savings & investments
Members from all over the world trust LFCU
with their savings. There are three main reasons: (1) Unparalleled
member service, (2) Insured deposits (3) high dividends. Plus,
saving with us helps other members get loans. That's the cooperative
spirit.
Share Savings Accounts
These basic dividend-earning savings accounts are the backbone
of our savings program. Share Savings accounts earn high dividends
from the date of deposit to the date of withdrawal. Dividends
are compounded and paid out each quarter.
A Share Savings account must be opened with
a minimum deposit of $50. Subsequent deposits can be made
in any amount. A minimum balance of $50 is required to retain
your membership in the credit union.
Rates, Disclosure, Request Information, Apply
Preferred Savings Accounts
A Preferred Savings account can be opened with as little as $50
and you can make additional deposits of any amount at any
time. Funds in your Preferred Savings account will earn a higher
dividend rate than in your Share Savings or Checking account.
And, if you have a Preferred Savings account balance of $20,000
or more, you'll earn an even higher rate. (Dividend rates
may change at the discretion of the LFCU Board of Directors.)
The Preferred Savings account is designed to
be a true savings account and not a transaction account. You
can make six free withdrawals from this account per calendar
quarter. You'll be charged $10 for each additional withdrawal.
Rates, Disclosure, Request
Information, Apply
Variable Rate Certificate Accounts
Variable Rate Certificate accounts are share accounts that are
held for specific terms, in exchange for higher dividend rates.
There are penalties for withdrawal before the end of the term,
but you can make additional deposits in any amount at any
time. We offer:
Rates, Disclosure, Request
Information, Apply
Fixed Rate Certificate Accounts
LFCU offers three-year, two-year, one-year or, for a limited time, a seven-month
fixed rate certificate account at a very competitive rate. Fixed Rate certificate accounts are held for specific terms, in exchange
for higher dividend rates. There are penalties for withdrawal
before the end of the term. We offer:
- Very competitive
rates
- Three-year, two-year, one-year or seven-month term
- A $500 minimum balance
Rates, Disclosure, Request
Information, Apply
Premier Savings Account
The Premier Savings Account pays the highest dividend rate
of all our savings accounts. A minimum deposit of $50,000
is required to open the account and six withdrawals per quarter
may be made without penalty. Members may earn even higher
dividend rates as balances grow.
Members who have an existing Preferred Savings
account with a qualifying balance may convert the Preferred Savings account to a Premier Savings account. Members
may have either a Preferred Savings or Premier Savings account,
but may not have both products under the same account.
For more details, please see the account
disclosure.
Rates, Disclosure, Request Information, Apply
IRA Services
Individual Retirement Accounts (IRAs) were
created by Congress to help Americans create long-term retirement
savings. No matter how far off retirement seems to be, it's
a good idea to take advantage of our IRA services.
IRA Savings Accounts
Variable IRA accounts: These
accounts have the same features as our Variable Rate Certificate accounts
mentioned above. The only difference is that they are used
to save for an IRA.
IRA accounts: The IRA account is similar to our Share Savings account,
with dividends compounded and paid each quarter. Dividends
are earned from the date of deposit until the date of withdrawal.
There is no term on this type of account.
Fixed Rate Certificate IRA accounts: These accounts have the same features as our Fixed Rate Certificate
accounts mentioned above. The only difference is that they
are used to save for an IRA.
Rates, Disclosure, Request Information, Apply
LFCU IRA Program
To help you get the most out of your retirement dollars, we
offer a competitive IRA program. You may choose from IRA savings
accounts, Traditional or Roth IRAs or Coverdell Education
Savings Accounts (formerly Education IRAs).
To open a new IRA with us, or to service
an existing LFCU IRA, visit our IRA
Service Center. To email us regarding your IRA account,
please click here.
Traditional IRAs
Annual contributions to this type of IRA may be partially
or fully tax-deductible in the year in which they are made.
Distributions from a traditional IRA are generally taxable
upon withdrawal. To learn more, visit our IRA
Service Center.
Roth IRAs
While Roth IRA contributions are not deductible during the
year in which they are made, distributions can generally be
taken tax-free. To learn more, visit our IRA
Service Center.
Coverdell Education Savings Accounts
These accounts were created to help parents pay for the education
of their dependent children. Designate an account for each
child, and start saving early. Then you won't have to stress
over a tuition bill when they turn 18.
- Contribute up to $2,000 per tax year.
- Earnings will be distributed tax free
if used to pay for elementary, secondary school or college
education expenses.
To learn more, visit our IRA
Service Center.
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