Featured Savings Rates
Featured Accounts

Lake Michigan Credit Union

Popular Accounts at this Credit Union

3.00%Reward CheckingMax Checking
2.05%5-year CD60 Month VIP CD Special
2.05%5-year IRA60 Month VIP IRA CD Special

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

Membership is open to those who are donate a minimum of $5 to the Amyotrophic Lateral Sclerosis (ALS) Association or to those who live, work, worship or attend school in one of several Michigan counties.
See current membership details

Related Posts

Anyone Else Notice That LMCU Quietly Dropped Their HSA Rates ? - 5/1/2016

I was getting 2%. Its now down to 1% apparently. And, if you want to take your HSA elsewhere, they hose you with a $35 fee. Disappointing because an HSA, for most, is like a long term CD. Anyone have the presidents email address ?

Lake Michigan CU (Easy Membership) Raises Rate On 18-month CD - 2/9/2016

Lake Michigan CU (easy membership) has raised the rate on its 18-month VIP CD Special (1.40% APY). The minimum deposit is $500, with no balance cap. Also as an IRA.

Lake Michigan Credit Union 12-Mo CD 1.4%APY Other Terms Available - 1/29/2016

While confirming RCA information this morning, ran across this special.  CD rates include .25% MORE VIP Relationship Reward Bonus.   Minimum balance to open a CD is $500. Also:  36-month CD 1.65%APY  5-year CD 2.0%APY See additional details here. ETA:  Ken posted on this CD special 12/2/15 - see his blog post here.   No wonder it seemed familiar =D.    It's good to see a competitive rate last for close to 2 months.

View all posts from:

Great Rate, No Problems, No External ACH Connections

Posted by: curls | Dec 21, 2015

Signed up for the 3% on up to $15k on rewards checking a couple years ago. Been smooth sailing since.

> Get display online of whether you've met monthly requirements. So you never have to count POS debits or guess or forget something silly (like to sign on 4 times.)
> Direct Deposit of $250 works for me. Worked with $50 one month too.

> No external bank ACH ability. You can pull and push by going to your other bank and doing it there. It will go through. From the LMCU side, they don't offer it. (Last I checked.) Without free ACHs, I consider it a place to put money and that's about all. They may have a billpay or other way that works well enough.

I've only had a couple reasons to contact them. I remember them as pleasant events, and otherwise the details are not memorable. I wasn't asking for anything to be waved nor any of that significance. I haven't run into any fees.

The $5 sign up fee for some organization to become a CU member because I'm completely out of state, has been worth it.

Ive Had Good Experiences With LMCU

Posted by: RJM | Jun 12, 2016

I joined primarily for the 3% reward checking account and since then added an HSA which used to pay 2% but is now down to 1%. That bothers me.

I have also opened a couple of short term CDs with some kind of bonus rates.

Their system for tracking requirements for the 3% rate is the best of any bank or credit union I have used. You log in and click on a link that tells you if you completed your requirements or not.

I have been having a little issue with their 3rd party security...Every month near the first of the month, I try to knock out my 10 required transactions and I run into declines after 2-3 transactions. It makes it harder for me to knock out the required 10 in a day like I would prefer. With other places, all it takes is a call to explain this is normal for my account and it doesn't happen. With LMCU, their 3rd party security just doesn't get it.

The lack of ach from their site is bothersome too.

Opening the CDs required me to send the money in to my checking account before I could open the CDs. More cumbersome than other places.

Overall, I cant see where all these low 1 star rankings are coming from. Customer service people have that Michigan accent which might sound snarky to those who don't live around there. I was born there but have been in the deep south my entire life.

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. 



Health Grade Components

NCUA #62514
Year Chartered1933
Primary Regulator
Profit Margin
Return on Assets - YTD1.89%
Return on Equity - YTD16.31%
Annual Interest Income$33.3MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$4.37B$3.71B
LoansQ1 2016vs Q1 2015$3.13B$2.51B
DepositsQ1 2016vs Q1 2015$3.39B$2.86B
Equity CapitalQ1 2016vs Q1 2015$491.1MM$419.3MM
Loan Loss AllowanceQ1 2016vs Q1 2015$4.7MM$5.6MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$2.4MM$1.6MM
Real Estate OwnedQ1 2016vs Q1 2015$589.00K$343.00K
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

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+
0.80%--Roth IRA Shares
0.80%--SEP IRA Shares
0.25%--Christmas Club Account
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

2.05%$500-60 Month VIP CD Special
1.80%$500-60 Month CD Special
1.55%$500-48 Month VIP CD
1.40%$500-18 Month VIP CD Special
1.30%$500-48 Month CD
1.30%$500-36 Month VIP CD
1.15%$500-18 Month CD Special
1.05%$500-36 Month CD
1.05%$500-30 Month VIP CD
1.05%$500-13 Month VIP CD Special
0.80%$500-30 Month CD
0.80%$500-13 Month CD Special
0.75%$500-25 Month VIP CD
0.75%$500-24 Month VIP CD
0.50%$500-25 Month CD
0.50%$500-17 Month VIP CD
0.50%$500-24 Month CD
0.40%$500-14 Month VIP 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%$500-8 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%$500-12 Month VIP CD
0.25%$500-17 Month CD
0.15%$500-14 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%$500-8 Month CD
0.05%$500-9 Month CD
0.05%$500-10 Month CD
0.05%$500-11 Month CD
0.05%$500-12 Month CD

Lake Michigan Credit Union IRA Rates

2.05%$500-60 Month VIP IRA CD Special
1.80%$500-60 Month IRA CD Special
1.55%$500-48 Month VIP IRA CD
1.40%$500-18 Month VIP IRA CD Special
1.30%$500-36 Month VIP IRA CD
1.30%$500-48 Month IRA CD
1.15%$500-18 Month IRA CD Special
1.05%$500-30 Month VIP IRA CD
1.05%$500-36 Month IRA CD
1.05%$500-13 Month VIP IRA CD Special
0.80%$500-30 Month IRA
0.80%$500-13 Month IRA CD Special
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%$500-3 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
0.30%$500-12 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%$500-12 Month IRA CD

Lake Michigan Credit Union has 41 locations. Click to view all Lake Michigan Credit Union locations.