Lake Michigan Credit Union

Overview / Commentary
5540 Glenwood Hills Pkwy Se
Grand Rapids, MI 49512

Lake Michigan Credit Union is a Michigan-based, member-owned credit union that consistently ranks well among credit unions for dividends paid back to members. It offers depository and lending products on both its personal and business banking sides.

On its personal depository banking side, LMCU offers checking, savings, money market, Certificate of Deposit (CD), and IRA accounts. It usually offers an attractive checking account with a high interest rate on balances up to a certain amount and non-LCMU ATM reimbursements. LCMU’s reward checking account has been recognized in the past on The credit union’s savings account options include a basic account, a health savings account that comes with unlimited check writing privileges, and a children’s education account designed to function as a college savings fund. Money market accounts are available and offer higher dividends for higher account balances. LCMU’s Certificates of Deposit (CDs) and IRA CDs range in term lengths from 3 to 60 months.

Lake Michigan Credit Union online banking features easy account access for tasks like online bill pay, applying for mortgages, transferring funds, and viewing account activity history. LMCU also released mobile banking apps that provide smartphone and tablet-based account management functionality. The credit union’s website also features a learning center where members can view articles and videos that explain various banking services and account calculations.

Lake Michigan Credit Union was founded in 1933 as the Grand Rapids Teachers Credit Union. The original purpose of the institution was to provide banking services to teachers in the community. Since then, the membership has expanded to include local residents and current LMCU members’ family members. The credit union is headquartered in Grand Rapids, Michigan, and serves its members through multiple branches located throughout the state.

Field of Membership Restrictions

Membership in Lake Michigan Credit Union is available to anyone by contributing $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation. Membership is also open to those who live, work, or worship anywhere in Michigan's Lower Peninsula or anywhere in Florida. Immediate family members of current Lake Michigan Credit Union also qualify, no matter where they live.
See current membership details

Not Available In California

The phone rep I spoke with was very friendly and helpful and gave a great first impression. However, that proved to be irrelevant for me, as they do not allow account holders in California for some reason. No, not just about the qualification options -- I can still sign up for the organization listed to qualify. But as as long as I live in CA, I can't have an account anyway.

A Red Flag

I've been generally satisfied with LMCU. However, one recent negative experience I feel is worth highlighting.

In order to qualify for the "4% Max Checking" - 4% monthly interest return on checking accounts of >$15,000 - one must have at least 10 monthly debit card transactions. My debit card was stolen on the 21st of the month at which point I only had 6 transactions. One rep. told me LMCU's policy was to waive that requirement in the event of a lost/stolen card due to an inability to reach the threshold number (a new card takes 7-10 days to arrive). Then, I was told this is not the case and I must still meet the 10 transaction minimum because a lost/stolen card is "not their error". My noting that a stolen card is also not my error seemed to fall on deaf ears. 

Between the inconsistency in communication on LMCU policy and the apathetic tone of the bank manager, I was sufficiently irritated to post this experience. 

Run From LMCU Mortgage Services

Warning to those considering LMCU for financing a mortgage: reconsider! LMCU has singlehandedly and carelessly destroyed our carefully coordinated plans for moving & closing. When we started the mortgage process, we had a closing date of 5/13. This did not change, until LMCU dropped the ball.
We coordinated a number of services on day of close to be done prior to our movers bringing our belongings: cable and internet hookup, someone to run a gas line for gas stove, delivery and installation of 3 appliances, and someone to drill a hole for water filtration system in our granite countertops. The morning after close, we coordinated our movers.
36 hours before our appointment to close, LMCU informed our realtor that we’d have to push back the date of closing, by one day. To add insult to injury, our LMCU loan officer didn’t even notify us, our realtor had to. LMCU then had the audacity to expect us to pay $175 for a notary to meet us to finalize the closing in another location since they changed the closing date 36 hours before our appointment.
My husband and I have been members at LMCU for 5 years, and this is our second mortgage with them. We expected more. We will NEVER entrust our stability and plans with LMCU again, nor will we trust LMCU with our money or our livelihood moving forward. Their core philosophy: “It has always been about doing what’s best and right for our members. It guides everything we do.” It is evident on upon our recent interaction, that this is on no way, the philosophy by which they do business; and if I’d known how little they would care about the impact his has on our situation, the lack of respect to even communicate it to us directly, and the refusal to assume any responsibility for the cost of the notary, we would have looked elsewhere. Consider yourselves warned.

