Savings Account Types

Deposit accounts, such as individual and joint accounts and revocable trust accounts, are insured by the National Credit Union Association (NCUA) up to a maximum of $250,000.  The NCUA insures Individual Retirement Accounts to $250,000.  LorMet provides an additional savings coverage to qualifying accounts through Excess Share Insurance Corp. (ESI), a licensed property and casualty insurance company. 

Savings Account

Your membership with LorMet Community Federal Credit Union begins when you open your regular savings (share) account.  You must maintain a minimum balance of $5.00 in your savings account in order to remain a member and use the products and services offered by LorMet.  This interest bearing account requires a $50.00 minimum balance to earn quarterly interest.

Holiday Savings Account

The Holiday Savings (Share) account requires a minimum $5.00 deposit.  With this interest bearing account, you must maintain a $50 minimum balance to earn quarterly interest.  This account allows you to withdrawal one time per year.  Each October 31st, your Holiday account funds will be automatically transferred to your Regular Savings account.  You may then transfer the funds to another account; withdraw the funds; or roll the funds into another Holiday Savings Account.

Share Certificates

Share Certificates may be opened for a minimum deposit of $500.00.  A Term Share Certificate may be opened for any amount above the minimum deposit.  Certificates mature after a specific term has expired and may be cashed in or "rolled over" to a new certificate.

Share Certificate Terms & Minimum Deposit Amounts

For more information regarding Savings Account Types offered at LorMet, contact any of our branch locations.