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Savings Rates
| Savings Accounts | |||
| Effective Date: January 1, 2012 | |||
| Account Type | Rate | APY | Dividends Paid |
| Regular Share | 0.05% | 0.05% | Quarterly |
| Checking | 0.00% | 0.00% | N/A |
| Christmas Club Account | 0.05% | 0.05% | Quarterly |
| Vacation Club Account | 0.05% | 0.05% | Quarterly |
| Dividends are calculated using the daily balance, paid and compounded quarterly. $100 minimum balance required to earn dividends if age 18 or older. No minimum balance required if under 18. Dividend rate is subject to change at any time. Fees may reduce earnings on the regular savings account. | |||
| Money Fund (Variable) | |||
| Effective Date: January 1, 2012 | |||
| Minimum Deposit Amount | Rate | APY | Dividends Paid |
| $2,500-$9,999 | 0.10% | 0.10% | Monthly |
| $10,000-$49,999 | 0.15% | 0.15% | Monthly |
| Over $50,000 | 0.20% | 0.20% | Monthly |
| Dividends are calculated using the daily balance, paid and compounded monthly. $2500 minimum balance required to open and to earn dividends. Dividend rate is subject to change at any time. | |||
| Premier Money Fund (Variable) | |||
| Effective Date: January 1, 2012 | |||
| Minimum Deposit Amount | Rate | APY | Dividends Paid |
| $25,000-$49,999 | 0.20% | 0.20% | Monthly |
| $50,000-$74,999 | 0.25% | 0.25% | Monthly |
| $75,000-$99,999 | 0.30% | 0.30% | Monthly |
| Over $100,000 | 0.35% | 0.35% | Monthly |
| To qualify for the Premier Money Fund, the same account number must have a checking account, VISA check card and at least completed one point-of-sale purchase each month using the card. The minimum opening deposit is $25,000 and must include at least $5,000 in new money (not previously on deposit at LOC). Balances below $25,000 will earn the regular Money Fund rates for the days they are below the minimum. Dividends are calculated using the daily balance, paid and compounded monthly. $2500 minimum balance required to earn dividends. Dividend rate is subject to change at any time. | |||
| Certificate & IRA Rates | ||||
| Effective Date: January 1, 2012 | ||||
| Minimum certificate deposit of $500 required for members 18 and older. Minimum certificate deposit of $250 for members under age 18. | ||||
| Account Type | Rate | APY | Dividends Paid | Penalties |
| 3 Month Cert / IRA | 0.10% | 0.10% | At Maturity | 90 days |
| 6 Month Cert / IRA | 0.15% | 0.15% | At Maturity | 90 days |
| 12 Month Cert / IRA | 0.20% | 0.20% | Monthly | 180 days |
| 18 Month Cert / IRA | 0.25% | 0.25% | Monthly | 180 days |
| 24 Month Cert / IRA | 0.30% | 0.30% | Monthly | 180 days |
| 36 Month Cert / IRA | 0.40% | 0.40% | Monthly | 180 days |
| 48 Month Cert / IRA | 0.75% | 0.75% | Monthly | 180 days |
| 60 Month Cert / IRA | 1.14% | 1.15% | Monthly | 180 days |
| Variable IRA | 0.50% | 0.50% | Quarterly | |
| No minimum variable IRA balance required. Variable IRA dividends are calculated using the daily balance, paid and compounded quarterly. Variable IRA dividend rate is subject to change at any time. | ||||
| Grand Slam Promotion | ||||
| Effective Date: January 1, 2012 | ||||
| Our Grand Slam Promotion adds .10% to the APY of each certificate when members buys four certificates with four different terms of one year or longer at the same time. The rates for the Grand Slam certificates are shown (choose any four). Minimum deposit of $500 required for members 18 and older. Minimum deposit of $250 for members under age 18. | ||||
| Term | APR | APY | Dividends Paid | Penalties |
| 1 Year | 0.30% | 0.30% | monthly | 180 Days |
| 18 Month | 0.35% | 0.35% | monthly | 180 Days |
| 2 Year | 0.40% | 0.40% | monthly | 180 Days |
| 3 Year | 0.50% | 0.50% | monthly | 180 Days |
| 4 Year | 0.85% | 0.85% | monthly | 180 Days |
| 5 Year | 1.24% | 1.25% | monthly | 180 Days |
APR = Annual Percentage Rate
APY = Annual Percentage Yield
Penalties = Days of interest lost for early withdrawal
