Deposit Accounts

Our savings accounts are designed to help you save for whatever life throws at you. They can help you build a nest egg or just prepare for emergencies, either way they are a great tool to have. If you have the need to designate funds for a certain purpose, such as insurance, home repairs, or a much needed vacation, we can do that, too. Dividends are compounded daily and paid quarterly to the account.

A Main Share Savings Account is required for each membership at the credit union. A minimum balance of $5.00 is required to be maintained in the account at all times.

We offer secondary savings accounts that can be named and designated for your individual purpose/need. Secondary savings accounts have no minimum balance requirements.

Share Draft Checking Accounts provide a simple way to manage your money. This account does not earn dividends or have a minimum balance requirement. Debit cards are available with this account.

A $25.00 minimum deposit is required when opening a Share Draft Checking Account.

Earn a higher yield when you invest your funds for a specific term.

Deposit as little as $500 for a one-, three- or five-year certificate. Your rate is guaranteed for the term of the certificate you open, and a penalty will be imposed if certificate funds are withdrawn before the maturity date.

Capitalize on the money you’ve worked hard for by getting guaranteed earnings on a safe, NCUA insured, investment.

Money Market Accounts provide a great way to maximize your earnings with continued access to the funds. This account allows you to withdraw six times per month without any fees being accessed. Dividend tiers are available based on balance maintained within the account. A minimum balance of $1000.00 is required to be maintained in the account at all times. If the balance falls below $1000.00, a $10.00 per month service fee will be charged.

A $1000.00 minimum deposit is required when opening a Money Market Account.

Health Savings Accounts (HSA) are accounts established to pay for future qualified medical expenses with potential tax benefits. The accounts are intended to assist those who have chosen a health insurance plan with a high deductible.

For additional information about Health Savings Accounts (HSA), please refer to IRS Publication 969 or contact your insurance company and/or tax consultant.

WHAT ARE THE BENEFITS OF AN HSA?

1. You may be able to claim a tax deduction for contributions you, or someone other than your employer, make to your HSA.

2. Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income.

3. The contributions remain in your account until you use them.

4. The interest or other earnings on the assets in the account are tax free.

5. Distributions may be tax free if utilized for qualified medical expenses.

6. An HSA is "portable." It stays with you if you change employers or leave the work force.

Lakewood Credit Union has IRAs available to help you plan for your retirement or to subsidize the funds you’ll need. We offer you a choice of Traditional IRA or Roth IRA savings. Our accounts have no annual fees or maintenance fees. As always, consult your tax advisor for valuable tax savings information and to see if this type of account is right for your situation.