Great Lakes Credit Union


Overview / Commentary
847-578-7000
2111 Waukegan Rd
Bannockburn, IL 60015

Great Lakes Credit Union is headquartered in Bannockburn and is the 10th largest credit union in the state of Illinois. It is also the 361st largest credit union in the nation. It was established in 1938 and as of June of 2020, it had grown to 183 employees and 83,699 members at 11 locations. Great Lakes Credit Union has an A health rating.

Field of Membership Restrictions

Membership in Great Lakes Credit Union is open to anyone by choosing the "Not Listed-Let us help!" option in the online application. Membership is also open to the following groups: (1) those who live or work in the Illinois counties of Cook (west of Route 83), Dupage, Kane, Kendal, Lake, McHenry, Will, and Kenosha County, Wisconsin, (2) Federal government employees, including active and retired military members, (3) employees of Select Employer Groups. Membership requirements are listed in the credit union's online application.
See current membership details

Smooth And Quick Process To Open An Account

Posted by: |

Have been very satisfied with the quick and easy application process. New account information, debit card and even blank checks were received in a timely manner. Even received a personal thank you card for opening the account. Easy to set up ACH transfers. Status of interest requirements is clearly displayed after logging in. Just hope they keep the rate up.

Easy CU To Get Along With

Posted by: |

I am (very far) out of state - but this CU has the best rewards rate, so I gave it a try.

Everything went well. Setup was quick and easy, customer service seems good. Handy meter at log-in tells you how close to meeting your monthly reward requirements you are. Free checks.

You can have up to 3 reward checking accounts - which makes it a pretty good deal at this interest rate, as long as you can meet the monthly transaction requirements.

Online system is a little buggy - takes me to change my password almost everytime I sign in...hoping they will fix that soon. 

Rates & Requirements Changing

Posted by: |

I just visited GLCU today in order to open a third account. In attempting to do so, I learned that the interest rate is dropping to 3% Oct. 1, 2013 and also that in order to be eligible for the 3% interest each month - one must spend at least $100 per account. I had a good experience with GLCU, but with this change I have already opened a different account somewhere else. Hope this helps others.

Horrible Customer Service

Posted by: |

It takes an average of 20 minutes all the time to wait in queue to reach a Customer Service rep. When you finally get to talk with one and verify your identity, they are very rude and inconsiderate. They just hang up the phone when you start making suggestions and complaining about something and they don't want to hear it out. Since you are not done with your business, you have to call again and wait another 20 minutes in the call queue. This is consistent with different call reps at different days and hours. It appears that they have an unwritten rule to be rude to customers.

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Health

Health Grade Components

Overall
NCUA #60238
Year Chartered1938
Employees183
Primary Regulator
Profit Margin
Return on Assets - YTD0.57%
Return on Equity - YTD6.63%
Annual Interest Income$17.8MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$1.00B$881.4MM
LoansQ2 2020vs Q2 2019$688.6MM$659.6MM
DepositsQ2 2020vs Q2 2019$750.3MM$674.4MM
Equity CapitalQ2 2020vs Q2 2019$86.3MM$76.7MM
Loan Loss AllowanceQ2 2020vs Q2 2019$6.9MM$6.9MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$5.2MM$4.7MM
Real Estate OwnedQ2 2020vs Q2 2019$0$190.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Great Lakes 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.

Great Lakes Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*-$1kHoliday Savings
OTHER TIERS: 0.05% $1k+
0.30%$100-Health Savings Account
0.01%$100-Share Savings
0.01%$1k-Business Savings
0.01%$5-Kirby Kids Savings
0.01%$5-Young Adult Savings Account

Great Lakes Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$10k-Companion Money Market
0.50%*$50k*-Business Money Market
OTHER TIERS: 0.30% $2.5k - $25k | 0.40% $25k - $50k
0.30%*$200k*-Money Market
OTHER TIERS: 0.05% $2.5k - $10k | 0.10% $10k - $50k | 0.15% $50k - $100k | 0.25% $100k - $200k
0.30%*$200k*-IRA Money Market
OTHER TIERS: 0.05% $2.5k - $10k | 0.10% $10k - $50k | 0.15% $50k - $100k | 0.25% $100k - $200k

Great Lakes Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%*-$10kFREE Checking - qualifying rate
OTHER TIERS: 0.01% $10k+
2.50%*-$10kYoung Adult FREE Checking - qualifying rate
OTHER TIERS: 0.01% $10k+

Great Lakes Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$1k-4 Year President's Club Share Certificate
0.50%$1k-5 Year President's Club Share Certificate
0.40%$1k-4 Year Share Certificate
0.40%$1k-5 Year Share Certificate
0.40%$1k-2 Year President's Club Share Certificate
0.40%$1k-3 Year President's Club Share Certificate
0.35%$1k-1 Year President's Club Share Certificate
0.30%$1k-2 Year Share Certificate
0.30%$1k-3 Year Share Certificate
0.25%$200-1 Year Right Start Share Certificate
0.25%$1k-1 Year Share Certificate
0.25%$25-1 Year Save to Win Certificate

Great Lakes Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%$1k-4 Year IRA Certificate
0.40%$1k-5 Year IRA Certificate
0.30%$1k-2 Year IRA Certificate
0.30%$1k-3 Year IRA Certificate
0.25%$1k-1 Year IRA Certificate
Locations

Availability



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