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Lake Michigan Credit Union Review 2022

Published March 2022 by Matthew Goldberg

AT A GLANCE
4.2

Bankrate Score

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Free Checking

Rewards Checking

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.

  • Checking
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    4.9
  • Savings
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    3.3
  • CDs
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    4.5
  • MMAs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIBC Bank USA

    Member FDIC

    Savings account

    1.27 % APY

    $ 1

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    My Banking Direct, a service of NY Community Bank

    Member FDIC

    Savings account

    1.25 % APY

    $ 1

    Min. balance for APY

    Overall

    4.2

    Bankrate Score

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

    What we like

    • All CDs only require a $500 opening deposit.

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

    • The money market account pays decent yields across balance tiers.

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

    What we don't

    • 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.

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Lake Michigan Credit Union offers several checking accounts to suit its members. Its Free Checking account, the product scored for this review, offers members a simplified account with no fees and no minimum balance requirement.

    Another notable checking account is LMCU’s Max Checking account. It also doesn’t charge a monthly fee, but account holders also earn a massive APY on balances up to $15,000. Balances above that amount don’t earn interest. Four requirements must be met to earn the APY: Set up a direct deposit into the account; make a minimum of 10 debit or credit card purchases a month; sign into your LMCU online banking at least four times a month; and enroll in e-statements.

    LMCU has nearly 100 owned-and-operated ATMs and is also a member of the CO-OP ATM network, giving members free access to tens of thousands of ATMs nationwide. Members can use Zelle to send and receive money.

    What we like

    • LMCU offers a no-frills, fee-free checking account.

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

    What we don't

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

    • The high APY on the Max Checking account applies only to balances $15,000 or less.

    Savings accounts

    3.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIBC Bank USA

    Member FDIC

    Savings account

    1.27 % APY

    $ 1

    Min. balance for APY

    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.

    What we like

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

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

    What we don't

    • 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.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    Lake Michigan Credit Union offers a range of CDs with terms from three months to five years, making it easy for members to build a CD ladder. All CDs require only a $500 minimum balance. They pay a decent APY, but savers searching for high-yield CDs should shop around to find more competitive offers. The credit union offers no specialty CDs, such as a bump-up or no-penalty CD.

    What we like

    • The range of CD terms gives members the ability to build a CD ladder.

    • All CDs require just a $500 minimum balance.

    What we don't

    • LMCU doesn’t offer any specialty CDs.

    • Other banks and credit unions offer more competitive CD yields.

    Money market accounts

    3.4

    Bankrate Score

    Lake Michigan Credit Union offers a compelling money market account. It pays a tiered APY, so bigger balances earn a higher yield. Even with the tiered yield structure, the APYs are strong, but you can still find better yields on more accommodating balance requirements if you shop around. For this account, a $2,500 minimum balance is needed to earn interest. There’s no fee, and check writing is available.

    What we like

    • The money market account pays decent yields across balance tiers.

    • Check writing is available.

    What we don't

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

    • At the time of Bankrate’s review, a minimum $100,000 balance was needed to earn the top-tier 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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth