Overview / Commentary
616-242-9790
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 DepositAccounts.com. 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

LMCU is open to anyone through contributing $5 to the ALS Foundation. Membership is also open to the following: (1) those who reside, worship, or work in the Lower Peninsula in Michigan, (2) residents or worshipers in Charlotte, Collier, Desoto, Glades, Hardee, Hendry, Highlands, Hillsborough, Lee, Manatee, Monroe, Palm Beach, Polk, or Sarasota counties in Florida, or (4) family members of current credit union members (membership requirements are listed in the credit union's online application)
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Reward Checking

Posted by: bma737 | Aug 12, 2018

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.

Reasons to bank local

Switching to a credit union has been the best financial decision of my life. Not only do they not charge a lot of fees, the interest they pay is much higher than you would be able to get at a bank. I personally make more than 200 dollars a year from interest on my checking account. furthermore, because you are a "member" of the credit union they work to help you make smart financial decisions when it comes to buying a house or finding the best financial decisions. They also offer scholarships to members for continued studies. In addition to this, they do not have inflated fees because it is not there to make millions of dollars like a national bank. I would highly recommend switching to a credit union in general. I will most likely never go back to keeping my money with a bank. I trust the people and the intentions of the people that work for LMCU.

HSA Rate Switch

I too was frustrated by the HSA rate switch. I transferred in several thousand dollars, expecting to enjoy the 2% rate for a while, only to have it cut in half to 1%. Thinking of switching to a different bank that will pay better rates.

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. 

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Health
A+

Health Grade Components

Overall
NCUA #62514
Year Chartered1933
Employees1248
Primary Regulator
Profit Margin
Return on Assets - YTD1.56%
Return on Equity - YTD13.14%
Annual Interest Income$92.2MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$5.99B$5.18B
LoansQ2 2018vs Q2 2017$4.66B$3.65B
DepositsQ2 2018vs Q2 2017$4.81B$4.09B
Equity CapitalQ2 2018vs Q2 2017$678.5MM$594.6MM
Loan Loss AllowanceQ2 2018vs Q2 2017$4.6MM$3.2MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$4.0MM$3.4MM
Real Estate OwnedQ2 2018vs Q2 2017$304.00K$221.00K
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*$250k*-Max Savings
OTHER TIERS: 0.25% $100 - $100k | 1.00% $100k - $250k
1.00%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.50% Up to $5k
1.00%*$1$1kKids Club Savings
OTHER TIERS: 0.25% $1k+
1.00%*$1$1kTeen Club Savings
OTHER TIERS: 0.25% $1k+
0.80%--Roth IRA Share
0.80%--SEP IRA Share
0.80%--Roth IRA VIP Share
0.80%--SEP IRA VIP Share
0.25%$100-Savings Account
0.25%--Holiday Club

Lake Michigan Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%--IRA Money Market Savings
0.50%*$100k*-Money Market
OTHER TIERS: 0.25% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k

Lake Michigan Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%$1$15kMax Checking Account - Qualifying
0.50%*$100k*-Business Plus Checking Account
OTHER TIERS: 0.25% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $25k - $100k
0.35%*$25k*-Investors Checking Account
OTHER TIERS: 0.25% $2.5k - $25k
0.35%*$25k*-IOLTA Checking
OTHER TIERS: 0.25% $2.5k - $25k
0.25%--Advantage 50 Checking

