Historically, the prevailing thinking has always been that people should use a savings account to store their money for the long term and a checking account to deposit the money they’ll need to pay immediate bills and expenses. That meant that consumers looked for savings accounts with good interest rates in order to accrue interest on their money. But many of those same people didn't care about the perks and interest rates for their checking accounts, since the cash wouldn’t remain there long.
However, no matter how long a customer’s hard-earned money stays in their checking account, they should still look for an account that does them favors and a bank or credit union that appreciates their business. But just how do you find this, how do you determine which financial institution to pick?
Start by figuring out your financial needs and priorities. Are you looking for personal accounts? Do you need business banking? Do you want both checking and savings accounts? Will you want a loan in the near future? Do you use a credit or debit card, or both? Are you interested in other financial planning options, like planning for retirement?
While you might not mind using more than one financial institution for different accounts, it makes sense to just use one that offers everything you’re looking for. You may even receive rewards for being a loyal customer, plus get the added bonus of linking your accounts. You deserve access to your money, as well as to friendly customer service, in a way that fits your needs and lifestyle, whether that means in person, via the internet, or by phone. Other factors to consider include:
- Do I need a checking or savings account? You can use a savings account to store money for the long term and a checking account to deposit and spend the money they’ll need to pay immediate bills and expenses.
- Is my debit card for my checking or savings account? You can use your Visa® debit card for both your checking and your savings account. At the ATM you can select the account you want to interact with and swipe your card for checking or enter your pin for savings at the counter.
- How can I check my savings and checking balance? You can check your account balance online using TDECU digital banking, using our telephone banking system, or at any TDECU Member Center or ATM.
- What is the minimum balance for a TDECU checking and savings account? The minimum balance for a TDECU main share savings account is $5 and the minimum balance for a checking account is $1.
- How much money should I keep in my savings and checking accounts? You should keep three months of expenses in your savings account as an emergency fund and at least one month of expenses in your checking account for unexpended spending.
- What amount is my TDECU checking and savings accounts insured for? All TDECU checking and savings accounts are insured up to $250,000 by the National Credit Union Administration (NCUA).
TDECU offers all of these things. We do more than just appreciate your business, as the fourth-largest credit union in Texas, we remain committed to offering unwavering service to each and every one of our Members. Our deposit accounts are a natural extension of our commitment to members across our entire range of financial offerings: mortgage and car loans, checking and savings accounts, credit cards, business line of credits, investment services, and more. When people sign up as TDECU Members, we’re with them through all of life’s stages, offering both best-in-class customer service and Member care.