Lake Michigan Credit Union Review 2021

Published January 2021 by Lance Davis

AT A GLANCE
4.4

Bankrate Score

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Free Checking

Rewards Checking

Lake Michigan Credit Union is a great option for Western Michigan residents searching for a full-service financial institution.

  • CDs
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    4.5
  • Savings
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    3.9
  • Checking
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    4.6
  • MMAs
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    4.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    4.4

    Bankrate Score

    Lake Michigan Credit Union is a full-service financial institution primarily serving members in Western Michigan.

    What we like

    • All CDs require just a $500 minimum balance.

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

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

    What we don't

    • Max Checking account holders must meet a lot of requirements to earn the APY.

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

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Lake Michigan Credit Union offers a wide 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 doesn’t offer any 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.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    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. However, if you’re looking to stash six figures in your savings account, you’ll be rewarded with a top-tier APY. LMCU even offers a tiered APY for balances over $250,000. However, note that the credit union only insures deposits up to $250,000, so big savers may want to consider spreading that money across multiple institutions.

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

    What we like

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

    • Members need only a $100 minimum deposit to open and earn interest.

    What we don't

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

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Lake Michigan Credit Union offers a number of great checking accounts to meet the individual needs of its members. Its Free Checking account offers members a simplified account with no fees and no minimum balance requirement. Additional benefits include a free debit card and free starter checks.

    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. You also have to meet four requirements to earn the APY: Set up a direct deposit into the account, make a minimum of 10 debit or credit card purchases per month, make a minimum of four log-ins to home banking each month and sign up for 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 thousands of ATMs. Members can use Popmoney to send and receive money.

    What we like

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

    • The Free Checking account comes with free starter checks.

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

    What we don't

    • Max Checking account holders must meet a lot of requirements to earn the APY.

    Money market accounts

    4.0

    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 on this account, and check-writing is available.

    What we like

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

    • It doesn’t charge a monthly fee.

    • Check-writing is available.

    What we don't

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

    Bank experience

    Unlike many credit unions, Lake Michigan Credit Union makes it easy for anyone to join. Members will have access to more than 50 branches and thousands of ATMs. Customer service representatives can be reached by phone Monday through Friday from 8 a.m. to 11 p.m. Eastern and on Saturday from 9 a.m. to 1 p.m. The credit union has apps for iOS and Android devices, and members can 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 Western Michigan. The credit union makes it easy for people to join. To join, you must live, work or worship anywhere in Michigan’s Lower Peninsula or in Florida, or have an immediate family member who is a LMCU member. However, if neither of those applies to you, you can make a $5 donation to the ALS Foundation and be eligible for membership.

    Lake Michigan Credit Union offers a range of competitive deposit and lending products, making it a great option for customers searching for a full-service financial institution.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing and loans. Lance leads a team of more than a dozen editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.