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Lake Michigan Credit Union Review 2022

Updated November 15, 2022
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.9 stars out of 5

Savings

Rating: 3.3 stars out of 5

MMA

Rating: 3.4 stars out of 5

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Overview

Lake Michigan Credit Union is best suited for those in Lower Michigan and southwestern Florida looking for a full-service financial institution who prize branch access over the best possible rates.

Highlights

  • Free Checking
  • Reward Checking
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.75
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Lake Michigan Credit Union is a full-service financial institution primarily serving members in Lower Michigan and southwestern Florida.

Pros

  • Checkmark

    All CDs only require a $500 opening deposit.

  • Checkmark

    The Max Checking account pays a juicy APY on balances up to $15,000.

  • Checkmark

    The money market account pays decent yields across balance tiers.

  • Checkmark

    Lake Michigan Credit Union lets you schedule appointments online for opening a new account or getting help with an existing account.

Cons

  • Max Checking account holders must meet several requirements to earn the APY.

  • The money market account’s $2,500 minimum balance requirement to earn interest could be a barrier for some customers.

Lake Michigan Credit Union bank products

3.3
Rating: 3.3 stars out of 5
Bankrate Score

Lake Michigan Credit Union savings overview

Lake Michigan Credit Union offers its Max Savings account. The APY for balances under $100,000 is decent but below what you’ll find at the most competitive institutions. But if you’re looking to stash six figures in your savings account, you’ll be rewarded with a top-tier APY.



The Max Savings account doesn’t charge a monthly fee and only requires a $100 minimum deposit to earn interest.

Pros

  • Checkmark

    The Max Savings account doesn’t charge a monthly fee.

  • Checkmark

    Members don’t need to make a minimum opening deposit.

Cons

  • The best yields are only available to members with a six-figure balance.

  • There is a $5 fee for closing an account within 90 days of its opening.

  • Balances less than $100 don’t earn interest.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.2 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Unlike some credit unions, Lake Michigan Credit Union makes it easy for anyone to join. Members have access to more than 50 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. The credit union’s app works on both iOS and Android devices, and members can use it to deposit checks, pay bills, receive account alerts and more.

About Lake Michigan Credit Union

Lake Michigan Credit Union is a full-service credit union serving members in Lower Michigan and southwestern Florida. It was founded in 1933 as Grand Rapids Teachers Credit Union. Membership is open to anyone who lives, works or worships in any county in Michigan’s Lower Peninsula or Florida. Eligibility is also extended to those, regardless of location, who have an immediate family member who is a 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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.