IMAGE: Six stacks of coins, left to right topped with two wedding rings, piggy bank, airplane, home, shopping cart, graduation cap.

Savings

Savings, Money Market, and HSA Accounts

Regardless of your financial situation, Texell offers members many options for saving money — and earning on those deposits — all while keeping those funds accessible and safe, with deposits insured for up to $500,000.1


Savings Accounts

All members of Texell have a savings account as their ownership in the Credit Union. We require just $5 to open your savings account, and that $5 will stay on deposit for the life of your account. Our savings accounts offer:

  • No monthly service fees
  • Competitive dividend rates1
  • Manage your account easily through Digital Banking
  • Deposits insured up to $500,0002
  • Access to all benefits available to Texell Credit Union members

1 Minimum Savings balance to earn dividends is $100. Dividends are paid quarterly and deposited into the account.
2 Deposits insured up to $500,000 through a combination of coverage provided by NCUA and private insurance provided by ESI.

Save First Accounts - Power Your Emergency Fund

Be ready for any financial surprise and get high-yield rates while you save. A Texell Save First Account¹ is specifically designed for emergency savings accounts, offers a high-yield rate of 5.00% APY,² and encourages you to save.

Managing your finances can be stressful, especially when an emergency happens. Relax — you can be ready for any financial surprise with an emergency fund powered by a Save First Account. When needed, you can access your money quickly through withdrawal or funds transfer.³

The Save First Account pays an ultra-competitive rate on balances between $500 and $25,000, and a dividend rate higher than most savings rates on balances between $0 and $499.99. It also helps you think twice about withdrawing money for non-emergencies. If you make a withdrawal, the dividend rate will be reduced for the entire quarter the withdrawal is made. After all, a true emergency shouldn’t happen every day, right?

Open your Save First Account in seconds through Digital Banking.

Save First Rates


 
Balance Tier
Prospective Annual % Yield
 
Minimum to Open
Minimum Daily Balance to Earn Dividends1 Minimum to Avoid Service Charge2
$0 To $499.99 0.40% $0 $0.01 $0
$500 to $25,000 5.00% $0 $500 $0
$25,000.01+ 0.40% $0 $25,000.01 $0

1 Limit one Save First Account per membership. Save First Accounts not available on business memberships.
2 APY= Annual Percentage Yield. 5.00% APY is current as of 2/21/2024. Rate may change after account opened and subject to change without notice. The 5.00% APY is earned on balances from $500 to $25,000. Dividends are paid quarterly and deposited into the Save First Account. The maximum balance for Save First Accounts is $25,000 and deposits that exceed the maximum balance will be deposited into the primary savings account.
3 Both withdrawals and funds transfers reduce APY. To earn the stated rate, you must not make any withdrawals during the calendar quarter. If you make any withdrawals from the Save First Account, the rate for the full quarter will be the standard rate for savings accounts at Texell Credit Union. The APY for standard savings accounts is .40% which is effective as of 2/21/2024. Rate may change after account opened and subject to change without notice.


Schedule an appointment         Read about creating an emergency fund



Money Market Accounts

Do you need to keep your funds accessible for emergencies but still want to earn higher dividends? Our Money Market account gives you that option. Our Money Market Accounts require at least a $2,500 deposit to open and offer:

  • All the same free benefits of our Savings Accounts
  • Competitive dividend rates1
  • Manage your account easily through Digital Banking
  • Deposits insured up to $500,0002
1 Minimum Savings balance to earn dividends is $2,500. Dividends are paid monthly and deposited into the account.
2 Deposits insured up to $500,000 through a combination of coverage provided by NCUA and private insurance provided by ESI.

Health Savings Accounts (HSAs)

In today’s expensive healthcare environment, it is essential to manage costs. The U.S. Congress created tax-advantaged HSAs, which allow members with high-deductible insurance plans the ability to build savings for medical expenses for themselves and their families. You can open an HSA at Texell with just $5.

If you have chosen a high-deductible insurance plan, your employer may contribute a certain amount to you for choosing a plan that’s less expensive for them. You may need an HSA to accept those funds. If you’re a business looking for a financial institution with HSAs for your employees, you’ll find more information here.

What Are the Benefits of an HSA?

