TTCU Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

TTCU Federal Credit Union’s checking account options

Free Checking

This is the entry-level checking account at TTCU Federal Credit Union and does not pay interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee.

TTCU Federal Credit Union’s most basic checking account, Free Checking, still provides a number of the same services that come with all of the credit union’s other checking accounts. The account is not entirely free of fees, but most customers should be able to avoid them. On top of having no monthly maintenance fee, this account doesn’t charge any ATM fees, even at non-network machines — though the ATM owner may still charge its own fee. After the initial opening deposit requirement is met, there is no ongoing minimum balance requirement.

Free Checking comes with the following additional free benefits:

  • Online, telephone and mobile banking
  • Bill pay
  • A Visa check card
  • e-statements
  • Carbonless copies of checks
  • Unlimited check writing

The account offers overdraft protection via the credit union’s Courtesy Pay program, but it does not reduce the overdraft fee.

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Classic Checking

Classic Checking is the next tier up, and the first checking account here that pays interest.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

For the most part, Classic Checking is simply an interest-bearing version of TTCU Federal Credit Union’s Free Checking account. Both accounts have the same minimum opening deposit and no monthly fee, along with no ATM charges. However, customers must maintain at least $250 in this account to avoid a per-check surcharge.

Beyond those small differences, Free Checking and Classic Checking are the same. Both offer free online, mobile and telephone account access, free bill pay, e-statements and check copies, and both come with a Visa check card and unlimited check writing.

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NCUA Insured

Rewards Checking

Rewards Checking is the top-tier checking account in the TTCU Federal Credit Union lineup.
APYMinimum Balance to Earn APY
0.15%
$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $500 (including fees) but does not reduce the fee

Rewards Checking offers the highest level of features and benefits of any TTCU Federal Credit Union Checking account, but there is a modest monthly fee that cannot be avoided. Like the credit union’s other checking accounts, this account comes with a host of free features and benefits, ranging from online, telephone and mobile banking to e-statements, bill pay, copies of checks and unlimited check writing. The account also has the same ATM and overdraft fee structure, meaning there are no ATM fees charged by the credit union but that the overdraft fee cannot be avoided, even with overdraft protection services. As with the credit union’s Classic Checking account, Rewards Checking pays interest on all balances, although the non-tiered structure means all balances earn the same rate.

Rewards Checking offers numerous additional benefits, including travel savings, an interactive benefits feature, and a subscription to Sojourns Magazine. Rewards Checking customers also enjoy enrollment in the following programs (terms may apply):

  • Everyday Rebate Rewards, offering 10% cash back (up to $40) per year on everyday purchases
  • Savers Club, which provides discounts of up to 50% on lodging, car rentals, and theme parks with participating vendors.
  • Bonus Travel, which provides members-only savings when using a Vacation Savings Hotline.
  • ID Network Safety Service, which provides your child with a registered ID.
  • Local Connections, providing discounts and coupons for local merchants.

Rewards Checking customers also receive a free, $10,000 24-hour accidental death insurance policy.

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NCUA Insured

Fresh Start Checking

Fresh Start Checking is for customers who have a rocky financial history and may need help opening a traditional checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $22; overdraft protection covers transactions up to $200 (including fees) but does not reduce the fee

TTCU Federal Credit Union makes it easy for anyone with prior financial missteps to open a basic checking account. Although this account does charge a steep and unavoidable monthly fee, in most other aspects it’s similar to the credit union’s Free Checking account. With both accounts, customers have fee-free access to online, mobile and telephone banking, e-statements, bill pay, check copies, a Visa Check Card and unlimited check writing. This account also allows for overdrafts, although the overdraft protection service only covers overdrafts up to $200 with this account instead of $500.

Although there is no ongoing minimum balance requirement, this account also does not pay any interest. If you maintain this account in good standing for at least one year, you can request to convert it to one of the credit union’s other checking accounts.

How to get TTCU Federal Credit Union’s checking accounts

You can open all TTCU Federal Credit Union checking accounts online. The process requires various personal and financial information, including your Social Security number, citizenship or residency status, valid ID and funding source. If you’re not a member, you’ll have to open join the credit union first by opening a Savings account. The credit union will also run a credit check.

