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Savings

Superior Member Service: Our goal is to provide you with a high level of member service. Unlike other financial institutions LM Federal is owned by its members; not outside stockholders.

Federal Deposit Insurance: Up to $250,000 by the National Credit Union Administration (NCUA), a US government agency.

More Than Competitive Rates: As LM Federal is a not-for-profit financial cooperative, our rates are typically higher than those offered by many other financial institutions.

Low Minimums to Open an Account: Our minimum to open an account is usually lower and we only assess fees to cover our costs.

The Share Account is the core account required to open and maintain your membership with LM Federal. You may open your membership by telephone or in-person. The minimum to open and avoid a monthly service fee is only $25. Dividends are paid quarterly on daily balances of $100 or greater. Maintain a $300 balance and avoid paying any excess withdrawal fees. Contribute to your account with payroll deductions from any employer or organization.

Secondary share accounts are also available should you wish to segregate your funds for special needs.

Club accounts are a special share account intended for holiday or vacation expenses. Deposits may be made whenever you wish. One withdrawal may be made during the withdrawal period; additional withdrawals made during the withdrawal period or withdrawals made outside of the withdrawal period are subject to a penalty. The withdrawal period for Holiday Clubs is October 1st through December 15th. The withdrawal period for Summer Clubs is May 1st through August 31st. Club accounts may be opened at any time. Setting up an automatic deposit to a club accounts guarantees that you’ll have the funds you’ll need. We recommend payroll deductions or automatic transfer from another LM Federal account.

LM Federal offers two Money Market accounts to provide you with the best available combination of high rates, liquidity, convenience and safety. The regular Money Market account requires a minimum of only $2,500 to open and avoid a monthly service fee. The Money Market PLUS account requires a higher minimum of $25,000 to open and avoid a monthly service fee. However, the Money Market PLUS account earns higher interest rates than the regular Money Market Account.

Both the Money Market and Money Market PLUS accounts offer the following advantages:

  • Competitive Rates: You earn higher dividend rates on higher balances. Dividends are paid monthly on daily balances of $100 or greater.
  • Liquidity: Make withdrawals of any amount as often as you like in person, by phone or through Online Banking and Touch Tone Teller.
  • Convenience: Access your account with convenient check writing (3 checks/month).
  • Safety: Unlike money market mutual funds, LM Federal money market accounts are federally insured up to $250,000*.

*Subject to federal deposit insurance limitations

Any member of your family or household may establish their own membership with LM Federal by opening a Family Share account. This includes your children, parents, brothers, sisters, grandparents, grandchildren, and other relatives. Family members enjoy the same membership privileges as regular members.

Uniform Transfers to Minors Accounts

UTMA accounts are specialized accounts that allow you to make irrevocable transfers to a minor. Savings, Money Market & Certificate accounts are available under UTMA. The account is the property of the minor with a custodian having sole authority to transact on the account until the minor reaches age 21. UTMA funds should be used solely for the benefit of the minor. All dividends paid are reported under the minor’s social security number. UTMA accounts are ideal when used with proper tax and estate planning.

Business Accounts

LMFCU members may open a membership in the name of a business or other organization. The account is setup under a different account number and must have a social security number or Federal Tax Identification Number (TIN).

Estate Accounts

These special accounts hold a deceased person's estate assets separate from an estate administrator's own personal accounts. The estate administrator must be an existing LM Federal Credit Union member. Typically, the deceased member's assets are deposited into savings, and then transferred as needed to checking for easy payment of taxes, debts, and other obligations during the estate settlement process.

Additional accounts may be setup including checking, money markets and certificates.