Jump to a section:

Health Savings Account

Did you know you can choose First Federal Lakewood for your Health Savings Account (HSA)? You can! 

  • Minimum to open: $50
  • Set up is $10
  • No monthly fee 
  • View it through Online and Mobile Banking 
  • Free monthly eStatements
  • Use to pay qualified medical expenses
  • Receive a debit/ATM card

Good News! If you have qualifying high-deductible health insurance coverage, you’re eligible for a HSA. You can open your account with us and enjoy both competitive rates and the mutual bank difference.

Opening a health saving account can be one of the wisest financial decisions you make. The money in the account bears interest, and you can withdraw funds at any time for qualified medical expenses. Plus, qualified contributions are generally tax-deductible. That means you can grow your savings tax-free.

As a mutual bank, we reinvest your funds to support our local communities. It’s banking with a purpose. 

Contact us today to learn more about our HSA option.

As of 10/30/2025

BalanceAnnual Percentage Yield (APY)*Interest Rate
under $25,0000.25%0.25%
$25,000 to $49,9990.35%0.35%
$50,000 or more0.50%0.50%

Select Money Market

Ready for more? Enjoy a higher interest rate with the Select Money Market savings account.

  • Minimum to open: $10,000
  • Free to set up
  • When your average daily balance is at least $10,000, there is no monthly fee
  • When your average daily balance falls below $10,000, there’s a monthly fee of $10
  • Free online banking and mobile banking app
  • Free monthly eStatements
  • Receive a debit/ATM card

Savings accounts can do more than store money for special purchases — they’re part of a wealth-building strategy. The Select Money Market account is a step in that direction. When you’re able to save at least $10,000, this may be your best choice.

Unlike a basic savings account, a money market account offers the best of both worlds: higher interest rates and easy access to your money. You earn a more competitive interest rate compared to a regular savings account, meaning your savings works harder for you.

Whether you’re saving for a dream vacation, a down payment on a home, or simply building a rainy-day fund, a Select Money Market account is a trusted tool in building a more financially secure future.

As of 10/30/2025

BalanceAnnual Percentage Yield (APY)*Interest Rate
under $25,0000.05%0.05%
$25,000 to $99,9990.20%0.20%
$100,000 or more0.40%0.40%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

Money Market Special**

Earn our highest rate! This is the account for those larger balances.

  • Minimum to open: $25,000
  • Free to set up
  • When your average daily balance is at least $25,000, there is no monthly fee 
  • When your average daily balance falls below $25,000, there’s a monthly fee of $15
  • Free Online and Mobile Banking app
  • Free monthly eStatements

Your wealth-building strategy gets its biggest boost in our Money Market Special account. Your money grows at its fastest in this account. When you’re able to save at least $25,000, this may be the account for you.

There’s an added bonus— as a mutual bank, we reinvest your investments directly back into the communities we serve. This means while your money earns you interest, it’s helping your neighbors advance their goals whether it’s buying a home or building a business. 

As of 10/30/2025

Annual Percentage Yield (APY)*Interest Rate
0.00%0.00%
**Promotional rates available for new money only. New money is defined as money not currently on deposit with the bank.

Statement Savings

A savings account for everyone! 

  • Minimum to open: $50
  • Free to set up
  • When your average daily balance is at least $100, there is no monthly fee 
  • When your average daily balance falls below $100, there’s a monthly fee of $1
  • Access it through Online and Mobile Banking app
  • Free monthly eStatements

Everyone can start saving with the Statement Savings Account. The more you keep in the account, the more your money grows! If you’re just starting out, this may be your ideal account. It keeps things simple and allows you to start saving immediately. 

If you’re looking to maintain a balance of at least $10,000, you’ll want to check out our Money Market Accounts. 

As of 10/30/2025

BalanceAnnual Percentage Yield (APY)*Interest Rate
under $25,0000.05%0.05%
$25,000 to $49,9990.10%0.10%
$50,000 to $99,9990.15%0.15%
$100,000 or more0.25%0.25%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

Banking On the Go 

Have you checked out our upgraded Online and Mobile Banking services? Banking on the go is more convenient and secure than ever.

Meeting Your Financial Needs

Let’s talk through your situation.

Everyone’s situation is different, and our experts are here to talk through yours. Whether you’re opening a new account or applying for a mortgage, contact us today.

Automate Your Savings With a DirectSave CD

Pair an interest-bearing checking account with our DirectSave CD and watch your balance take off. By investing in your future, you invest in your community. It’s the mutual bank difference.

Save with Confidence

Want to learn more? We have articles, videos and resources to help you save with confidence.

Reading a Car Window Sticker

With new car prices are on the rise, consumers are paying closer attention to the sticker price at the dealer’s showroom. Unfortunately, they are not providing as much clarity as…

Things Your Pre-Schooler Should Know About Money

Money management skills and financial literacy are two things many adults lament not having a grasp on while growing up. It is a subject that most schools fail to teach.…

Understanding Your Credit Report

Your credit reports are important documents. They list your open credit-card accounts, loan balances and financial missteps. Reviewing these reports on a regular basis is a smart financial decision. After…

First Paycheck? Do These Things First

Your first paycheck can be quite exciting. However, before you open your pay envelope and look at the total, you need to have a plan in place to maximize your…

How Much Life Insurance Do You Need?

Life insurance is one of those things that many people do not want to think about, but that almost everyone needs. Most simply don’t want to think of a world…

Reach Your Health Savings Account Goal

You should be saving money in an IRA or 401k to help fund your retirement years. You can also use a Health Savings Account (HSA) to boost retirement savings earmarked…

Understanding the “Dark Web”

If you have been online for a while, especially in cybersecurity circles, chances are you’ve heard of the “dark web.” This term is being used with more frequency to describe…