A savings account with a credit union offers several advantages over traditional banks. Credit unions typically offer the best savings account rates and have lower service fees, which helps you keep more in your account to grow your balance faster.
Credit unions are member-focused financial institutions, which means they prioritize your financial needs instead of focusing on profits. Credit unions also provide personalized service, which makes them an excellent choice for those who value local support.
Credit union savings accounts are insured for up to $250,000, but not by the FDIC. They are insured by the National Credit Union Administration (NCUA). Both the FDIC and NCUA are government organizations, which means your account is backed by the full faith and credit of the federal government.
Yes, credit unions typically pay interest on savings accounts, although they often refer to it as dividends rather than interest. The annual percentage yield (APY) you earn will vary depending on the credit union.
Savings accounts are ideal for growing your money over time, but they aren’t ideal for daily use. A checking account is a much better option because it allows you to write checks or make frequent debit card transactions. If you ever need to add funds to your checking account for a large purchase, you can transfer money from your savings account with online banking or stop by a branch.
Opening an account does not require a high deposit, which means you can start saving right away! You only need a minimum opening deposit of $5 to get started with either a Traditional Savings or Christmas Club account. The minimum initial deposit to open a Money Market account is $2,500.
Yes, you will need to become a Baton Rouge Telco member to open a credit union savings account. Membership is open to anyone who lives, works, or attends school in one of the following Louisiana parishes:
Parents, children, siblings, grandparents, grandchildren, stepparents, or stepchildren of Baton Rouge Telco members are also eligible to join.
If you are looking for the best savings accounts in Baton Rouge, Louisiana, consider Baton Rouge Telco! Our Money Market account is ideal for growing your money. The high-yield savings account offers competitive interest rates, no monthly fees, and allows up to six withdrawals per month. You only need a minimum deposit of $2,500 to get started.
Before you begin the balance transfer process, let's get a BR Telco Visa credit card opened for you. We offer two great credit cards to fit your lifestyle. Our credit cards feature no annual fees, no balance transfer fees, and practically unbeatable rates. You can begin your online application here.
Complete this short form and we’ll have one of our experts contact you to discuss options.
1Earn 4.00% APY on balances up to $50,000.00 and 2.00% APY on balances over $50,000.00. You must have a Premier Checking account within the same membership as the Premier Savings account and meet all monthly requirements of the Premier Checking account. Existing savings accounts cannot be converted to a Premier Savings - a new account must be opened. Only one Premier Bundle per membership. Minimum deposit of $5.00 to open account.
2Early withdrawal penalty of $5 (before Nov. 1). There’s no monthly maintenance fee and no minimum balance fee on our Christmas Club Savings Account. This means there’s no charge if your balance falls below $5, though you won’t earn any interest.
3Federal guidelines state you can make up to six withdrawals per month without a fee. You can make additional withdrawals from an ATM or in-person teller. Withdrawals above 6 incur a penalty.
*APY = Annual Percentage Yield. Dividend rates are subject to change without notice. Dividends are posted monthly based on the daily balance and compounded monthly. Baton Rouge Telco Federal Credit Union Share Certificate rates are variable rate accounts and are subject to change at any time. Rates are not guaranteed. Penalties for early withdrawals may apply. Fees may reduce earnings on the account.