| Savings Accounts | |||
| Effective Date: Friday, May 20th, 2022 | |||
| Account Type | Rate | APY | Dividends Paid |
| Regular Share | 0.015% | 0.015% | Quarterly |
| Christmas Club Account | 0.015% | 0.015% | Quarterly |
| Vacation Club Account | 0.015% | 0.015% | Quarterly |
APY = Annual Percentage Yield 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: Friday, May 20th, 2022 | |||
| Minimum Deposit Amount | Rate | APY | Dividends Paid |
| $2,500-$9,999 | 0.025% | 0.025% | Monthly |
| $10,000-$49,999 | 0.025% | 0.025% | Monthly |
| Over $50,000 | 0.050% | 0.050% | Monthly |
APY = Annual Percentage Yield 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: Friday, May 20th, 2022 | |||
| Minimum Deposit Amount | Rate | APY | Dividends Paid |
| $25,000-$49,999 | 0.025% | 0.025% | Monthly |
| $50,000-$74,999 | 0.050% | 0.050% | Monthly |
| $75,000-$99,999 | 0.050% | 0.050% | Monthly |
| Over $100,000 | 0.050% | 0.050% | Monthly |
APY = Annual Percentage Yield To qualify for the Premier Money Fund, the same account number must have a checking account and VISA debit card. If conditions are not met, the premier money fund will revert to the regular money fund rate. The minimum opening deposit is $25,000 and must include at least $5,000 in new money (not previously on deposit at LOC).
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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.
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| Certificate & IRA Rates | ||||
| Effective Date: Friday, May 20th, 2022 | ||||
| Minimum certificate deposit of $1,000 required. | ||||
| Account Type | Rate | APY | Dividends Paid | Penalties |
| 3 Month Cert / IRA | 0.050% | 0.050% | At Maturity | 90 days* |
| 6 Month Cert / IRA | 0.100% | 0.100% | At Maturity | 90 days* |
| 12 Month Cert / IRA | 0.200% | 0.200% | Monthly | 180 days* |
| 18 Month Cert / IRA | 0.200% | 0.200% | Monthly | 180 days* |
| 24 Month Cert / IRA | 0.300% | 0.300% | Monthly | 180 days* |
| 36 Month Cert / IRA | 0.400% | 0.400% | Monthly | 180 days* |
| 48 Month Cert / IRA | 0.500% | 0.500% | Monthly | 180 days* |
| 60 Month Cert / IRA | 0.600% | 0.600% | Monthly | 180 days* |
| Variable IRA | 0.015% | 0.015% | Quarterly | |
APY = Annual Percentage Yield No minimum variable IRA balance required to open. Variable IRA dividends are calculated using the daily balance, paid and compounded quarterly. Variable IRA dividend rate is subject to change at any time. * Penalty for early withdrawal of funds may apply on Certificate products. | ||||