Products & Services
Savings & Investments
We at Consolidated Telephones Credit Union Co-Operative Society Limited are driven by our purpose to shape members financial fitness and future. Saving, spending, borrowing, and planning are indeed rewarding experiences. C.T.C.U. members are in control and prepared for the opportunities and challenges life presents.
Members are the focus of everything we do at C.T.C.U, and this definitely sets us apart from any other financial institution. Community building and helping people remain two of our key guiding principles. We stand by our members in seeking the greatest potential and we ensure that our experiences with the growth and management of our wealth are positive ones.
Our exceptional service is powered by the knowledge and experience of a committed Board of Directors, devoted officers, and loyal and enthusiastic employees, all of whom are dedicated to helping our members feel good about their wealth.
Fixed Deposits
Enjoy competitive interest rates for your money invested for fixed periods!
The Consolidated Telephones Credit Union Fixed Deposit (or FD) is a low-risk financial instrument that we offer to our members. You can easily invest in a Fixed Deposit and grow your savings at a fixed rate of interest, which is higher than interest rates offered by traditional savings accounts. The convenience of investing, along with the safety of your deposit, can help you plan your short-term and long-term goals easily.
At Consolidated Telephones Credit Union Co-Operative Society Limited, you get attractive Fixed Deposit interest rates, so you can save for your goals easily. Investing in a C.T.C.U. Fixed Deposit is easy, as you can invest from the comfort of your home through our secure and convenient customer outreach process.
In today’s times of increasing market volatility, investing in a C.T.C.U. Fixed Deposit can help you get assured returns and steady growth of capital so you can build your savings with no effect of market fluctuations.
Insurance & Protection
Family Indemnity Plan
The loss of a loved one has both an emotional costs as well as a financial one. The Family Indemnity Plan (FIP) offers financial comfort at your time of bereavement by providing a benefit to be used to cover the funeral cost for yourself and eligible family members. Up to six family members, including your parents, can be covered by this plan.
Stress-free
Money is one less thing to worry about. One monthly premium covers final expenses for you and up to five eligible family members (including any two persons you choose from your parents and parents-in-law).
Respectfulness
Allows for a dignified farewell for a family member.
Flexibility
Members can choose the plan that best suits their needs. You can now enjoy up to One Hundred Thousand dollars coverage with the new Plan G*.
Accessibility
No medical examination or questions.
Duration
Lifetime insurance coverage. You get lifetime insurance coverage once you enroll before age 76.
Efficiency
Payments for claims are made within three (3) days. You are eligible to receive the full benefit (per person) where valid claims are made.
Security and Benefits of Credit Union Savings
Consolidated Telephones Credit Union members can rest easy in the assurance that their savings are protected. Our Credit Union is secured in several ways:
Savings balances over and above any loan you may have are available to you to withdraw on demand. Members’ savings within stipulated limits are insured through CUNA Caribbean Life Savings Insurance, whereas CUNA Loan Protection provides coverage for Credit Union loans. The Trinidad and Tobago Credit Union Deposit Insurance Fund Co-operative Society Limited (TTCUDIF) insures our members’ investments. Your shares are covered up to One Hundred and Twenty-Five Thousand Dollars ($125,000.00). Your deposits are covered up to Fifty Thousand Dollars ($50,000.00). This means the money you put in and the interest earned is safe and secure – up to these revised dollar amounts.
Deposits
Your Consolidated Telephones Credit Union Deposit Account is a basic type of savings account that allows you to deposit money, keep it safe, and withdraw funds, all while earning periodic interest. Your risk of loss is virtually nonexistent as your deposit funds (up to $50,000.00) are insured.
It is generally wise to have a savings account such as your deposit account at C.T.C.U. as keeping cash elsewhere that you don’t plan to spend in the immediate future is unsafe, and using this deposit account can be a means of setting aside funds to reach longer-term goals.
Credits & Loans
Shares
Savings as shares in Consolidated Telephones Credit Union are simply a better way to save. You are not just another customer but an active member of a successful and trustworthy financial co-operative where you have a share in the ownership of the Business.
Along with having a say in the operation of the Credit Union you also earn dividends. If the credit union has a surplus at the end of the year, this is given back to our members by way of a dividend (the percentage for which is recommended by the Board of Directors before being ultimately determined by members’ votes at the relevant Annual General Meeting (AGM).
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