Savings 101

23 August 2017
Comments: Comments Off on Savings 101
23 August 2017, Comments: Comments Off on Savings 101

Whether you want to save for retirement or just next summer’s beach trip, Lowland Credit Union has the answer.

We offer many types of savings accounts to suit your financial needs. While we are always available to help you determine which account is right for you, we wanted to provide a brief breakdown of each.

Regular Share Accounts These are your basic savings accounts. Members will earn dividends on an average daily balance method, and there are no penalties for withdrawals or minimums to deposit. All you need is $5 to open your account. Use the money anytime, for any reason! ATM cards are available to make withdrawing more convenient.

Checking Accounts Also referred to as a share draft account, this is the best option for handling your daily finances and cash flow. Our checking accounts have no monthly service fees, no minimum balance requirements, and you earn rewards! Through uChoose Rewards, members will earn 1 point for every $2 spent, across all categories, anytime they purchase with a signature-based (non-PIN) transactions. Checks and ATM/debit cards are available.

Share Certificates Looking to earn a little more for your money but don’t want the risk associated with other types of investing? Consider a Share Certificate. These accounts offer a guaranteed return on your savings, so long as you don’t withdraw early. Terms range from 91 days to three years so you can choose the term that works best for you. Check current rates here.

Club Accounts Vacation or Holiday expenses sneak up on you last year? Our Vacation & Christmas Club Accounts are a great way to put a little aside from each paycheck to save up for something bigger. Your total account balance will automatically be deposited into your account each May for Vacation Club Accounts and each November for Christmas Club Accounts. There is no minimum required, just whatever you want to save!

IRA Accounts We all dream of retirement, but what are you doing to get there? Lowland Credit Union offers Regular and Roth IRA accounts to help you save for retirement. Contributions to Regular IRAs are tax deductible and tend to be best if you’re planning to roll over money from other qualified retirement accounts, such as a 401K. Contributions to Roth IRAs are not tax-deductible. Instead, these earnings grow tax-free, so you pay no taxes when you withdraw your money so long as the money has been in the account at least 5 years and you’re older than 59 ½, or if you become disabled.


Found the perfect savings account for you? Apply online today or stop by any of our branches to learn more!

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