Savings Accounts
Save and Receive all the Benefits of Membership at LCCU
Opening an LCCU Savings Account (also known as a share account) establishes a lifelong relationship with us and offers you all the benefits of membership. While a minimum balance of $25.00 is required, there are no monthly maintenance fees.
Earn dividends to grow funds quickly. Build a safety cushion, save up for a rainy day, or set aside money for a special purpose. A Savings Account is just one facet of smart money management.
Your savings are federally insured up to $250,000.00 by the National Credit Union Administration (NCUA).
Share Certificates
A Savings Plan for Long-term Growth
Share Certificates are similar to a bank's Certificate of Deposit (CD). Certificate Accounts are a great way to invest in the future. With a variety of terms from 18 months to 5 years, you can ensure that you have access to your money when you need it.
With an LCCU Certificate Account, you'll earn a guaranteed interest rate for the term you choose. Dividends are compounded quarterly. Early withdrawals subject to penalty.
IRAs
Preparing for a Wealthy Retirement
It’s never too early to start thinking about retirement. The earlier you start saving, the more you have to play with later. We’ve got a few options to help you make the most of your retirement years.
We offer Individual Retirement Accounts (IRAs) for your long-term, personal retirement savings. IRAs offer tax-advantaged ways to set aside funds and are considered a great way to plan for your financial future. Choose to open a Roth or Traditional IRA, depending on your situation.
Traditional IRA
Contributions to a Traditional IRA may be tax-deductible (please consult your tax adviser for details). With a Traditional IRA, your earnings grow tax-deferred, and you won’t owe income taxes until you make withdrawals. As you create your retirement plan, consider an LCCU Traditional IRA as your sole source of retirement income or a supplemental income stream so you can live comfortably and experience the joys of retirement.
Roth IRA
The Roth IRA is unique because you invest after-tax dollars. This means the principal amount is never subject to taxes or penalties in the future (as long as you stay within the contribution guidelines). Second, this plan allows the money you contribute to grow tax-free. The Roth IRA offers specific tax advantages that are different from a Traditional IRA, and depending on your financial situation, the Roth IRA might be your best option for retirement planning.
After you’ve spent some time researching, consult your tax advisor to better understand your IRA options and their abilities to meet your goals.
LCCU IRA dividends are compounded quarterly.
Money Market
A High-Rate Alternative to a Regular Savings Account
If you're looking for a greater return on your savings without tying it up for a fixed period of time, LCCU's Money Market Account is a smart solution.
Take advantage of higher interest rates, unlimited deposits, and no minimum balance. There are no monthly service fees or charges, and your money can grow at higher rates the more you deposit.
The LCCU Money Market Account is perfect for creating an emergency fund or working toward short- and medium-range goals when you still need instant access to your cash.
There is a strict limit of three checks and three transfers per month. Additional transactions will incur an over-limit fee.
Savings Protection
We are pleased to inform your deposit accounts in Lincoln County Credit Union are insured up to $1,000,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI).
ESI’S COVERAGE First, NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000. For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, please check with your credit union or contact NCUA. Second, accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $750,000 by ESI.
Coverage Per Member with Excess Insurance*
| Account Type | NCUA Coverage | ESI Coverage | Total Insured |
|---|---|---|---|
| Individual | $250,000 | $750,000 | $1,000,000 |
| Joint | $250,000 | $750,000 | $1,000,000 |
| IRA | $250,000 | $750,000 | $1,000,000 |
| Individual | $250,000 | $750,000 | $1,000,000 |
*Example only
ESI’S POLICY
To be eligible for excess coverage, the credit union must comply with ESI’s rigid underwriting standards. Also, ESI’s insurance policy requires that every quarter the credit union submit financial statements and a listing of accounts eligible for excess coverage in order to continue coverage. Individual policies are not provided to members, and there is no direct cost to you for this coverage. It is important to note that excess deposit insurance is payable only upon the failure and liquidation of the credit union. The credit union or ESI may terminate or modify this coverage, but in either case, you would be notified in writing of any change in the excess coverage.
ABOUT ESI
Headquartered in Dublin, Ohio, ESI is a wholly owned subsidiary of American Share Insurance, a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. As a property and casualty insurer, ESI is subject to licensing and regulation by your state’s insurance department. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union. ESI is not a federal or state government agency.
ABOUT LINCOLN COUNTY CREDIT UNION
406.293.7771 | 714 W. 6th Street | Libby, Montana 59923 | LincolnCountyCU.com
