If you're looking for long term investments, consider LCU's Certificates of Deposit and Individual Retirement Accounts.

Term Share Certificates

  • Available in terms from 3 months to 5 years
  • Competitive dividend rates
  • $1,000 minimum to open

 

Individual Retirement Accounts (IRAs)
An IRA is a tax-deferred retirement savings account that allows individuals to contribute a limited amount per year. A traditional IRA may allow individuals, depending on their incomes and participation in employer-sponsored retirement plans, to deduct part or all of their contributions on their tax returns. Withdrawals made after age 59½ are taxed at the current tax rate. In contrast, Roth IRAs allow individuals to withdraw earnings tax free, provided they have owned the account for five years and are at least age 59½. Contributions are made with after-tax dollars.


Traditional IRA

  • $1,000 minimum to open and earn stated interest
  • Available in various terms
  • You can contribute until age 70½ as long as you have earned income
  • Your earnings are tax-deferred until you begin taking distributions

 

    Roth IRA

    • $1,000 minimum to open and earn stated interest
    • Available in various terms
    • You can contribute at any age as long as you have earned income
    • Your earnings are tax-free when you begin taking distributions

     

    Coverdell Education Savings Account (formerly known as Education IRA)

    • A savings account specifically designed for higher education expenses
    • $2,000 per year per child
    • Available in various terms
    • Parent or legal guardian is responsible for the account

     

    Fees may reduce earnings on accounts. Rates and Annual Percentage Yields (APYs) on transaction accounts are variable and may change at any time. Early withdrawal penalties will be imposed on term certificates and IRAs.