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Lake Michigan Credit Union Review 2024

Updated January 30, 2024
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.4 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.4 stars out of 5

MMA

Rating: 4 stars out of 5

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
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/14/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.10
%
APY
APY
Info
As of 5/14/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.00
%
APY
APY
Info
As of 5/14/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:

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

  • 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

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

  • Checkmark

    Customers no longer have access to Zelle.

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.

  • Savers can generally find higher rates with better tier structures elsewhere.

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Lake Michigan Credit Union banking products

2.4
Rating: 2.4 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 well below what you’ll find at the most competitive institutions. To earn the highest yield, you would need $1 million or more in deposits.

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.

  • The yields offered are generally low.

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

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

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Lake Michigan Credit Union
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/14/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

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

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.