Saving for the Future is Important

Whether you’re preparing for retirement or just want to put a little money away for the holidays, Lake Shore Savings 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:

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

The Money Market Savings Account is free of monthly service charges if your daily ending balance is greater than $1,500. If your daily ending balance is less than $1,500 on any day during the monthly statement period, a service charge of $5.00 is assessed for that period.

Click here for more information on our plans that include CD and MMA accounts.

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:

  • Competitive interest rates, compounded daily
  • Unlimited deposit and withdrawal transactions
  • Low minimum balance of $100.00 required to avoid a $4 monthly service charge*
  • Online Banking to view activity or transfer funds
  • E-Statements available for statement accounts
  • $10.00 minimum opening deposit required

* Please see the Schedule of Fees and Service Charges for details.

Individual Retirement Accounts (IRAs) allow individuals to save for retirement with tax advantages. Lake Shore Savings 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:

  • Contributions are pre-tax and earnings grow tax-deferred (taxed upon distribution). Maximum annual contribution limits are established by the IRS
  • Withdrawals before the age of 59 ½ are subject to regular income tax and a tax penalty by the IRS unless a qualified exception exists
  • Minimum annual distributions required beginning at age 70 ½ or age 72

Roth IRAs:

  • Contributions are not pre-tax, but qualified distributions (including earnings) are tax-free
  • Maximum annual contribution limits are established by the IRS. Higher earners may have a lower limit or be unable to contribute to a Roth IRA
  • Withdrawal of contributed funds (not earnings) before the age of 59 ½ is allowed without tax penalty**
  • No minimum annual distributions required beginning at age 70 ½ or age 72

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.

  • Gives customers a tax-advantaged savings vehicle for education expenses
  • Unlike an IRA, the funds contributed to the account are considered a gift to a designated beneficiary under the age of 18
  • May be opened as a Money Market Passbook IRA with a minimum of $10.00 to open or CD IRA with a minimum of $500.00 to open

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.

  • Available to any business as an inexpensive, simple option for contributing to its employees’ retirement savings
  • Typically opened as an 18-month IRA CD. Additional terms are available upon request

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 Savings 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.

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.

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 rate than regular savings
  • Deposits accepted throughout the year
  • No minimum balance requirement
  • Each October, your Club funds are mailed to you via check or they can be directly deposited into another Lake Shore account. No other withdrawals are permitted.*
  • $10.00 minimum opening deposit required; maximum account balance allowed is $7,500.00

* Please see the Schedule of Fees and Service Charges for details.

At Lake Shore Savings, 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 Savings. 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 Savings:

  • Competitive interest rates
  • Checks or a debit card to make payments directly to your doctor or pharmacy
  • No monthly service charge
  • No minimum balance requirements
  • Monthly statements generated
  • Debit card(s) issued
  • Funds distributed via: debit card, ATM transaction, check, Online Banking and bill pay, cash withdrawal


Individuals are eligible for an HSA under IRC section 223 (c) (1) if he/she with respect to any month is:

  • Covered under a High-Deductible Health Care Plan* (HDHP) on the first day of the month. *In 2023, High-Deductible Health Care Plans have a minimum annual deductible of $1,500 for individuals and $3,000 for families, and maximum annual out-of-pocket expenses of $7,500 for individuals and $15,000 for families.
  • Not covered by another Health Care Plan that is not an HDHP
  • Not enrolled in Medicare (may be eligible for Medicare, but must not be enrolled)
  • Not eligible to be claimed as a dependent on another individual’s federal income tax return

Maximum Contribution Limits – Established Under IRS Guidelines:

     2023 HSA Contribution Limit – Self: $3,850.00, Family: $7,750.00
     2023 HSA Catch-up Contributions (Age 55+): $1,000.00

     2022 HSA Contribution Limit – Self: $3,650.00, Family: $7,300.00
     2022 HSA Catch-up Contributions (Age 55+): $1,000.00

For more information about rolling your Health Savings Account over or for additional information about our Health Savings Account, click here to contact the nearest location.

* Please see the Schedule of Fees and Service Charges for details.

If you’re not sure which account is right for you, or if you have questions regarding any of our account options, please call or stop in to your local Lake Shore Savings branch. We will be happy to help you determine the account that best fits your financial lifestyle.