Types of Saving Accounts

Published on June 26th, 2019

As a credit union serving River Grove, we know how important it is for you to be able to receive loans and credit cards when you need them. As for Savings Accounts, there are many options.  You should know all your options and which one would help you the most when it comes to saving for the future.

Regular Savings Account

Opening a Leyden Credit Union Regular Savings account and maintaining the minimum deposit of only $25.00 entitles you to all credit union services.  Dividends (interest) are earned daily and paid monthly on accounts with a balance of $100.00 or more.

Holiday/Vacation Account

We have Savings Accounts for you to save specifically for the holiday season or vacation. Dividends are the same as Regular Savings.  A Holiday Savings Account can be funded regularly through direct deposit of payroll ($10 minimum) or automatic transfer from another LCU account.  A Vacation Account has no minimum balance requirement and no withdrawal limitations. Payroll deduction or automatic transfer can regularly fund this account.  These accounts allow you to save so that you don’t have to borrow later.

Money Market Account

LCU’s Money Market Account is designed for savers who want to earn more on their money.  The minimum balance is $1,500.00 and 3 withdrawals [minimum $250.00] or transfers are permitted each month.  You can also write up to 3 checks per month.

IRA – Individual Retirement Accounts

IRAs offer the opportunity to save for retirement in one of two ways.

The Traditional IRA is the only IRA that may allow tax-deductible contributions. It is designed for members that are looking for a tax savings now and who expect a lesser tax burden after they reach the age of 59 1/2.

With a Roth IRA, contributions are made after taxes. The trade-off is that your Roth IRA dividends are tax-free. Funds can be withdrawn if:

  • You are over age 59 1/2
  • Funds are going to your beneficiary upon your death
  • You have become disabled
  • Funds are being used for first time home purchase (lifetime limit is $10,000 per person)


The minimum amount to open an IRA is $100.00.  Deposits can continue to be made regularly via payroll deduction or ACH (automated clearing house) until the maximum yearly contribution limit is reached.

IRA Certificates

Categorized as “Add-on Certificates”, IRA Certificates require an initial deposit of $1,000.00.  They are available in 12 month, 24 month, and 60 month terms.  Deposits can be made throughout the year until the maximum yearly contribution limit is reached.

Share Certificates

Share Certificates are similar to the certificates of deposit, or CDs, offered by banks. They offer higher yields than regular savings accounts; in exchange, you leave your money in the account for a specified amount of time.  The longer terms have better rates than shorter terms. Certificates redeemed prior to maturity will forfeit dividends.  The balance of the dividend will then revert to the rate of common shares at the time of purchase.

All savings accounts are insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency.


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