Savings Hero

Savings Accounts at LorMet Credit Union

Get out ahead of your financial future. LorMet has Savings Accounts, IRAs and Share Certificates to help you achieve your goals, no matter the size.

Savings

Savings Accounts

Primary Savings

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.

Primary Savings
Primary Savings 1

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 can add more funds at any time. You can even set up direct deposit to go directly into your Money Market Savings Account.

Image 2
Image 1

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

Earn higher dividends with a Money Market Savings Account
Balance Tier*Dividend RateAPY*
$0.01 – $2,499.990.07%0.07%
$2,500.00 – $9,999.990.10%0.10%
$10,000.00 – $24,999.990.12%0.12%
$25,000.00 – $49,999.990.15%0.15%
$50,000.00 or more0.17%0.17%

*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 October 5, 2022.

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.

Image 4
Image 3

*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of October 5, 2022. 

Minimum opening balance: $1,000. A penalty will be charged for early withdrawal. 

Share Certificate Rates

Ask about our 13 month and 19 month specials! *For existing members
TermDividend RateAPY*
91 Days0.12%0.12%
182 Days0.12%0.12%
9 Months0.12%0.12%
12 Months0.22%0.22%
18 Months0.27%0.27%
24 Months0.37%0.37%
30 Months0.47%0.47%

*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of October 5, 2022.

Minimum opening balance: $1,000. A penalty may be charged for early withdrawal.

Individual Retirement Accounts (IRA)

IRAs allow you to save for retirement and provide long-term, tax-advantaged savings opportunities to help you make the most of your financial future.
Traditional 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.
Traditional IRA

IRA Rates – Both Traditional & Roth

For more information regarding LorMet IRAs and 401(k) Rollovers, contact a Member Service Representative.
TermDividend RateAPY*
18 Month (Variable) – Traditional0.27%0.27%
182 Days0.12%0.12%
12 Months0.22%0.22%
18 Months0.27%0.27%
24 Months0.37%0.37%
30 Months0.47%0.47%

*APY = Annual Percentage Yield. Rates and terms subject to change without notice. Fees may reduce earnings. Rates effective as of October 5, 2022.

Minimum opening balance: $500. $25 for 18 month variable. A penalty may be charged for early withdrawal.

Not a LorMet Member?

Join LorMet today and enjoy experience the Credit Union difference.
banner-7-2
layout-decor-4-right-min
Testimonial image
Bob Welter

I’m extremely happy that I chose LorMet to partner with for my banking needs.

Read Full Member Testimonial
Testimonial image
Brad Tansey

I would highly recommend using LorMet for any banking needs.

Read Full Member Testimonial
Testimonial image 2
Christine Parron

Glad to be a LorMet member for the last 20+ years. Awesome job everyone!

Read Full Member Testimonial
Testimonial image
Gary Burls

Every time I have a problem I am reminded again why I have remained a member at LorMet for so long .

Read Full Member Testimonial
Testimonial image 2
Kim Martin

I opened an account online with ease.

Read Full Member Testimonial
Testimonial image
Thomas O’Malley

I will never forget the Branch Manager’s genuine
helpfulness
and kindness.

Read Full Member Testimonial
Testimonial image
Testimonial image
Testimonial image 2
Testimonial image
Testimonial image 2
Testimonial image