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Savings Accounts

Regular Savings Account   It's easy to open a savings account with Ladysmith Federal.  We ask for a $100 deposit to get you started. Your account will earn interest, calculated daily, compounded and paid monthly. You will receive a statement every quarter. Passbook savings option is also available.  There is a $1.00 service charge per month if your balance falls below $100.00 for customers over the age of 18.
 
Money Market Savings Account   Money Markets pay a higher rate of interest than a regular savings account.  Open with $1,000 and maintain that balance or greater to avoid a $2.00 service charge.  Only 3 withdrawals are allowed per month for free.  Each additional withdrawal costs $1.00.  
 
Christmas Club Savings Account   Open with as little as $10 and make as many deposits as you want throughout the year.  Come mid-October a check will be mailed to you.  This will only bring the account to zero, but not close it so that you can start making deposits for 2011.  This account earns higher interest than our regular savings account and money market account.  Interest is paid at maturity each year.  Through mid-October 2010, the interest rate is 2.50% APY! 

Junior Savers Club Account   Finally a savings program just for kids!  You must be 16 years old or younger to open this account.  Receive your very own deposit bag to bring in your money.  All Junior Savers will get a savers card.  Bring this card in and receive a stamp for each deposit.  Once your card is filled, you receive a gift certificate to one of our local businesses.  Enjoy special Junior Savers “Deposit Days” throughout the year.  This account also earns a higher rate than just a regular savings account.  Our current rate is 1.0% Annual Percentage Yield.


Certificates of Deposit
Invest a minimum of $1,000 to get some of the most competitive rates around. We offer certificates of deposit in  3 or 6 month; 1 year; 2 year; 3 year; 4 year elevator (with a one time option to bump up your rate); and 5 year terms. Check out our current rates by clicking on "Tools" then "Rates" at the left of this screen.

Individual Retirement Accounts

Traditional IRA  
A Traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made. If you are younger than age 70 ½ for the entire tax year and have earned income (or your spouse has earned income), you are eligible to establish a Traditional IRA. IRA’s at Ladysmith Federal earn ¼ percent higher interest than our certificate of deposit for the same term. 
 
Roth IRA  
A Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA than from a Traditional IRA. 
 
There are two requirements for eligibility to contribute to a Roth IRA: you must have earned income (or your spouse must have earned income), and your modified adjusted gross income (MAGI) cannot exceed certain prescribed limits. IRA’s at Ladysmith Federal earn ¼ percent higher interest than our certificate of deposit for the same term. 
 
Coverdell Education Savings Account  
A Coverdell Education Savings Account (ESA) is just that – a savings arrangement in which contributions are invested for the purpose of funding an individual’s education. Eligible taxpayers may deposit up to $2,000 per year into a Coverdell ESA for a child under the age of 18.
 
Amounts deposited in the account grow tax free until distributed, and the child will not owe tax on any withdrawal from the account if the child’s qualified education expenses at an eligible educational institution for the year equal or exceed the amount of the withdrawal. ESAs at Ladysmith Federal earn ¼ percent higher interest than our certificate of deposit for the same term.