Summer Savings Account
Earn More with LBS Financial’s Summer Savings Program!
Soak up the sunshine and save this summer! LBS Financial Members who are classified or certificated school/college employees can save for the summer months – and earn significant dividends –- by signing up for the Credit Union’s Summer Savings program.
- You Decide The Amount: Set aside any amount of money from your paycheck each month (up to $2,000) into the Summer Savings account through direct deposit
- Flexible Access to Your Funds: Access your funds at any time throughout the year (with no penalty) by transferring within CU OnLine (online banking), Mobile Banking, calling the Credit Union, transferring via HomeTeller (automated phone teller) or visiting a branch. Any remaining funds will automatically transfer to your LBS Financial Savings or Checking account on September 1st of each year. Your Summer Savings account automatically renews each year so there’s no need to sign up again. Summer savings accounts are subject to Government Regulation D.
- One -Time Catch Up Provision: Deposits may be made only through your direct deposit with the exception of a one-time catch up provision of up to $2,000 at the time you establish the account
- Earn More for Participating: Every Summer Savings account earns a high dividend base rate. Click here for current rates. Increase this rate by as much as 1.25% based on your participation in additional products and services at the Credit Union!
|LBS Financial Products||Add to Your Base Rate|
|Secured Consumer Loan|
(auto, motorcycle, boat, RV, etc) in good standing
(home equity loans and lines with a balance included) in good standing
|Combined Share/Savings of $20,000 or greater|
(Savings, Money Market, Share Certificates, IRA, Checking – excludes your Summer Savings balance)
|eStatements and an active Debit and/or Credit Card|
(An active Debit or Credit Card is defined as having 5 or more point-of-sale transaction purchases each month on one card or combined between both cards within one account)
|Maximum Rate Increase Possible (cap)||1.25%|
Call the Credit Union or visit a branch today to open a Summer Savings account!
*Only one rate increase per Member in each category with a max rate increase of 1.25% available over the base rate. Eligibility for your monthly rate is calculated on the last day of the month before dividends are paid.