Lake Michigan Credit Union Review 2024
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Lake Michigan Credit Union is best suited for those in Lower Michigan and southwestern Florida looking for a full-service financial institution who value branch access over the best possible rates, though some of the credit union’s deposit products offer exceptionally high rates.
Highlights
- Free Checking
- Reward Checking
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Lake Michigan Credit Union is a full-service financial institution primarily serving members in Lower Michigan and southwestern Florida. While some of its accounts require relatively large deposits to earn a decent APY, a couple accounts, including Lake Michigan’s Max Checking account, offer highly competitive rates.
Pros
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All CDs only require a $500 opening deposit.
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The Max Checking account pays a juicy APY on balances up to $15,000.
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Lake Michigan Credit Union lets you schedule appointments online for opening a new account or getting help with an existing account.
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Customers no longer have access to Zelle.
Cons
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Max Checking account holders must meet several requirements to earn the APY.
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The money market account’s $2,500 minimum balance requirement to earn interest could be a barrier for some customers.
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Savers can generally find higher rates with better tier structures elsewhere.
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Lake Michigan Credit Union banking products
Lake Michigan Credit Union savings overview
The Max Savings account doesn’t charge a monthly fee and only requires a $100 minimum deposit to earn interest.
Pros
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The Max Savings account doesn’t charge a monthly fee.
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Members don’t need to make a minimum opening deposit.
Cons
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The best yields are only available to members with a six-figure balance.
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The yields offered are generally low.
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There is a $5 fee for closing an account within 90 days of its opening.
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Balances less than $100 don’t earn interest.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Lake Michigan Credit UnionAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $30 |
| Non-sufficient funds fee | $30 |
| Monthly maintenance fees | None |
| Out-of-network ATM fee | $2 |
| Excessive transaction fee | None |
About Lake Michigan Credit Union
Lake Michigan Credit Union was founded in 1933 as Grand Rapids Teachers Credit Union. It is a full-service credit union serving members in Lower Michigan and southwestern Florida. Membership is open to anyone who lives, works or worships in any county in Michigan’s Lower Peninsula or in Florida. Eligibility is also extended to those, regardless of location, who have an immediate family member who is an LMCU member and to anyone who lives outside Michigan or Florida willing to make a $5 donation to the ALS Foundation.
Lake Michigan Credit Union offers a range of competitive deposit and lending products.
Customer experience
Customer service. Unlike some credit unions, Lake Michigan Credit Union makes it easy for anyone to join. Members have access to more than 70 branches and tens of thousands of ATMs. Customer service representatives can be reached by phone 8 a.m. to 9 p.m. Eastern time, Monday through Friday, and 9 a.m. to 1 p.m., Saturday.
Digital experience. The credit union’s app, which receives middling reviews on the Apple App and Google Play stores, lets members deposit checks, pay bills, receive account alerts and more. But customers no longer have access to Zelle.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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