Reward Checking

Posted by: |

After reviewing other banks with reward checking, Like Michigan is hands down the best I've reviewed. I plan to max out the checking with the maximum $15K. Joining was pretty easy compared to other banks and credit union I've dealt with.



Health Grade Components

NCUA #62514
Year Chartered1933
Primary Regulator
Profit Margin
Return on Assets - YTD1.29%
Return on Equity - YTD13.06%
Annual Interest Income$156.8MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$12.09B$10.44B
LoansQ2 2022vs Q2 2021$8.61B$6.84B
DepositsQ2 2022vs Q2 2021$10.51B$8.95B
Equity CapitalQ2 2022vs Q2 2021$1.20B$1.12B
Loan Loss AllowanceQ2 2022vs Q2 2021$18.8MM$15.0MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$10.3MM$10.4MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Report an Issue

Always verify rates and promotions with the bank or credit union. We are not Lake Michigan 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 Michigan Credit Union Savings Account Rates

2.25%*$1m*-Max Savings
OTHER TIERS: 0.10% $100 - $100k | 1.00% $100k - $250k | 1.25% $250k - $500k | 1.50% $500k - $1m
0.60%--Roth IRA Share
0.60%--SEP IRA Share
0.60%--Roth IRA VIP Share
0.60%--SEP IRA VIP Share
0.35%*$1$1kKids Club Savings
OTHER TIERS: 0.10% $1k+
0.35%*$1k*-Teen Club Savings
OTHER TIERS: 0.10% $1 - $1k
0.30%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.15% Up to $5k
0.30%*$5k*-Business Health Saving Account
OTHER TIERS: 0.15% Up to $5k
0.25%--Holiday Club
0.10%$100-Savings Account

Lake Michigan Credit Union Money Market Rates

1.00%*$100k*-Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 0.75% $25k - $100k
1.00%*$100k*-Business Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 0.75% $25k - $100k
0.60%--Coverdell ESA Money Market
0.60%--IRA Money Market Savings
0.60%--IRA Money Market Savings VIP Share

Lake Michigan Credit Union Checking Account Rates

3.00%$1$15kMax Checking Account - Qualifying
0.25%--Advantage 50 Checking
0.20%*$25k*-Investors Checking Account
OTHER TIERS: 0.15% $2.5k - $25k
0.20%*$25k*-IOLTA Checking
OTHER TIERS: 0.15% $2.5k - $25k
0.20%*$100k*-Business Interest Checking Account
OTHER TIERS: 0.10% $2.5k - $25k | 0.15% $25k - $100k

