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Is my money safe in a Savings and Money Market account?
Your Lake Trust Money Market accounts along with your other Savings accounts are insured up to a total of $250,000 by the National Credit Union Administration (NCUA), the federal regulator and insurer for credit unions.
I already have a Savings account. Why should I move it to Lake Trust Credit Union?
It's convenient to conduct your financial business at one location. Your Savings may also earn more at Lake Trust – our dividends are generally higher than most area banks, and we have no monthly fees, which can save you money.
Can I make withdrawals from my Savings and Money Market accounts?
Withdrawals from all Savings and Money Market accounts are limited by Regulation D (Reg D). This is a federal regulation all financial institutions must follow. It puts restrictions on the number of withdrawal transactions through electronic channels that are allowed on Savings and Money Market accounts. Reg D limits these withdrawals to six (6) per month.
Transactions that count towards Reg D limitations:
Transactions or withdrawals made to another account of yours at Lake Trust if made by:
Transactions or withdrawals to a third-party if made by:
Transactions that DON'T count towards Reg D limitations
Is overdraft protection available on my Money Market account?
Yes, but Reg D limitations apply.
How often is interest calculated and paid on my account?
Interest is calculated on your daily balance and paid monthly.
What is the minimum balance to open a Money Market account and earn interest?
Opening a Money Market account requires a $1,000 minimum balance. There is no minimum daily balance to earn the disclosed annual percentage yield. $1,000 minimum daily balance is required to avoid a $10 monthly fee. There is no minimum balance to open a regular Savings account.
My investments are at a brokerage firm. Why would I want a Lake Trust Money Market account?
When you have funds deposited in a Lake Trust Money Market account, you pay no commissions.