Whether you’re preparing for retirement or just want to put a little money away for the holidays, Lake Shore Bank can help you reach your goals. You can choose from a variety of savings account options. All of our accounts have different combinations of benefits and flexibility to suit your needs. Our savings account options include:
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Receive a monthly statement and/or sign up for E-statements for a record of your transactions and start saving today! What could be easier? Our regular savings accounts include:
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
- Interest earned on balances as low as $10.00
- $10.00 minimum opening deposit required
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With a tiered interest rate structure, our Money Market Savings account is tailored to those who want to be rewarded for carrying a higher balance without sacrificing access to their money. Account features include:
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
- Interest earned on balances as low as $10.00
- $10.00 minimum opening deposit required
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Individual Retirement Accounts (IRAs) allow individuals to save for retirement with tax advantages. Lake Shore Bank is pleased to offer Traditional IRAs, Coverdell or Educational IRAs, Roth IRAs and SEP IRAs.
IRAs may be opened as either a certificate of deposit ($500.00 minimum opening balance) or Money Market Savings account ($10.00 minimum opening balance). A CD IRA offers the best interest rate, while a Money Market Savings IRA allows you to make contributions at any time.
Your retirement goals and tax considerations should be discussed with a qualified tax professional before choosing an IRA option.
Traditional IRAs
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
Roth IRAs
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
- Interest earned on balances as low as $10.00
Coverdell or Educational IRAs
Coverdell Education Savings Accounts (CESA) are typically opened as an 18-month certificate of deposit IRA for the purpose of savings funds for higher education. These funds may also be used for elementary and secondary education expenses.
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
Simplified Employee Pension Plan IRA
Contributions are made by an employer from its funds for the benefit of an employee. An SEP IRA allows the employer to contribute to an employee’s retirement directly while supplying the employee with tax-deferred earnings.
- Higher interest rates for higher balances
- Unlimited deposits allowed
Also, our LS Advantage Money Market account offers a market-leading rate with no maximum balance. Minimum of $10,000 in funds not currently on deposit with Lake Shore Bank and a LS Ultimate or LS Plus Checking Account with direct deposit is required to open. Click here for more details.
** Withdrawal from an IRA CD before maturity may result in a Bank-imposed early withdrawal penalty.
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Our certificates of deposit offer highly competitive interest rates and terms starting at three months. You can open a CD with as little as $500.00! Give us a call, stop in or see our rates for further details.
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
- Interest earned on balances as low as $10.00
- $10.00 minimum opening deposit required
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This is a savings account that helps you put away the money you need and plan for the holidays ahead. Some benefits of this account include:
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
- Interest earned on balances as low as $10.00
- $10.00 minimum opening deposit required
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At Lake Shore Bank, our Health Savings Accounts (HSA) is designed to fit your family’s unique needs.
If you currently have a high-deductible health insurance plan, then you will want to consider an HSA from Lake Shore Bank. Our HSA account is interest-bearing and fee-free, and you can manage the account via our Online Banking and Mobile Banking app. Click here to check rates and then contact your local branch for full details.
Features of an HSA account with Lake Shore Bank:
- Higher interest rates for higher balances
- Unlimited deposits allowed
- Online Banking to view activity or transfer funds
- Interest earned on balances as low as $10.00
- $10.00 minimum opening deposit required
** Withdrawal from an IRA CD before maturity may result in a Bank-imposed early withdrawal penalty.
