will be assessed on the amount not taken.

Roth IRA

Contributions to a Roth IRA are not tax deductible. Contributions may be withdrawn tax and penalty free at any time. Earnings are tax free if the account is open for five years and withdrawn for a qualified reason.

Eligibility

Any wage earners or anyone who files taxes jointly with a spouse who earns compensation are eligible to open a Roth IRA. There are no age restrictions.

Deposit (Contribution) Limits

The annual contribution limit may change from year to year and may be made up to the tax filing deadline (usually April 15) for the previous tax year. Visit the IRS website to find out the current limits and to learn more.

Withdrawals (Distributions)

Withdrawals of contributions are tax and penalty-free at any time. Earnings are tax-free if you have had an account for five years and one of the following qualifying reasons applies:

• After age 59 1/2

• Death

• Disability

• First-time home purchase ($10,000.00 lifetime limit)

There are no mandatory withdrawals and no age at which withdrawals must begin.

Penalties

There is a 10% penalty on withdrawals of earnings prior to age 59 1/2 except for withdrawals due to:

• Death

• Disability

• Pre-59 1/2 periodic payments

• Qualifying medical expenses

• Health insurance premiums while unemployed

• Withdrawals with a $10,000 lifetime limit toward the purchase of a first home

• Higher-education expenses

• Federal Tax Levy

All Certificates opened on October 1, 2018 or later are automatically renewable accounts and will renew for another term upon maturity. You have a grace period of ten (10) days after maturity to withdraw funds in the accounts without being charged an early withdrawal penalty.

Take advantage of higher rates and a low minimum deposit of $1,000.00 by opening a Total Choice Share Certificate today.  

• Choose a term of 6, 12, 24, or 36 months and watch your savings grow

• Upon maturity, your certificate renews automatically. Simply contact us anytime we are open for business and let us know if you’d rather the funds transfer into a different account at maturity

• May be used as collateral for low-rate share pledge loans – borrow against your own money and keep your savings intact