Savings
FOR A BRIGHTER TOMORROW
A wide variety of savings options to fit your financial needs.
Each account at Towpath CU is insured for up to $250,000.00 by American Share Insurance.
American Share’s equity ratio is greater than that reported by both federal deposit insurance funds.
No credit union Member has ever lost money in any American Share-insured credit union account.
Grow your balance with flexible savings account options
Liquid Savings Options + Term Certificates
Use our dividend calculator to plan your savings goals
Waiting for payday just got a little easier with Towpath Credit Union. Beginning the first week of September, direct deposits will be available up to two days sooner!
This enhancement will allow Members to access the funds from their direct deposits up to two days early.*
*Early access to direct deposit funds depends on the timing of the payer’s submission of deposits. Towpath Credit Union will generally post such deposits on the day they are received which may be up to two days earlier than the payer’s scheduled payment date. Towpath Credit Union cannot guarantee early deposits in all cases.
Membership Savings
Your deposit of $5.00 or more into a Towpath Credit Union Share Savings account not only establishes your Membership but also gives you the opportunity to take advantage of additional Towpath Credit Union financial services. This $5.00 deposit will remain in your Membership Savings account as long as your Membership remains open.
Special/Additional Savings
Open additional savings accounts for any dream or savings goal you may have. Special share savings accounts are perfect for setting aside a little bit each month if you're trying to save for vacation or just want an emergency fund; a savings account makes it easy.
Holiday Savings
A savings account built just for that special time of year. Don’t be caught out in the cold when the post-holiday bills arrive. Contribute automatically throughout the year or as you can. The balance of the Holiday Savings account is then disbursed to you in early October automatically, just in time for Holiday shopping. Avoid holiday debt and regret by utilizing a Holiday Savings account.
Share Certificates
Share Certificates (known otherwise as Certificates of Deposit or CDs) are fixed-rate term accounts that require one initial deposit that stays in the account until it reaches maturity (Funds may be redeemed early but with a penalty). These accounts will often offer the highest dividend rates.
Money Market Savings
A money market savings account is a high-yield savings account. They often feature more options for withdrawals than a typical savings account, such as check-writing privileges. The funds in the account are liquid and so may be withdrawn, or more funds may be added into the account at any time.
Towpath CU’s Everyday Money Market Savings account requires no opening deposit, no minimum balance, check-writing privileges, and tiered dividend rates, which depend on the account balance.
IRA Savings and Certificates
Individual Retirement Accounts (IRAs) are long-term savings accounts that allow Members with earned income to save and take advantage of tax advantages* designed to help you save for retirement. Towpath CU offers both IRA Savings accounts as well as IRA Share Certificates.
Traditional IRA:
Earnings are tax-deferred (no taxes until withdrawn)*
Contributions may be tax deductible*
Roth IRA:
Earnings are pre-taxed, and withdrawals are tax-free if the account is open for five tax years and withdrawals are for a qualified reason (age 59 ½, disability, death, or first-time home purchase*).
Contributions are not tax deductible*.
You can withdraw regulation contributions at any time, tax-free and penalty-free*.
*Not intended as tax advice. Please consult a tax professional.