Lake Michigan Credit Union CD Rates

4.15%$500-12 Month VIP CD Special
4.15%$500-12 Month VIP HSA CD Special
3.90%$500-12 Month CD Special
3.90%$500-12 Month HSA CD Special
2.00%$500-60 Month VIP CD
2.00%$500-60 Month VIP HSA CD
1.75%$500-48 Month VIP CD
1.75%$500-60 Month CD
1.75%$500-48 Month VIP HSA CD
1.75%$500-60 Month HSA CD
1.50%$500-48 Month CD
1.50%$500-36 Month VIP CD
1.50%$500-36 Month VIP HSA CD
1.50%$500-48 Month HSA CD
1.35%$500-30 Month VIP CD
1.35%$500-30 Month VIP HSA CD
1.25%$500-36 Month CD
1.25%$500-25 Month VIP CD
1.25%$500-24 Month VIP CD
1.25%$500-24 Month VIP HSA CD
1.25%$500-25 Month VIP HSA CD
1.25%$500-36 Month HSA CD
1.10%$500-30 Month CD
1.10%$500-30 Month HSA CD
1.00%$500-25 Month CD
1.00%$500-24 Month CD
1.00%$500-24 Month HSA CD
1.00%$500-25 Month HSA CD
0.80%$500-17 Month VIP CD
0.80%$500-18 Month VIP CD
0.80%$500-17 Month VIP HSA CD
0.80%$500-18 Month VIP HSA CD
0.70%$500-13 Month VIP CD
0.70%$500-14 Month VIP CD
0.70%$500-15 Month VIP CD
0.70%$500-13 Month VIP HSA CD
0.70%$500-15 Month VIP HSA CD
0.70%$500-14 Month VIP HSA CD
0.55%$500-17 Month CD
0.55%$500-18 Month CD
0.55%$500-17 Month HSA CD
0.55%$500-18 Month HSA CD
0.45%$500-13 Month CD
0.45%$500-14 Month CD
0.45%$500-15 Month CD
0.45%$500-13 Month HSA CD
0.45%$500-15 Month HSA CD
0.45%$500-14 Month HSA CD
0.40%$500-3 Month VIP CD
0.40%$500-5 Month VIP CD
0.40%$500-7 Month VIP CD
0.40%$500-8 Month VIP CD
0.40%$500-10 Month VIP CD
0.40%$500-11 Month VIP CD
0.40%$500-3 Month VIP HSA CD
0.40%$500-5 Month VIP HSA CD
0.40%$500-6 Month HSA CD
0.40%$500-6 Month VIP HSA CD
0.40%$500-7 Month VIP HSA CD
0.40%$500-8 Month VIP HSA CD
0.40%$500-10 Month VIP HSA CD
0.40%$500-11 Month VIP HSA CD
0.40%$500-9 Month VIP CD
0.40%$500-9 Month VIP HSA CD
0.15%$500-3 Month CD
0.15%$500-5 Month CD
0.15%$500-6 Month CD
0.15%$500-7 Month CD
0.15%$500-8 Month CD
0.15%$500-10 Month CD
0.15%$500-11 Month CD
0.15%$500-6 Month VIP CD
0.15%$500-3 Month HSA CD
0.15%$500-5 Month HSA CD
0.15%$500-7 Month HSA CD
0.15%$500-8 Month HSA CD
0.15%$500-10 Month HSA CD
0.15%$500-11 Month HSA CD
0.15%$500-9 Month CD
0.15%$500-9 Month HSA CD

Lake Michigan Credit Union IRA Rates

4.15%$500-12 Month VIP IRA CD Special
3.90%$500-12 Month IRA CD Special
2.00%$500-60 Month VIP IRA CD
1.75%$500-48 Month VIP IRA CD
1.75%$500-60 Month IRA CD
1.50%$500-36 Month VIP IRA CD
1.50%$500-48 Month IRA CD
1.35%$500-30 Month VIP IRA CD
1.25%$500-25 Month VIP IRA CD
1.25%$500-36 Month IRA CD
1.25%$500-24 Month VIP IRA CD
1.10%$500-30 Month IRA CD
1.00%$500-25 Month IRA CD
1.00%$500-24 Month IRA CD
0.80%$500-17 Month VIP IRA CD
0.80%$500-18 Month VIP IRA CD
0.70%$500-13 Month VIP IRA CD
0.70%$500-14 Month VIP IRA CD
0.70%$500-15 Month VIP IRA CD
0.55%$500-17 Month IRA CD
0.55%$500-18 Month IRA CD
0.45%$500-13 Month IRA CD
0.45%$500-14 Month IRA CD
0.45%$500-15 Month IRA CD
0.40%$500-10 Month VIP IRA CD
0.40%$500-11 Month VIP IRA CD
0.40%$500-3 Month VIP IRA CD
0.40%$500-5 Month VIP IRA CD
0.40%$500-7 Month VIP IRA CD
0.40%$500-8 Month VIP IRA CD
0.40%$500-6 Month VIP IRA CD
0.40%$500-9 Month VIP IRA CD
0.15%$500-6 Month IRA CD
0.15%$500-3 Month IRA CD
0.15%$500-5 Month IRA CD
0.15%$500-7 Month IRA CD
0.15%$500-8 Month IRA CD
0.15%$500-10 Month IRA CD
0.15%$500-11 Month IRA CD
0.15%$500-9 Month IRA CD


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.