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 365th largest credit union in the nation. It was established in 1938 and as of June of 2019, it had grown to 181 employees and 81,810 members at 11 locations. Great Lakes Credit Union's money market rates are 48% higher than the national average, and it has a B+ 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.
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Easy To Deal With

Posted by: numberten | Jan 2, 2019

I have been with Great Lakes Credit Union for about 10 months now and I am yet to run into any serious issues. Things work as advertised. Customer Service waits are a bit longer but still acceptable. 3% Rates on Reward Checking Account is probably the highest among local banks/credit unions.

Smooth And Quick Process To Open An Account

Posted by: 767 | May 13, 2013

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.

Rates & Requirements Changing

Posted by: rquiring | Sep 30, 2013

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.

Avoid This Credit Union

Posted by: McGail Ann | Sep 7, 2017

I was unable to make any of my loan payments online because of archaic system. When you call in you literally have to answer around 10 questions before you can make a payment. I paid off my car loan in June and am still waiting for the title that they supposedly mailed. Worst experience ever.

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Health
B+

Health Grade Components

Overall
NCUA #60238
Year Chartered1938
Employees181
Primary Regulator
Profit Margin
Return on Assets - YTD0.3%
Return on Equity - YTD3.42%
Annual Interest Income$17.5MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$881.4MM$819.8MM
LoansQ2 2019vs Q2 2018$659.6MM$616.0MM
DepositsQ2 2019vs Q2 2018$674.4MM$665.9MM
Equity CapitalQ2 2019vs Q2 2018$76.7MM$72.2MM
Loan Loss AllowanceQ2 2019vs Q2 2018$6.9MM$6.8MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$4.7MM$6.3MM
Real Estate OwnedQ2 2019vs Q2 2018$190.00K$303.00K
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
2.00%*$100*$2kHealth Savings Account
OTHER TIERS: 1.00% $2k+
1.00%*$5$1kSanta Saver
OTHER TIERS: 0.20% $1k+
0.20%$100-Share Savings
0.20%$1k-Business Savings
0.20%$100-IRA Share Savings
0.20%$5-Kirby Kids Savings
0.20%$5-Young Adult Savings Account

Great Lakes Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%$10k-Companion Money Market
0.65%*$50k*-Money Market
OTHER TIERS: 0.45% $2.5k - $25k | 0.55% $25k - $50k
0.65%*$50k*-IRA Money Market
OTHER TIERS: 0.45% $2.5k - $25k | 0.55% $25k - $50k
0.50%*$50k*-Business Money Market
OTHER TIERS: 0.30% $2.5k - $25k | 0.40% $25k - $50k

Great Lakes Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%*-$10kFREE Checking - qualifying rate
OTHER TIERS: 0.20% $10k+
3.00%*-$10kYoung Adult FREE Checking - qualifying rate
OTHER TIERS: 0.20% $10k+

Great Lakes Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$5k-2 Year Choose Your Term Certificate (New Money)
2.25%$5k-3 Year Choose Your Term Certificate (New Money)
2.25%$5k-4 Year Choose Your Term Certificate (New Money)
2.25%$5k-5 Year Choose Your Term Certificate (New Money)
1.75%$1k-5 Year President's Club Share Certificate
1.65%$1k-5 Year Share Certificate
1.55%$1k-13 Month President's Club Share Certificate
1.45%$1k-13 Month CD Certificate
1.40%$1k-4 Year President's Club Share Certificate
1.35%$1k-3 Year President's Club Share Certificate
1.30%$1k-4 Year Share Certificate
1.30%$1k-2 Year President's Club Share Certificate
1.25%$1k-3 Year Share Certificate
1.20%$1k-2 Year Share Certificate
1.10%$1k-1 Year President's Club Share Certificate
1.00%$200-1 Year Right Start Share Certificate
1.00%$1k-1 Year Share Certificate
1.00%$25-1 Year Save to Win Certificate

Great Lakes Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$5k-2 Year Choose Your Term IRA Certificate (New Money)
2.25%$5k-4 Year Choose Your Term IRA Certificate (New Money)
2.25%$5k-3 Year Choose Your Term IRA Certificate (New Money)
2.25%$5k-5 Year Choose Your Term IRA Certificate (New Money)
1.65%$1k-5 Year IRA Certificate
1.55%$1k-13 Month President's Club IRA Certificate
1.45%$1k-13 Month IRA Certificate
1.30%$1k-4 Year IRA Certificate
1.25%$1k-3 Year IRA Certificate
1.20%$1k-2 Year IRA Certificate
1.00%$1k-1 Year IRA Certificate
1.00%$200-1 Year Right Start IRA Certificate
Locations

Availability



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