Lake Trust Credit Union


Overview / Commentary
888-267-7200
4605 S Old Us Highway 23
Brighton, MI 48114

Lake Trust Credit Union is headquartered in Brighton and is the 8th largest credit union in the state of Michigan. It is also the 150th largest credit union in the nation. It was established in 1944 and as of June of 2020, it had grown to 432 employees and 174,890 members at 21 locations. Lake Trust Credit Union has an A health rating.

Field of Membership Restrictions

Membership in Lake Trust Credit Union is open to anyone who lives, works, worships, or goes to school in Michigan.
See current membership details

Lake trust is the best!

I have a free checking and savings accounts from Lake Trust Credit Union. I have access to online banking and online bill payment. I really like this credit union! I recommend it to all my friends and family. Their employees are exceptional and have given me wonderful assistance whenever I have had questions.

My experience with Lake Trust Credit Union.

Posted by: |

I have dealt with this Credit Union for along time. They used to be called Huron River Credit Union. I have had Savings and checking accounts with them. The customer service is wonderful and they are very nice and talk to you about your day and ask you things like, (how are you today sir or mam?), Other things stand out also. Once I was having a bad day and the Teller could really tell after they had asked me how my day was going. I guess I just needed someone to talk to and they listened and I tell you my day was much better after that! My experience with the website at the time was not the best. I guess it was the way that it was set up the confused me. I also was not that internet savy at the time too. They offer a reasonable rates and fee's also. I would recommend this institution to anyone!

Lake Trust Takeovers

Posted by: |

I was a member of Huron River Area Credit Union, then Detroit Edison Credit Union and finally Lake Trust Credit Union for over 10 years.  Not their best customer or their worst and admittedly I didn't make a lot of use of the "member services" during my time with them.  What I did appreciate was the friendly small-town customer service, low fees or no fees or charges for things like money orders, statements or bank checks.  That all changed when Lake Trust took over last year.  Their fee schedule now rivals that of any of the "big mean banks" with $10 bank checks, $5 - $15 transfer fees from checking, and $29 overdraft fees for even a few cents.  Programs they used to have in place to help their customers work through financial issues are a thing of the past.  While the branch customer service remains friendly, woe be unto you if you have to deal with anyone at the main branch.  I see all these credit union commercials all the time about how you're a "member" not a "number".  I can tell you that I most assuredly was nothing more than a number to Lake Trust and I have heard similar statements from other customers.  As a matter of fact, when I opened my account in 2001, it was on the recommendation of several co-workers and friends.  I am the only one left - everyone else moved to other credit unions or banks years ago.

Another Disgruntled Lake Trust Credit Union - Soon To Be Former Member

If I could put 0 stars I would.  This credit union, since the merger with Detroit Edison Credit Union, is no different than a lot of the high end banks.  So why stay with them.  Their phone banking sucks - skips all the time like a broken record, their computer system is old.  It was much more advanced when I banked with Detroit Edison CU, but now it is like taking 2 steps back :( - Sorry to say I will be changing my financial institution after 30+ years, as I have no reason to stay with Lake Trust.  They've raised my credit card rate by over 10% and told if we didn't want that rate, they would close our card.  Well, sorry to say, I'm closing it, along with many of our savings and checking accounts.  If you want a financial institution that is in it to make money and not help their member, then go for it.  I'm going somewhere else.

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Health

Health Grade Components

Overall
NCUA #62047
Year Chartered1944
Employees432
Primary Regulator
Profit Margin
Return on Assets - YTD0.37%
Return on Equity - YTD3.63%
Annual Interest Income$35.4MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$2.15B$1.94B
LoansQ2 2020vs Q2 2019$1.58B$1.47B
DepositsQ2 2020vs Q2 2019$1.90B$1.69B
Equity CapitalQ2 2020vs Q2 2019$210.7MM$199.1MM
Loan Loss AllowanceQ2 2020vs Q2 2019$18.5MM$15.3MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$9.9MM$9.5MM
Real Estate OwnedQ2 2020vs Q2 2019$145.00K$989.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Lake Trust Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Lake Trust Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%$5-Membership Savings
0.05%--Holiday Savings
0.05%--Business Savings
0.05%--Special Savings
0.05%--Youth Membership Savings

Lake Trust Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%*$50k*-Money Market Savings Plus
OTHER TIERS: 0.05% Up to $50k
0.15%*$25k*-Money Market Savings
OTHER TIERS: 0.05% Up to $4k | 0.10% $4k - $25k
0.15%*$30k*-Business Money Market Savings
OTHER TIERS: 0.05% Up to $2k | 0.10% $2k - $30k
0.05%$1k-Money Market Checking

Lake Trust Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%$5k-Business Interest Checking

Lake Trust Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%$500-60 - 72 Month CD
0.80%$500-Business 60 - 72 Month CD
0.65%$500-48 - 59 Month CD
0.65%$500-Business 48 - 59 Month CD
0.55%$500-36 - 47 Month CD
0.55%$500-Business 36 - 47 Month CD
0.50%$500-24 - 35 Month CD
0.50%$500-Business 24 - 35 Month CD
0.45%$50$10k2 Year Aspire CD
0.35%$500-12 - 23 Month CD
0.35%$500-Business 12 - 23 Month CD
0.30%$500-6 - 11 Month CD
0.30%$500-Business 6 - 11 Month CD
0.25%$25-12 Month Save to Win CD
0.20%$500-3 - 5 Month CD
0.20%$500-Business 3 - 5 Month CD

Lake Trust Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%$500-60 - 72 Month IRA
0.65%$500-48 - 59 Month IRA
0.55%$500-36 - 47 Month IRA
0.50%$500-24 - 35 Month IRA
0.35%$500-12 - 23 Month IRA
0.30%$500-6 - 11 Month IRA
0.20%$500-3 - 5 Month IRA
Locations

Availability



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