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How TTCU Federal Credit Union’s checking accounts compare

TTCU Federal Credit Union offers a solid range of checking accounts to choose from. Whether you’re looking for a basic account or a rewards account with extensive features and benefits, you can find them all here.

However, some of the accounts have monthly fees that cannot be avoided, and only two pay interest. The rates paid are right near the national average for checking accounts, but the yields aren’t high enough to rank the accounts among the best available checking accounts nationwide.

TTCU Federal Credit Union’s savings account options

Savings

This account is the only traditional savings account offered at TTCU Federal Credit Union.
APYMinimum Balance to Earn APY
0.25%
$0.01
0.30%
$10,000.01
0.35%
$20,000.01
0.40%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0; $5 if the account balance drops below $100 and no other credit union accounts are opened
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This Savings account is required for membership at TTFCU Federal Credit Union and represents your ownership share. Although there is no ongoing minimum balance requirement, customers must either have additional credit union accounts open or a balance of at least $100 to avoid a modest monthly fee. This account pays interest on all balances across four different tiers, with deposits of more than $40,000 earning the highest interest.

Savings can be accessed via online banking, phone, mail or through electronic withdrawals. Deposits can be made via payroll deduction, electronic deposit or branch night depositories. ATM access is not allowed, however, unless the account is tied to a checking account or an ATM Access account, as outlined below.

Certain withdrawals, including those via pre-authorized or automatic transfer, bill pay, online banking or telephonic means are limited to six per month. Excess transactions may be charged a fee or may cause the closure of the account.

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NCUA Insured

ATM Access Account

This account gets you ATM access if your other accounts don’t have it.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: N/A

The ATM Access account is a special account that can be added to other credit union accounts to provide ATM access. For example, while the traditional Savings account at TTCU Federal Credit Union does not have ATM access, adding a complementary ATM Access account grants that access. Similarly, the Money Market account doesn’t have ATM access, but you can open this account and transfer money market funds to it free of charge to then access the money via an ATM.

This service costs $10 per month, and the account cannot be opened online.

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Youth Savings

Youth Savings accounts at TTCU Federal Credit Union are for kids ages 12 and younger.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Youth Savings account is similar to a standard savings account at TTCU Federal Credit Union but with a few twists designed for its younger clientele. Once the opening deposit requirement is met, account holders receive the following free benefits:

  • A Kids’ Savings Club t-shirt
  • A Kids’ Savings book
  • A $10 Incredible Pizza game card

After the initial deposit, subsequent deposits are rewarded with Kids’ Bucks in lieu of cash dividends. Additional deposits between $1 and $10 earn $1 in Kids’ Bucks, deposits between $11 and $20 earn $2 in Kids’ Bucks and deposits over $20 earn $5 in Kids’ Bucks. Kids’ Bucks can be redeemed for prizes from the safe at a TTCU Federal Credit Union branch.

This account has no ATM access and doesn’t allow overdrafts. However, like other TTCU Federal Credit Union accounts, it can be linked to an ATM Access account to allow machine-based access to your money. You must visit a branch to open this account.

How to get TTCU Federal Credit Union’s savings accounts

You can open TTCU Federal Credit Union’s basic Savings account online. However, for the ATM Access and the Youth Savings accounts, you’ll need to visit a branch. Opening a Savings account online takes about 10 minutes and requires a Social Security number, citizenship or residency status, a funding source and a valid ID. You should also expect the credit union to run a credit check.

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How TTCU Federal Credit Union’s savings accounts compare

TTCU Federal Credit Union’s savings accounts are an interesting collection. There is only one standard savings account, but it pays decent interest rates, with even the lowest tier exceeding the national average and the top tier paying nearly triple the average. However, the rates still can’t compete with the best savings accounts in the nation.

One important note regarding the credit union’s savings accounts is that there is no ATM access with either the basic Savings account or the youth savings account. Customers seeking ATM access will need to open an ATM Access account, which charges a fee.

