Savings Accounts
Looking for the best savings account to help you save your money? LAFCU’s savings accounts come with these benefits:
- Funds easily transferrable to other accounts
- Save your money while earning competitive dividends
- Other savings account options available
- Deposits insured up to at least $250,000 per individual depositor by the National Credit Union Administration.
LAFCU offers a variety of savings accounts to help you save your money to meet your goals. Whether saving for the holidays or building retirement savings, we have the account you need.
Join LAFCU with a Regular Share Savings Account
To establish your Los Angeles Federal Credit Union (LAFCU) membership you need to first open a Regular Share Savings account with the following:
- $10 minimum opening deposit ($5 savings account deposit plus a one-time $5 LAFCU membership fee).
- $10 LACA membership fee if you are eligible to join through the LOS ANGELES CHARITABLE ASSOCIATION (LACA).
- A $50 balance must be maintained in this account after six months from the date you joined LAFCU or a monthly fee applies.
Other Account-Opening Requirements
- Provide your California driver’s license or ID, Social Security Number, and information about income.
- A “ChexSystems” and hard-hit on your credit will be run.
- You or your immediate family member must be a resident of one of these Southern California counties: Los Angeles, Imperial, Kern, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, or Ventura.
Money Market Accounts
We offer two Money Market options including a “Regular” account and an “Online Money Market” higher-rate account.* Both require a $2,500 minimum opening deposit with no term requirement, and retain the flexibility of a liquid savings account.
To open an Online Money Market account, visit online or mobile banking then click "Open an Account."
* To receive the Online Money Market account rate: (a) You must open and maintain a LAFCU Checking account and during each calendar month, the account must have a combination of any five (5) of the following debit (withdrawal) transactions: ATM, Automated Clearing House (ACH), Debit Card debit or POS, Bill Pay, or Share Draft Checks; (b) You must sign up and receive online monthly LAFCU Online Statements; (c) You must maintain a minimum balance of $2,500. You can access this account at no charge online via online banking, and with personalized Money Market Checks, and if you need to visit a branch or call our staff for a transaction, you can do that too, for a minimal fee (search “Consumer Fee” in “How Can We Help You?”). If you do not maintain the requirements, your Online Money Market account will be changed back to our Regular Money Market Account for the entire quarterly dividend period, unless you re-apply and qualify for the Online Money Market.
Holiday Account
- $50 minimum balance required
- Funds available in November for end-of-year expenses
- Save your money while earning higher dividends
- No monthly service charges
- Penalty fee applies if funds withdrawn early
Health Saving Accounts
Our Health Savings Accounts are designed to help you save money by providing an additional source of funding for any future medical expenses not covered by your regular medical insurance. To be eligible, you must be under age of 65; covered by a high deductible health plan; not covered by another health insurance carrier or Medicare; and not claimed as a dependent by another individual. To open this account3 today, call us at (877) 695-2328, or visit a LAFCU branch.
Benefits
- Contributions made with pre-tax monies are 100% tax deductible
- Withdrawals for qualified medical expenses are tax-free
- Option to pay higher deductible with own insurance resulting in lower premiums
- Account stays with you even if your job changes
- Spouses can inherit the account with no tax consequences
- Can be used for withdrawals in person at a LAFCU branch, by mail or with an HSA Check (debit) Card.
1To receive the Online Money Market account rate: (a) You must open and maintain a LAFCU Free Checking or Second Chance Checking account and during each calendar month, the account must have a combination of any five (5) of the following debit (withdrawal) transactions: ATM, Automated Clearing House (ACH), Debit Card or POS, Bill Pay, or Share Draft (checking) Checks; (b) You must sign up and receive monthly online LAFCU statements; (c) You can access this account at no charge online via online banking, and with personalized Money Market Checks, and if you need to visit a branch or call our staff for a transaction, you can do that too, for a MINIMAL FEE [LINK TO RATES PAGE]. If you do not maintain the requirements, your Online Money Market account will be changed back to our Regular Money Market Account for the entire quarterly dividend period, unless you re-apply and qualify for the Online Money Market.
2APR is Annual Percentage Rate; subject to change without notice.
3 One HSA per member. No minimum balance. Inherited accounts are still considered HSAs and are subject to no tax consequences unless unqualified withdrawals are made. Not intended as tax advice, please consult your tax advisor for details.
IRAs & Share Certificates
Individual Retirement Accounts (IRAs)
These share certificates can help you build retirement savings and are available for Traditional, Roth & Coverdell Education savings accounts. Each pays competitive dividends and requires a $500 minimum opening deposit with fixed terms from 3 to 60 months. To open an IRA, call (877) 695-2328 or visit a LAFCU branch.
Roth IRAs
- Contributions are taxed
- Earnings on your retirement savings and qualified withdrawals are tax-free
- Penalty-free withdrawals begin at age 59½ if open 5+ years
Traditional IRAs
- Offers potential tax deductions on contributions
- Earnings on your retirement savings are tax-deferred until withdrawn
- Distributions generally begin at age 59 ½ (mandatory at age 70 ½)
Coverdell Education Savings Accounts
- Offers tax benefits to help you save money to pay for your children’s education expenses
- Contribute up to $2,000 per year until the beneficiary is 18
- Funds must be used by the time the beneficiary reaches 30
- Share Certificates
- Our share certificates offer high yields with flexible terms from 3 to 60 months. To open a share certificate, call (877) 695-2328 or visit a LAFCU branch.
OPEN A COVERDELL EDUCATION SAVINGS ACCOUNT
Share Certificates
Our share certificates offer high yields, based on your Relationship Rewards level, with flexible terms from 3 to 60 months. After a certificate is opened, you can make more than one deposit into it during the term if the total deposits do not exceed the opening deposit. To open a certificate, call (877) 695-2328 or visit a LAFCU branch during business hours.
Minimum deposits for certificates are $100 (“Starter”), $100,000 (“Jumbo”) and $1,000 for all others.
Starter Certificates (if age 24 or under): After opening, additional deposits of $50+ are allowed until balance reaches $10,000.
Bronze Relationship: Earns the Bronze rate.
Silver Relationship: Earns the Silver rate.
Gold Relationship: Earns the Gold rate.
Regular & Jumbo
- Minimum deposits are $1,000 (Regular), or $100,000 (Jumbo)
- Jumbos earn higher yields
Starter (if age 24 or under)
- $100 minimum deposit
- Additional deposits of $50+ are allowed until balance reaches $10,000
Senior & Senior Jumbo (if over 60)
- Receive higher yields
- Earns bonus dividend on Regular and Jumbo Certificate rates
- Terms the same as Regular Certificates
- Minimum deposit is $1,000 (Senior) or $100,000 (Senior Jumbo)
OPEN A SHARE CERTIFICATE ACCOUNT
Savings Calculators
LAFCU’s Financial Calculators can help you determine ways to accumulate wealth, build retirement savings, and save your money to reach your financial goals.
