Membership / Share Savings Account

It all starts here... It's so simple to join Lancaster Red Rose Credit Union. Just deposit $25 (plus a $1 lifetime membership fee) into a Regular Share Account. A share account is a basic savings account that requires a $25.00 minimum balance. This account allows you to enjoy all the benefits that Lancaster Red Rose Credit Union offers.

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Once you've completed and printed the membership application, you may bring it with your check for your initial deposit and membership fee and your current, valid ID to a branch near you. Or you can mail the completed membership application, your check and ID to:

Lancaster Red Rose Credit Union
Attn: New Accounts
1010 New Holland Avenue
Lancaster, PA 17601

Who Can Join?

Meet any of the three following criteria, and you're eligible for membership in Lancaster Red Rose Credit Union. You can join today by printing out the membership application and returning it to our main office address. Or, stop by any of our branches.

1. You live, work, worship or attend school in the county of Lancaster in Pennsylvania.
2. You're an employee of the 55+ companies we serve. To find out if your company offers LRRCU membership, check our Select Employer Groups or contact your Personnel Department or call us at 717-295-6685 or 800-995-6685.
3. You're an immediate family member of an existing member.

Money Market Savings

Welcome to the best of both worlds!

Looking for account flexibility and high interest rates? Look no further. LRRCU's CU Grow Money Market Savings Account offers flexibility, easy access to your money, and high yield interest all in one convenient account.

• No monthly service fee
• Competitive tiered dividend rates on balances over $5000
• Unlimited over-the-counter transactions and withdrawals
• Minimum withdraw of $500
• Maximum of six, non-personal* transactions allowed per month

See what your money can do for you. Call 717-295-6685 for current rates.

for more details or to open your CU Grow Money Market Savings Account.

Club & Specialty Accounts

LRRCU offers a variety of options to help our members save for a specific purpose such as an upcoming holiday or a future vacation.

1. Organization / Club Shares
   • Available to all members.
   • Available to all Organizations/Clubs/Associations in Lancaster County.
   • $25.00 minimum to open.
2. Holiday Club Shares
   • Available to all members.
   • $0.00 minimum to open.
   • Holiday funds shall be disbursed to members in October of each year. Funds will be automatically deposited to the regular share account.
   • Members may withdrawal from or close the Holiday Club prior to October. Each withdrawal occurrence will be charged a $5.00 processing fee.
3. Vacation Club Shares
   • Available to all members.
   • $0.00 minimum to open.
   • Members shall have access to vacation club shares at any time.
4. Specialty Shares
   • In Trust for Accounts*
   • Living Trust Accounts*
   • Custodian Accounts*
   • Estate Accounts*

* for terms and conditions.

Retirement Accounts

Individual Retirement Accounts (IRAs) were created specifically to encourage people to save for retirement. It is a special savings plan authorized by the Federal government to help you accumulate funds for your retirement. Incentives include deferring taxes on earning until funds are withdrawn and, in some cases a tax deduction for contributions.

• Every individual who has earned income or received alimony may contribute to an IRA. Income from other sources such as investments or inheritances does not qualify. Contributions may not be made for or after the year in which you reach age 70½.
• IRAs are one the of the best savings tools available today. More people than ever before are now eligible to benefit from the tax advantages provided through IRA investments.
• Your IRA is your first line of defense in building assets for a comfortable retirement. Because an IRA is so important to your future wellbeing, it is vital that you place your funds where they will give you one the best combinations of service, safety and earnings.
• LRRCU offers three types of IRAs: Traditional, Roth and Coverdell Education Savings Accounts. All types may be invested in either a tiered IRA savings account or an IRA Certificate of Deposit.

Traditional IRA

This IRA allows tax-deductible contributions. Anyone under age 70 who has earned income, or is filing jointly with a spouse, who has earned income, may contribute. In addition, a $1000 annual catch-up contribution may apply to those individuals who attain age 50 before the end of the taxable year.

Roth IRA

This is a special retirement plan offers a tax break when money is withdrawn from the plan during retirement. Contribution limits are similar to the Traditional IRA. As long as you are earning reportable income, you can contribute into this account. Roth IRA contributions are not tax deductible. However, all withdrawals, including earnings, are generally tax free if the account has been open for at least five years and the account holder is 59½ or older.

Coverdell Education Savings Account

Formerly called the Education IRA, the Coverdell Education Savings Account (ESA) is a type of tax-advantaged savings account created by the Taxpayer Relief Act of 1997 specifically for paying qualified higher education expenses. Contributions are non-deductible, earnings are tax-deferred and distributions are tax free if used to pay for the account beneficiary’s qualified expenses for costs of kindergarten through 12th grade, college or trade school.

Certificates & Deposits

Share Certificates are an excellent way to invest your money and earn an aggressive yet safe return. LRRCU’s Share Certificates provide investment flexibility, high earnings and the advantage of a fixed rate for the term you choose. Share Certificates can be opened with just a minimum deposit of $500 and terms are available from 6 to 60 months.