Lake Michigan Credit Union Review
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At a glance
Overview
Lake Michigan Credit Union is best suited for those in Lower Michigan and southwestern Florida looking for a one-stop financial shop value branch access over the best possible yields, though some of the credit union’s deposit products offer higher than average rates.
Highlights:
Free Checking Reward CheckingHighlights:
CDs
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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 = 5/5
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 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 Savings rating = 4.7/5
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 which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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 of 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 strong APY on balances up to $15,000.
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Lake Michigan Credit Union lets you schedule appointments online to open a new account or get 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 minimum balance requirement to earn the highest interest rates are steep.
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Savers can generally find higher rates with better tier structures elsewhere.
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No access to Zelle.
Lake Michigan Credit Union banking products
Lake Michigan Credit Union savings overview
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.
Lake Michigan Credit Union CD overview
Pros
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The range of CD terms gives members the ability to build a CD ladder.
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All CDs require just a $500 minimum balance.
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The VIP bonus APYs are highly competitive.
Cons
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LMCU doesn’t offer any bump-up or no-penalty CDs.
Lake Michigan Credit Union money market overview
Pros
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Check writing is available.
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The account is tiered.
Cons
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The $2,500 minimum balance requirement to earn interest could be a barrier for some customers.
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Higher yields can be found elsewhere.
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A minimum balance of $1 million is required to earn the top APY.
Lake Michigan Credit Union checking overview
Pros
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LMCU offers a no-frills, fee-free checking account.
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The Max Checking account pays a strong APY on balances up to $15,000.
Cons
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Max Checking account holders must meet several requirements to earn the APY.
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The high APY on the Max Checking account applies only to balances $15,000 or less.
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Customers do not have access to Zelle.
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 |
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.
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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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