TTCU Federal Credit Union’s CD account options

Share Certificates (CDs)

Share Certificates are on the shorter side but pay decent rates.
APYMinimum Balance to Earn APYTerm
0.70%
$1,0003 months
0.75%
$1,0006 months
0.80%
$1,0009 months (promo)
0.80%
$1,00012 months
0.85%
$1,00018 months
0.90%
$1,00019 months (promo)
0.90%
$1,00024 months
0.90%
$1,00036 months
0.90%
$1,00048 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

CDs at TTCU Federal Credit Union, also known as Share Certificates, cover a standard range of maturities, from 3 months to 48 months. Terms are a bit short, as many banks and credit unions offer 5 year maturities. Beyond that, TTCU Federal Credit Union’s CDs are fairly standard, with a $1,000 minimum and a 10-day grace period after maturity before auto-renewal. Rates are tiered and generally rise with longer maturities, but the progression is not linear. Currently, two maturities, the 9 month and the 19 month CD, are listed as promotional, meaning they could change or disappear at any time. Early withdrawal penalties apply.

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Share Certificates (Jumbo)

These jumbo CDs pay higher rates for deposits of at least $50,000.
APYMinimum Balance to Earn APYTerm
0.80%
$50,0003 months
0.85%
$50,0006 months
0.90%
$50,0009 months (promo)
0.90%
$50,00012 months
0.95%
$50,00018 months
1.00%
$50,00019 months (promo)
1.00%
$50,00024 months
1.00%
$50,00036 months
1.00%
$50,00048 months
  • Minimum balance to open account: $50,000
  • Minimum balance to earn APY: $50,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

Jumbo CDs at TTCU Federal Credit Union, also known as Share Certificates, cover the same standard range of maturities as the credit unions regular CDs, from 3 months to 48 months. The only difference between the two is that higher yields can be earned on the jumbo CDs, which require a $50,000 minimum.

Rates jump by about 10 basis points per maturity at the moment, although that is always subject to change. As with the credit union’s regular Share Certificates, there are currently two promotional jumbo maturities, the 9 and 19 month maturities. The standard 10-day grace period after maturity before auto-renewal applies, as do the early withdrawal penalties.

How to get TTCU Federal Credit Union’s CD accounts

You can open both types of TTCU Federal Credit Union CDs online. If you’re not a member, you’ll have to open a membership Savings account first. You’ll have to provide your Social Security number, a valid ID and a funding source, in addition to demonstrating citizenship or residency. A credit check is performed at the time you open an account.

SEE DETAILS Secured

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NCUA Insured

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How TTCU Federal Credit Union’s CD accounts compare

TTCU Federal Credit Union offers a high-paying range of CDs. Every single maturity greatly exceeds the national average rate, in some cases doubling or even tripling the average rate. Jumbo CDs pay even higher rates. The best rates at TTCU Federal Credit Union are within range of the best CD accounts available nationwide, but don’t quite top them.

TTCU Federal Credit Union’s money market account option

Money Market Account

This traditional Money Market account pays higher yields than TTCU Federal Credit Union’s savings accounts.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.35%
$5,000.01
0.40%
$20,000.01
0.45%
$30,000.01
0.50%
$50,000.01
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $22

This traditional money market account offers check-writing capabilities but no ATM access. Customers looking to access their money market funds via an ATM can sign up for the ATM Access account, which charges a fee.

The minimum deposit for the Money Market account is $2,500, and subsequent deposits must be at least $100. Similarly, the minimum withdrawal size is also $100. Dividends are paid monthly, using a five-tier APY system. Although even the smallest balances earn interest, the best rates are paid on deposits of over $50,000.

The Money Market account charges a $12 per transaction fee after three withdrawals per month. Certain withdrawals and transfers are limited up to 6 per month, following Regulation D. TTCU Federal Credit Union prohibits additional monthly withdrawals.

How to get TTCU Federal Credit Union’s money market account

You can get a TTCU Federal Credit Union Money Market account online. Opening an account at the credit union requires certain financial and personal information. To proceed, you’ll need your Social Security number, U.S. citizenship or permanent resident status, a valid ID, such as a passport or driver’s license, and a funding source. When you apply, the credit union will run a credit check.

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How TTCU Federal Credit Union’s money market account compares

TTCU Federal Credit Union’s Money Market account is simple and straightforward but does a good job providing what most people want out of a money market: a high yield. Although the account isn’t strong enough to take down the best money market accounts in the nation, it does an admirable job of topping the national average money market rate. Even the lowest tier offers a rate significantly above the national average, while the top rate pays nearly triple the average.

