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Lake Trust Credit Union


Overview / Commentary
www.laketrust.org
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 172nd largest credit union in the nation. It was established in 1944 and as of June of 2023, it had grown to 470 employees and 177,421 members at 23 locations. Lake Trust Credit Union's savings rates are 6X the national average, and it has a B health rating.

Field of Membership Restrictions

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

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Reviews (11)

Lake trust is the best!

Posted by: |

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.

2

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!

1

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.

6

DO NOT Trust Lake Trust

Posted by: |

I wish I could give them negative stars. I had a savings account with Lake Trust. I was saving the money and not touching it. I got a letter yesterday letting me know they escheated the funds to the state of Michigan. I called and they said that because I haven't touched the funds in 3 years, they "BY LAW' have to send them to the state of Michigan and now I have to go to the states unclaimed property and claim it before they liquidate the funds. THEY LIED AND ITS NOT MANDATORY. If you plan to save any money and tuck it away DO NOT USE LAKE TRUST....

1
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Health
B

Data as of Q2 2023

Learn why bank health matters

Health Grade Components

Overall
NCUA #62047
Year Chartered1944
Employees470
Primary Regulator
Profit Margin
Return on Assets - YTD0.58%
Return on Equity - YTD7.31%
Annual Interest Income$45.1MM
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$2.59B$2.57B
LoansQ2 2023vs Q2 2022$1.85B$1.82B
DepositsQ2 2023vs Q2 2022$2.30B$2.33B
Equity CapitalQ2 2023vs Q2 2022$208.7MM$205.7MM
Loan Loss AllowanceQ2 2023vs Q2 2022$0$20.3MM
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$14.3MM$9.1MM
Real Estate OwnedQ2 2023vs Q2 2022$0$0
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
3.00%*-$2kAspire Savings
OTHER TIERS: 0.05% → $2k+
0.05%--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
1.75%*$100k*-Money Market Savings Plus
OTHER TIERS: 0.05% → Up to $50k | 1.50% → $50k - $100k
1.06%*$75k*-Money Market Savings
OTHER TIERS: 0.05% → Up to $4k | 0.85% → $4k - $10k | 1.00% → $10k - $75k
1.06%*$30k*-Business Money Market Savings
OTHER TIERS: 0.05% → Up to $2k | 0.80% → $2k - $10k | 1.00% → $10k - $30k
0.10%$1k-Money Market Checking

Lake Trust Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%$5k-Business Interest Checking

Lake Trust Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.90%$500-13 Month CD Plus
4.90%$500-Business 13 Month CD Plus
4.20%$500-6 - 11 Month CD
4.20%$500-Business 6 - 11 Month CD
4.07%*$10k*-12 - 23 Month CD
OTHER TIERS: 3.66% → $500 - $4k | 3.92% → $4k - $10k
4.07%*$12k*-Business 12 - 23 Month CD
OTHER TIERS: 3.66% → $500 - $12k
3.82%*$100k*-24 - 35 Month CD
OTHER TIERS: 3.40% → $500 - $10k | 3.56% → $10k - $100k
3.82%*$30k*-Business 24 - 35 Month CD
OTHER TIERS: 3.40% → $500 - $12k | 3.56% → $12k - $30k
3.61%*$100k*-36 - 47 Month CD
OTHER TIERS: 3.20% → $500 - $10k | 3.35% → $10k - $100k
3.61%*$30k*-Business 36 - 47 Month CD
OTHER TIERS: 3.20% → $500 - $12k | 3.35% → $12k - $30k
3.45%*$100k*-60 - 72 Month CD
OTHER TIERS: 3.25% → $500 - $10k | 3.40% → $10k - $100k
3.45%*$30k*-Business 60 - 72 Month CD
OTHER TIERS: 3.25% → $500 - $12k | 3.40% → $12k - $30k
3.40%*$10k*-3 - 5 Month CD
OTHER TIERS: 2.48% → $500 - $4k | 2.73% → $4k - $10k
3.40%*$100k*-48 - 59 Month CD
OTHER TIERS: 2.99% → $500 - $10k | 3.14% → $10k - $100k
3.40%*$12k*-Business 3 - 5 Month CD
OTHER TIERS: 2.48% → $500 - $12k
3.40%*$30k*-Business 48 - 59 Month CD
OTHER TIERS: 2.99% → $500 - $12k | 3.14% → $12k - $30k
2.99%$50$10k2 Year Aspire CD
2.89%$25-12 Month Save to Win CD

Lake Trust Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.90%$500-13 Month IRA CD Plus
4.20%$500-6 - 11 Month IRA
4.07%*$10k*-12 - 23 Month IRA
OTHER TIERS: 3.66% → $500 - $4k | 3.92% → $4k - $10k
3.82%*$100k*-24 - 35 Month IRA
OTHER TIERS: 3.40% → $500 - $10k | 3.56% → $10k - $100k
3.61%*$100k*-36 - 47 Month IRA
OTHER TIERS: 3.20% → $500 - $10k | 3.35% → $10k - $100k
3.45%*$100k*-60 - 72 Month IRA
OTHER TIERS: 3.25% → $500 - $10k | 3.40% → $10k - $100k
3.40%*$10k*-3 - 5 Month IRA
OTHER TIERS: 2.48% → $500 - $4k | 2.73% → $4k - $10k
3.40%*$100k*-48 - 59 Month IRA
OTHER TIERS: 2.99% → $500 - $10k | 3.14% → $10k - $100k
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