Savings Accounts

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. For Membership qualifications, please click here.

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

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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.

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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.

CLICK HERE for An HSA is More than Just a Savings Account for Medical Expenses.

HSA Limits
  Single Plan Family Plan
         2020   2020
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.

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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.

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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

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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.

The 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 of toll free at (877) 353-4144.

For current rates see Certificate Account Rates.

CLICK HERE for Coverdell Education Savings Accounts brochure.

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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.