4.50% 17-Month / 4.80% 25-Month CD at Lake Michigan Credit Union

Lake Michigan Credit Union is offering three competitive CD specials. These include a 4.80% APY 25-month CD, a 4.50% APY 17-month CD and a 4.00% APY 7-month CD. The minimum deposit is $500. These are also available as an IRA CD. An extra 25 basis points are added to these rates for VIP Bonus members, but the requirements for this would be difficult for new members.

This credit union continues to offer a reward checking account with a yield of 5% APY as of 10/09/08. Only the first $15,000 qualifies for this 5% APY if monthly requirements are met (see post).

Membership is open to anyone who lives, works, worships or attends school in Kent, Ottawa, Muskegon or Allegan counties of Michigan. Also eligible are persons who are donors to the ALS Association, West Michigan Chapter. The ALS Association, West Michigan Chapter has an online donation form. Please refer to the credit union's field of membership page for the full details.

Branches are located in Grand Rapids, Caledonia, Comstock, Grand Haven, Holland, Kentwood, Hudsonville, Rockford and Byron Center, Michigan.

The credit union has some strong financial ratings for soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/08 data.

The credit union is federally insured by the NCUA (Charter # 62514). It's a large credit union with $1.40 billion in assets and 129,406 members.

Tags: Michigan, Lake Michigan Credit Union, CD rates, IRA rates