Savings Accounts at LHCU

Prime Share Savings Accounts

Becoming a member is easy! Simply open a Prime Share Account with an initial $5.00 deposit. That $5.00 deposit must remain on the account to retain your membership. Once you are a member, your relatives, whether they live with you or not, can join too!

  • Dividends are calculated on the average daily balance and paid quarterly
  • The Prime Share Account also enables members to take advantage of many other products and services of Lake Huron Credit Union

  • Side Share Savings Accounts

    Members have the option to open a Side Share Account to set aside savings for a rainy day. Side Shares are also a great budgeting tool! Put money for specific bills in a Side Share and have the payment pulled directly from that account.

  • No minimum balance requirement
  • Unlimited deposits and/or withdrawals
  • Pays the same rate as the Prime Share Account
  • Dividends are calculated on the average daily balance and paid quarterly

  • Christmas/Holiday and Vacation Club Accounts

    Don’t get caught short for cash at the holidays or for your next vacation. Open a Christmas or Vacation Club account.

  • No minimum balance requirement
  • Dividends are calculated on the average daily balance and paid quarterly

  • Kid's Club Accounts

    Our Kid's Club Accounts (available for children 17 years of age and under) are a great way to help children learn about money and save for the future.

  • Kid's Club Accounts will receive dividends on any amount over their initial $1.00 deposit
  • Dividends are calculated on the average daily balance and paid quarterly

  • Certificates of Deposit (CD)

    Start saving with an LHCU CD! Lock in a higher rate for the term of the CD.

  • Minimum deposit of $500 unless otherwise specified
  • Automatic renewal
  • Terms available from six (6) to 60 months

  • Individual Retirement Accounts (IRA)

    LHCU offers IRAs that pay a higher dividend than most deposit accounts. There’s no minimum deposit required. This excellent savings tool helps you easily save for retirement through mail deposit, payroll deduction, or automatic transfer.

  • Dividends are calculated daily and paid quarterly
  • There are no fees or handling charges with an LHCU IRA

  • IRA CD

    Plan for retirement with an IRA Certificate of Deposit.

  • Minimum $500 deposit
  • Automatic renewal
  • Terms available from six (6) to 60 months

  • Health Savings Accounts (HSA)

    An HSA is a tax-free way to build savings for medical expenses. You must have a high-deductible health insurance plan to be eligible.

  • Accessing your account is easy using an LHCU MasterCard® Debit Card
  • Unused money stays in your LHCU HSA and continues to grow
  • Deposits made into your HSA are 100% tax deductible

  • Savings Accounts Details

    Par Value of a Share

    The par value of a share is $5.00

    Variable Rate Information

    The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union Board of Directors.

    Compounding & Crediting

    Dividends will be compounded and credited quarterly. If you close your share account before dividends are paid, you will not receive the accrued dividends. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date of such dividend period is March 31st. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period. For this example, it is March 31st.

    Minimum Balance Requirements

    The minimum balance is the purchase of a share in the credit union.

    Balance Computation Method

    Dividends are calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.

    Accrual of Dividends on Non-cash Deposits

    Dividends will begin to accrue on the business day you deposit non-cash items (e.g. checks) to your account.

    Transaction Limitations

    During any statement period, you cannot make more than six withdrawals or transfers to another account or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. If you exceed the transfer limitations in any statement period, your account will be subject to closure by the credit union or to a fee listed on the fee schedule.

    Bylaw Requirements

    You must complete payment of one share in your Prime Share Savings account as a condition of admission to membership. If the balance in your Prime Share Savings account falls below $5.00, you may be terminated from membership immediately.

    Nature of Dividends

    Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.

    National Credit Union Share Insurance Fund

    Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.