Featured Savings Rates
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Lake Michigan Credit Union

Popular Accounts at this Credit Union

3.00%Reward CheckingMax Checking
1.00%Health SavingsHealth Savings Account (HSA)
1.80%5-year CD60 Month CD

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 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 (1) anyone through contributing $5 to the ALS Foundation, (2) those who reside, worship, or work in the Lower Peninsula in Michigan, (3) 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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Lake Michigan Credit Union

For those that are wondering whether or not joining a credit union is a good idea, I can promise you that you will not regret it. Lake Michigan Credit Union is great toward its customers. They provide great customer service by being open on weekends and later into the night. In addition their max checking is the best interest rate that you will get anywhere. The banks that I was at previously only were giving me 15 cents a month as an interest payment. At LMCU I am earning more than 30 dollars a month in interest. This is because with banks, they are trying to make the most money they can. With Lake Michigan Credit Union, you are a member that is cared for. That's why I would highly recommend switching to Lake Michigan Credit Union. Because being a member in the institution helps with how you feel about the institution.

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.

Very Good, But Could Be More Competitive With Rewards Checking

I have found LMCU to be very good. Over the year and a half that I have been a customer, they've made major improvements to their site and I think if they keep working on it, it could get close to the quality of more popular banks. The few times that I have had to call in, the customer service has been great. BTW, I think when you open an account with any bank or credit union, you will have to call customer service a few times to get certain things right. I find that their rewards checking account to be pretty easy to achieve the awards, not like Consumers Credit Union in which you really have to read the fine print on how to earn the rewards (i.e., their debit card has to be swiped as a credit card in order to earn the rewards, it takes a long time to post to your account if a transaction counts towards the rewards debit requirement, etc). LMCU has none of that. It clearly states for the rewards that you have to do 10 debit transactions, in which you enter your pin. Relatively easy, actually. It also has that counter on the side (of the online banking portal) that tells if you if you have met the rewards requirements for that month. I also found the bill pay system to be fine as well, but that also took a few phone calls to get right as well. However, this system really needs an upgrade. But that is what you have to put up with when you bank with a credit union. Remember, credit unions are (usually) your friend. Banks are in business to make money off of you, and that is not the business model of credit unions.

The only reason I am giving LMCU 4 stars is that I think the rewards checking rate needs to be more competitive and the bill pay portal needs to be upgraded to a better layout/design/fonts. Bank saving rates are now at 2% APY, getting ever closer to LMCU's 3% APY for its rewards checking account. In order to stay competitive, I recommend that LMCU increase its rewards checking APY. Savings accounts don't require you to do anything at all with your money, so some customers might view the 1% difference as a hassle to obtain because of the debit purchase requirements. Also, other credit unions offer higher APYs on their rewards checking (although I cannot comment on their customer service).

Another kinda cool perk was the discount on TurboTax I got for being a LMCU customer. Cool!

no better or worse

I was a member at Lake Michigan Credit Union for about 12 years. During this time I opened my first ever checking and savings account as a high schooler, used the checking account as my primary account during college, and also got my first auto loan as a young married adult. The auto loan process was very smooth, and the loan officer was helpful. Overall the experience was fine. Customer service was always friendly, and I appreciate that I wasn't constantly trying to be sold a credit card as I was with Chase Bank. We ended up transferring to another bank when we moved to a city where the credit union did not have a presence, and wanted the convenience of a local bank.



Health Grade Components

NCUA #62514
Year Chartered1933
Primary Regulator
Profit Margin
Return on Assets - YTD1.78%
Return on Equity - YTD14.44%
Annual Interest Income$44.6MM
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$5.46B$5.06B
LoansQ1 2018vs Q1 2017$4.10B$3.44B
DepositsQ1 2018vs Q1 2017$4.35B$4.00B
Equity CapitalQ1 2018vs Q1 2017$656.7MM$573.3MM
Loan Loss AllowanceQ1 2018vs Q1 2017$3.6MM$3.2MM
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$3.8MM$3.7MM
Real Estate OwnedQ1 2018vs Q1 2017$239.00K$244.00K
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* 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

1.00%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.50% Up to $5k
1.00%*-$1kKids Club Savings
OTHER TIERS: 0.25% $1k+
1.00%*-$1kTeen Club Savings
OTHER TIERS: 0.25% $1k+
1.00%*$100k*-Max Savings
OTHER TIERS: 0.25% $100 - $100k
0.80%--Roth IRA Shares
0.80%--SEP IRA Shares
0.25%$100-Savings Account

Lake Michigan Credit Union Money Market Rates

0.80%--Coverdell ESA Money Market
0.80%--IRA Money Market Savings
0.50%*$100k*-Money Market
OTHER TIERS: 0.25% $2,500 - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k

Lake Michigan Credit Union Checking Account Rates

3.00%-$15kMax Checking - Qualifying
0.50%*$100k*-Business Plus Checking Account
OTHER TIERS: 0.25% $2,500 - $10k | 0.30% $10k - $25k | 0.35% $25k - $100k
0.35%*$25k*-Investors Checking Account
OTHER TIERS: 0.25% $2,500 - $25k
0.35%*$25k*-IOLTA Checking
OTHER TIERS: 0.25% $2,500 - $25k

Lake Michigan Credit Union CD Rates

2.42%$500-25 Month VIP CD Special
2.25%$500-14 Month VIP CD Special
2.17%$500-25 Month CD Special
2.05%$500-60 Month VIP CD
2.02%$500-8 Month VIP CD Special
2.00%$500-14 Month CD Special
1.80%$500-60 Month CD
1.77%$500-8 Month CD Special
1.55%$500-48 Month VIP CD
1.30%$500-48 Month CD
1.30%$500-36 Month VIP CD
1.05%$500-36 Month CD
1.05%$500-30 Month VIP CD
0.80%$500-30 Month CD
0.75%$500-24 Month VIP CD
0.50%$500-17 Month VIP CD
0.50%$500-18 Month VIP CD
0.50%$500-24 Month CD
0.40%$500-15 Month VIP 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%$500-9 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%$500-12 Month VIP CD
0.25%$500-17 Month CD
0.25%$500-18 Month CD
0.15%$500-15 Month 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%$500-9 Month CD
0.05%$500-10 Month CD
0.05%$500-11 Month CD
0.05%$500-13 Month CD
0.05%$500-12 Month CD

Lake Michigan Credit Union IRA Rates

2.42%$500-25 Month VIP IRA CD Special
2.25%$500-14 Month VIP IRA CD Special
2.17%$500-25 Month IRA CD Special
2.05%$500-60 Month VIP IRA
2.02%$500-8 Month VIP IRA CD Special
2.00%$500-14 Month IRA CD Special
1.80%$500-60 Month IRA
1.77%$500-8 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
0.75%$500-24 Month VIP IRA CD
0.50%$500-17 Month VIP IRA CD
0.50%$500-18 Month VIP IRA CD
0.50%$500-24 Month 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%$500-9 Month VIP IRA CD
0.30%$500-6 Month VIP IRA CD
0.30%$500-12 Month VIP IRA CD
0.25%$500-17 Month IRA CD
0.25%$500-18 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%$500-9 Month IRA CD
0.05%$500-10 Month IRA CD
0.05%$500-11 Month IRA CD
0.05%$500-13 Month IRA CD
0.05%$500-12 Month IRA CD


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