Savings
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Primary Share Accounts
Credit Unions refer to Savings Accounts as Share Accounts. Your Primary Share Account establishes your membership and entitles you to all other services provided by the Credit Union including check cashing, loans, and other deposit programs.
Our Share Account has the following features and benefits:
$25.00 minimum balance to open and maintain the account
Unlimited deposits and withdrawals to the account
No monthly service charges
Dividends are paid monthly based on the average daily balance
Periodic statements are provided
Money Market Accounts
Our Money Market Account features a tiered dividend structure based on the average daily balance. This account rewards Members who carry higher balances and the funds remain available at any time.
Our Money Market Account has the following features and benefits:
$1,000 minimum balance
Unlimited deposits
$100 minimum withdrawal amount and a maximum of three withdrawals per month
Dividends paid monthly
Note: If your Money Market Account balance falls below the minimum balance required, the account will be closed, and the remaining funds will be transferred to your Savings Account.
Health Savings Accounts
Health Savings Accounts (HSA) are an alternative way to save for medical expenses and pay for health care costs. If your insurance policy is a High Deductible Health Plan (HDHP), you can save for qualified medical expenses - doctor visits, prescriptions, dental care, and more - and do it tax-free! Benefits to an HSA...
Protection: opportunity to save money to pay high or unexpected medical bills
Affordable: high health insurance policy deductibles mean lower premiums
Savings: ability to deduct your contributions and the tax deferral of account earnings enable you to build your account
Flexible: contribute at any time during the year, and your HSA balance rolls over from year to year (no use-it-or-lose-it)
Portable: you own the account. It goes where you go…regardless of any job changes!
Eligibility: (1) Must be covered by a qualified high-deductible health plan as defined by IRS. (2) Cannot be enrolled in Medicare. (3) Cannot be claimed as a dependent on someone else's federal income tax return.
An HSA is More than Just a Savings Account for Medical Expenses.
| HSA Limits | 2020 Single Plan | 2020 Family Plan |
|---|---|---|
| Minimum Deductible | $1,400 | $2,800 |
| Maximum Out-of-Pocket | $6,900 | $13,800 |
| Contribution Limit | $3,550 | $7,100 |
| Catch-Up Contribution (55 years or older)* | $1,000 | $1,000 |
* If a spouse is also 55 years or older, a second HSA account must be established and a second contribution of $1,000 could be made to that account.
The annual contribution deadline is April 15th of the following year, and contributions may be carried over from year to year.
Check with a tax professional regarding tax deductibility. To confirm eligibility for HSA, check with your employer, health provider, or tax professional. Deductible amounts are determined by law and are subject to change annually.
Share Certificates
Are you looking to save for a long-term goal and are seeking an account that will pay a higher dividend rate? If so, consider opening a Certificate today! Our Certificate Program will allow you to earn a higher rate for the term you specify.
Features and benefits of this program:
$1,000.00 minimum balance to open a Share Certificate ($250.00 for minors)
Automatically renewable for your convenience
Terms ranging from 6 months to 5 years
Dividends are paid monthly based on the average daily balance
Dividends may be added to the Certificate, deposited to another account, or mailed
1. $1,000 minimum balance required to earn the APY.
2. Dividends are paid monthly on the average daily balance.
3. Penalty for early withdrawals.
4. A withdrawal will reduce earnings.
Club Accounts
For your convenience, the Credit Union offers a variety of Club Accounts:
Vacation Club Accounts
A perfect way to save for that dream vacation. Through payroll deduction or regular deposits, you save systematically and painlessly. Each June, you can either receive a check for the balance or have the funds deposited into another account at the Credit Union. The account remains open, so you can continue to use it for the following year!
Holiday Club Accounts
A great way to save for holiday expenses while eliminating the need to "charge". Holiday Clubs allow you to come up with a savings plan to meet your expected budget. Each October, you can either receive a check to begin your shopping or have the money deposited into another account at the Credit Union. These accounts remain open to save again for years to come.
All-Purpose Club Accounts
A great budgeting tool to help save for taxes, auto registrations, insurances, or big ticket items. The funds remain in the account until you need them.
Club Accounts Features:
No minimum balance
Dividends that are paid monthly on the average daily balance
Penalty-free withdrawals at any time
No deposit schedule to adhere to
Coverdell Education Savings Accounts
The Coverdell Education Savings Account is an excellent way to save for your child's educational expenses. Formerly known as Education IRAs, the earnings on the Coverdell Education Savings Accounts grow tax-free. Contributions to the account are not tax deductible.
A Coverdell Education Savings Account can be opened with a minimum deposit of $100.00 to benefit anyone under the age of 18. Contributions of up to $2,000.00 per year per beneficiary are allowed up until the age of 18. Anyone can contribute to a Coverdell Account including parents and grandparents.
Distributions from Coverdell Education Savings Account must be made to cover qualified educational expenses and will generally not be considered taxable income for the child. Examples of qualified expenses include tuition to private elementary and secondary schools, vocational schools, and most post-secondary colleges and universities. Distributions must be made before the beneficiary reaches 30 years old. Funds withdrawn by child for non-qualified expenses will be assessed a 10% IRS penalty and will be considered gross income for the child.
Lisbon Community Federal Credit Union also allows Coverdell Education Savings Accounts to be opened as Certificates, allowing you to earn higher dividends.
Coverdell Education Savings Accounts were created by federal legislation. As such, there are many, many rules that govern these types of accounts. For more information please contact one of our Member Service Representatives at (207) 353-4144 or toll-free at (877) 353-4144.
For current rates, see Certificate Account Rates.
For additional information on our Savings Accounts please contact one of our Member Service Representatives at (207) 353-4144 or toll-free at (877) 353-4144.
Lisbon Community Federal Credit Union Accounts are federally insured up to $250,000 by the National Credit Union Administration, a U.S. Government Agency.