  • Tax benefits: Deposits are tax-deductible, and all interest accrued in your HSA account is tax-deferred. Plus, withdrawals are tax-free if used for qualified medical expenses.
  • Portability: If you change your job, become unemployed, or change your medical coverage
  • No use-it-or-lose-it rules: HSA account balance automatically rolls over to the next year
  • No monthly fees: No monthly service, maintenance, or minimum balance fees
  • Earn dividends: Our HSA has the best rate around, currently earning 2.00% APY.1

You Can Open a Health Savings Account at Texell If You:

  • Have a qualified high-deductible health plan (HDHP)
  • Do not have coverage under another health plan
  • Are not enrolled in Medicare
  • Are not a dependent on another individual’s tax return

Access HSA funds conveniently with your free VISA® debit card, free Bill Pay service, or free checks.

Become a Member Today        HSA Savings Calculator        HSA Contributions Calculator


1 APY = Annual Percentage Yield. Rates effective 2/21/2024
2 Minimum HSA daily balance to earn dividends is $500. Dividends are paid monthly and deposited into the account.

 

Youth Savings Accounts

IMAGE: White piggy bank icon
Dollar Squad Savings
  • Ages 12 and under
  • Open with just $5
  • Mobile app with balance and transaction history
  • Quarterly dividends1 on balances over $5
  • With every deposit, kids earn Squad Dollars to purchase fun prizes
  • Automatically becomes cha-ching! Account at age 13.
  • Newsletters are sent out quarterly, with fun games and helpful info about saving money
  • Receive birthday greetings from the Dollar Squad

IMAGE: white gear with dollar sign
cha-ching! Savings
  • Ages 13–17
  • Open with just $5
  • Helps youth learn about banking practices and the value of saving
  • Custodian maintains control over funds
  • Quarterly dividends1 on balances over $5







IMAGE: white cirlce with large exclamation mark and word "thrive"
Thr!ve Savings
  • Ages 13–17
  • No monthly fees2
  • Open with just $5
  • No minimum balance2
  • $10 Starbucks gift card at account opening
  • Gift for account anniversaries3
  • Free debit card with access to 92,000+ free ATMs worldwide
  • Free mobile app and mobile deposits
  • Quarterly dividends1 on balances over $5

1 You must maintain the disclosed $0 daily balance in your account to obtain the declared Annual Percentage Yield. You will not earn dividends on any day your account balance is below the required minimum daily balance.
2 You must maintain the disclosed $0 daily balance in your account to avoid a service charge. If during any month your account balance is below the required minimum, your account will be subject to a Below Minimum Balance Service Charge for that month as set forth in the Fee Schedule.
3 Gifts with qualifying account activity.
IMAGE: grandfather and grandson fishing on a dock.

Looking for Other Savings Options? Consider CDs!

Texell’s Term Share Certificates of Deposit (CDs) allow you additional APY without costly monthly service fees. Lock in your rate for terms of 6- to 60-months.

Frequently Asked Questions:

You can earn money on your Savings Account deposits by maintaining a minimum daily balance of at least $100 on a traditional savings account, or $2,500 for Money Market Accounts. Dividends are paid quarterly and deposited directly into the account.

Financial experts recommend having an emergency fund of 3–6 months of expenses to be prepared for life’s little surprises. Of course, more is even better. If you don’t have this amount fully funded in accessible savings, you can learn to get started by reading this article. Also, consider using Texell’s free Emergency Savings Calculator.
For eligible individuals covered by a qualified high deductible healthcare plan (HDHP), an HSA offers several benefits. Money that would otherwise be lost to high insurance premiums could be invested in a tax-free, interest-bearing HSA. For those with higher medical expenses, an HDHP combined with an HSA still may provide overall cost savings compared to a traditional plan with higher premiums and out-of-pocket maximums.
If you live in Texas, you can join. Texell Credit Union membership is available to:
  • Individuals who live, work, worship, or attend school in Bell, Bosque, Burnet, Coryell, Falls, Hill, Lampasas, Limestone, McLennan, Milam, Travis, or Williamson County, Texas
  • All Texas residents are existing members of — or would like to join — the Texas Consumer Council. Texell covers the membership fee, free of charge
  • Individuals with an immediate family member who is a Texell member