Lake Michigan Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.85%$500-60 Month VIP CD Special
2.85%$500-60 Month VIP HSA CD Special
2.65%$500-18 Month VIP CD Special
2.65%$500-18 Month VIP HSA CD Special
2.60%$500-60 Month CD Special
2.60%$500-60 Month HSA CD Special
2.45%$500-12 Month VIP CD Special
2.45%$500-12 Month VIP HSA CD Special
2.40%$500-18 Month CD Special
2.40%$500-18 Month HSA CD Special
2.20%$500-12 Month CD Special
2.20%$500-12 Month HSA CD Special
1.55%$500-48 Month VIP CD
1.55%$500-48 Month VIP HSA CD
1.30%$500-48 Month CD
1.30%$500-36 Month VIP CD
1.30%$500-36 Month VIP HSA CD
1.30%$500-48 Month HSA CD
1.05%$500-36 Month CD
1.05%$500-30 Month VIP CD
1.05%$500-30 Month VIP HSA CD
1.05%$500-36 Month HSA CD
0.80%$500-30 Month CD
0.80%$500-30 Month HSA CD
0.75%$500-25 Month VIP CD
0.75%$500-24 Month VIP CD
0.75%$500-24 Month VIP HSA CD
0.75%$500-25 Month VIP HSA CD
0.50%$500-25 Month CD
0.50%$500-17 Month VIP CD
0.50%$500-24 Month CD
0.50%$500-17 Month VIP HSA CD
0.50%$500-24 Month HSA CD
0.50%$500-25 Month HSA CD
0.40%$500-14 Month VIP CD
0.40%$500-15 Month VIP CD
0.40%$500-14 Month VIP HSA CD
0.40%$500-15 Month VIP HSA CD
0.30%$500-3 Month VIP CD
0.30%$500-5 Month VIP CD
0.30%$500-6 Month VIP CD
0.30%$500-7 Month VIP CD
0.30%$500-8 Month VIP CD
0.30%$500-9 Month VIP CD
0.30%$500-10 Month VIP CD
0.30%$500-11 Month VIP CD
0.30%$500-13 Month VIP CD
0.30%$500-3 Month VIP HSA CD
0.30%$500-5 Month VIP HSA CD
0.30%$500-6 Month VIP HSA CD
0.30%$500-7 Month VIP HSA CD
0.30%$500-8 Month VIP HSA CD
0.30%$500-9 Month VIP HSA CD
0.30%$500-10 Month VIP HSA CD
0.30%$500-11 Month VIP HSA CD
0.30%$500-13 Month VIP HSA CD
0.25%$500-17 Month CD
0.25%$500-17 Month HSA CD
0.15%$500-14 Month CD
0.15%$500-15 Month CD
0.15%$500-14 Month HSA CD
0.15%$500-15 Month HSA CD
0.05%$500-3 Month CD
0.05%$500-5 Month CD
0.05%$500-6 Month CD
0.05%$500-7 Month CD
0.05%$500-8 Month CD
0.05%$500-9 Month CD
0.05%$500-10 Month CD
0.05%$500-11 Month CD
0.05%$500-13 Month CD
0.05%$500-3 Month HSA CD
0.05%$500-5 Month HSA CD
0.05%$500-6 Month HSA CD
0.05%$500-7 Month HSA CD
0.05%$500-8 Month HSA CD
0.05%$500-9 Month HSA CD
0.05%$500-10 Month HSA CD
0.05%$500-11 Month HSA CD
0.05%$500-13 Month HSA CD

Lake Michigan Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.85%$500-60 Month VIP IRA CD Special
2.65%$500-18 Month VIP IRA CD Special
2.60%$500-60 Month IRA CD Special
2.45%$500-12 Month VIP IRA CD Special
2.40%$500-18 Month IRA CD Special
2.20%$500-12 Month IRA CD Special
1.55%$500-48 Month VIP IRA CD
1.30%$500-36 Month VIP IRA CD
1.30%$500-48 Month IRA CD
1.05%$500-30 Month VIP IRA CD
1.05%$500-36 Month IRA CD
0.80%$500-30 Month IRA CD
0.75%$500-25 Month VIP IRA CD
0.75%$500-24 Month VIP IRA CD
0.50%$500-17 Month VIP IRA CD
0.50%$500-25 Month IRA CD
0.50%$500-24 Month IRA CD
0.40%$500-14 Month VIP IRA CD
0.40%$500-15 Month VIP IRA CD
0.30%$500-10 Month VIP IRA CD
0.30%$500-11 Month VIP IRA CD
0.30%$500-13 Month VIP IRA CD
0.30%$500-3 Month VIP IRA CD
0.30%$500-5 Month VIP IRA CD
0.30%$500-7 Month VIP IRA CD
0.30%$500-8 Month VIP IRA CD
0.30%$500-9 Month VIP IRA CD
0.30%$500-6 Month VIP IRA CD
0.25%$500-17 Month IRA CD
0.15%$500-14 Month IRA CD
0.15%$500-15 Month IRA CD
0.05%$500-6 Month IRA CD
0.05%$500-3 Month IRA CD
0.05%$500-5 Month IRA CD
0.05%$500-7 Month IRA CD
0.05%$500-8 Month IRA CD
0.05%$500-9 Month IRA CD
0.05%$500-10 Month IRA CD
0.05%$500-11 Month IRA CD
0.05%$500-13 Month IRA CD
Locations

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