TTCU Federal Credit Union’s IRA options

IRA Savings

The IRA Savings account is a fee-free option for customers with free cash in their IRA.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.35%
$20,000.01
0.45%
$40,000.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA Savings account at TTCU Federal Credit Union is a place customers can keep their cash if they don’t want to commit to other investments, such as a CD. Unlike with many institutions, however, this IRA Savings account isn’t simply a parking place for cash. With no monthly fees and high yields, this account is a viable alternative for conservative investors. Interest is paid in three tiers. Although deposits of more than $40,000 earn the highest APY, even the smallest balance earns a respectable rate of interest. As the account is in an IRA, there is no ATM access and no provision for overdrafts. You must visit a branch to open this account.

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IRA Certificates

IRA Certificates are a bit different than the credit union’s regular CDs.
APYMinimum Balance to Earn APYTerm
0.90%
$1,0009 months (promo)
1.00%
$1,00012 months
0.90%
$1,00019 months (promo)
1.00%
$1,000 24 months
1.00%
$1,00036 months
1.00%
$1,00048 months
1.10%
$1,00060 months
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 30 days’ interest for up to a 6 month term, 90 days’ interest for 7-12 month terms, 180 days’ interest for 13-24 month terms and 360 days’ interest for terms of 25 months or greater; the same penalty is charged regardless of how many days into the term you make your early withdrawal

IRA CDs at TTCU Federal Credit Union are slightly different from the credit union’s regular CDs, also known as Share Certificates. IRA CD maturities range from 9 months to 60 months, and the rates paid are a bit higher.

Otherwise, the two types of CDs share the same $1,000 minimum and 10-day grace period following maturity before auto-renewal. The same early withdrawal penalties apply to both types of CDs as well. TTCU Federal Credit Union also currently offers promo rates on its 9 month and 19 month IRA CDs. The same rates apply to both traditional and Roth IRAs. You’ll need to visit a branch to open this account.

How to get TTCU Federal Credit Union’s IRA products

As mentioned above, you’ll have to visit a branch to open a TTCU Federal Credit Union IRA, as IRAs cannot be opened online. You’ll need to bring certain information and documentation to open an IRA account, including your Social Security number and a valid ID, like a passport, military ID, state ID or driver’s license. You’ll also need to prove U.S. citizenship or resident alien status. If you wish to make a deposit, you’ll need to provide information about your funding source, such as a checking account routing number.

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NCUA Insured

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How TTCU Federal Credit Union’s IRA products compare

IRA CD rates at TTCU Federal Credit Union are high. For every maturity, rates exceed the national average rates, in some cases doubling or nearly tripling the average. In fact, rates are right on par with the best IRA CD rates in the country. The IRA Savings account is another good product for money that would otherwise earn nothing in the IRA.

Overall review of TTCU Federal Credit Union’s products

TTCU Federal Credit Union is Oklahoma-focused, but some of its accounts are on par with the best national banks. However, as with most financial institutions, potential customers will be best served by picking and choosing among the credit union’s best offerings.

On the whole, TTCU Federal Credit Union shines when it comes to the interest it pays. With the exception of the credit union’s two interest-bearing checking accounts, which pay an average rate, all of the accounts at TTCU Federal Credit Union pay commendable rates. While the credit union only offers one traditional savings account, the rate paid is well above average, although not a top rate nationally.

Comparisons improve with the credit union’s money market, CD and IRA accounts. The money market account pays a much better-than-average rate, and the entire CD line pays impressive rates. In both regular and IRA accounts, TTCU Federal Credit Union’s CDs pay rates as high as triple the national average. In the case of the credit union’s IRA accounts, some of the rates paid are among the very best available across the country. Customers that don’t want to tie up their IRA money in a CD benefit from a very generous IRA Savings account rate as well.

One cautionary note: Although ATM access is available with the credit union’s checking accounts, an additional ATM Access account must be opened to provide ATM access for savings and money market accounts. Considering that the ATM Access account carries a high monthly fee that cannot be avoided, it seems like a high price to pay just to get an ATM card.

Overall, members have a wide range of high-paying accounts from which to choose, and some, but not all, are available without a monthly fee.

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