4.85% APY*
Earn more with our Certificate Specials! Ask us if an 8-month, 13-month, or 19-month special is best for you.
$2,500 minimum opening balance
*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of April 1, 2024. A penalty may be charged for early withdrawal. For current LorMet members.
Savings Accounts
Primary Savings
Whatever your goals may be, we’re here to help you plan and save! Open a Primary Savings account with as little as $5 to become a LorMet member, gaining access to the low loan rates and many other services we offer.
Minimum opening balance: $5. These accounts each require a $50.00 minimum balance to earn quarterly dividends. No monthly service fee with an average daily balance of $750+. Otherwise, it’s only $9.75/month
Money Market Savings Account
A Money Market Savings Account offers higher dividends than a typical savings account. Unlike a Share Certificate or Certificate of Deposit (CD), a Money Market Savings Account allows you to maintain liquidity and add more funds at any time. You can even set up direct deposit to go directly into your Money Market Savings Account.
Minimum Opening Balance: $2,500.00.
You may withdraw from this account for free up to three (3) times per month. For each additional withdrawal or transfer, there is a Withdrawal Fee of $10. You may make up to six (6) withdrawals/transfers per calendar month to another account of yours or a third party by means of a check or share draft, preauthorized or automatic transfer, or telephonic (including data transmission) agreement.
Money Market Rates
| Balance Tier* | Dividend Rate | APY* |
|---|---|---|
| $0.01 – $2,499.99 | 0.15% | 0.15% |
| $2,500.00 – $9,999.99 | 0.20% | 0.20% |
| $10,000.00 – $24,999.99 | 0.25% | 0.25% |
| $25,000.00 – $49,999.99 | 0.30% | 0.30% |
| $50,000.00 or more | 0.35% | 0.35% |
*APY = Annual Percentage Yield. The Money Market account is a tiered rate account. Once a particular range is met, the dividend rate and APY for that balance range will apply to the full balance of your account. Dividend rates and APY may change after the account is opened without notice. Fees may reduce earnings. Rates stated effective as of April 1, 2024.
Share Certificates
Share Certificates* are fixed-rate, fixed-term accounts. Similar to Certificate of Deposit (CD), a Share Certificate is held for a specified length of time. Upon maturity, a Share Certificate may either be redeemed or rolled over into a new certificate. Plan for your future and contact our expert Member Service Representatives to get started.
*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of April 1, 2024.
Minimum opening balance: $1,000. A penalty will be charged for early withdrawal.
Share Certificate Rates
| Term | Dividend Rate | APY* |
|---|---|---|
| 91 Days | 0.12% | 0.12% |
| 182 Days | 0.12% | 0.12% |
| 9 Months | 0.12% | 0.12% |
| 12 Months | 0.22% | 0.22% |
| 18 Months | 0.27% | 0.27% |
| 24 Months | 0.37% | 0.37% |
| 30 Months | 0.47% | 0.47% |
*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of April 1, 2024. Specials for existing LorMet members.
Minimum opening balance: $2,500. A penalty may be charged for early withdrawal.
Individual Retirement Accounts (IRA)
- Anyone with earned income from compensation can contribute.
- $25 minimum opening deposit for 18 month variable. $500 for all other IRA terms.
- Earnings compound tax deferred until withdrawn. Earnings are then taxed when withdrawn, usually during retirement when your taxable income may be lower. Contributions may be tax-deductible if certain requirements are met.
- If born on July 1st, 1949 or after, required distribution age is 72.
IRA Rates – Both Traditional & Roth
| Term | Dividend Rate | APY* |
|---|---|---|
| 18 Month (Variable) – Traditional | 0.27% | 0.27% |
| 182 Days | 0.12% | 0.12% |
| 12 Months | 0.22% | 0.22% |
| 18 Months | 0.27% | 0.27% |
| 24 Months | 0.37% | 0.37% |
| 30 Months | 0.47% | 0.47% |
*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of April 1, 2024.
Minimum opening balance: $500. $25 for 18 month variable. A penalty may be charged for early withdrawal.
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Savings Account Resources
Niya Knox“They gave me the best info about how my money was going to work for me”
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Karen HaneyI try to get the best rate for CD’s, 401k’s and IRA’s. I’ll be moving to LorMet from other banks.
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Tim Alcorn, Radio Voice of the Cleveland Cavaliers Radio Voice of the Cleveland CavaliersWhen I walk into a LorMet branch, there’s a sense that you’re part of the family.
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Kim Johnson“At LorMet, we feel like we are a part of the family. It’s more personalized and friendly!”
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John ZemanekIt was much easier with LorMet to establish a relationship. Go see Irene, she’ll take care of you.
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