In December, Lake Michigan Credit Union (LMCU) was offering three VIP CD Specials, including a competitive 12-month CD. The rate on the 12-month VIP CD Special was substantially lowered in the beginning of February, but over the weekend, LMCU raised the rate on its 18-month VIP CD Special (1.40% APY).
The minimum deposit is $500, with no balance cap. The 18-month VIP CD is also available as an IRA (Traditional), earning the same APY with the same funding requirement.
According to CSR, the Early Withdrawal Penalty for CDs with terms greater than 12 months is 180 days interest.
The VIP CD Special rate includes an additional 0.25% through the MORE VIP Relationship Rewards Bonus. The MORE program rewards members for account activity, with each activity (eStatements, active debit card, account balance, etc.) earning between 25 and 400 points each.
Points are assigned to each type of LMCU account you establish and the services you use.
Your point total determines which rewards tier you belong to:
Basic (0-199 points), Value (200-399 points) and VIP member (400+ points).
While the minimum deposit for the 18-month VIP CD is $500, unless you have VIP member status, the APY will be 0.25% lower. Having an aggregate savings balance of $50K+ is worth 400 points (VIP level), so a minimum opening deposit of $50K+ will automatically earn the above stated APY.
LMCU’s Max Checking account currently earns 3.00% APY on qualifying balances up to $15K. The Max Checking account has been one of the top five Reward Checking Accounts listed in DA’s "Best Bank Account Rate Summary" for several years.
There is no monthly fee for the Max Checking and LMCU will reimburse up to $15 per month in non-LMCU ATM fees. The monthly qualifying requirements are:
- Direct deposit into any LMCU account.
- At least 10 debit card purchases per month.
- Minimum 4 logins to home banking each month.
- Sign up to receive eStatement and eNotices.
Headquartered in Grand Rapids, Lake Michigan Credit Union offers membership through a variety of ways.
Easy Membership: A donation ($5 minimum) to the Amyotrophic Lateral Sclerosis (ALS) Association, West Michigan Chapter, qualifies for membership eligibility. (The donation process is included in LMCU’s online application.)
Residency: Individuals who live, work, worship, or attend school in any county in the State of Michigan’s lower peninsula are eligible to join.
Relationship: Immediate family members (defined as spouse, parent, child, sibling, or grandparent) of current LMCU members are eligible for membership.
Joining Lake Michigan Credit Union and/or opening a CD can be done online, or at any of 41 Michigan branches located in Ada, Allendale, Bryon Center, Caledonia, Cascade Township, Comstock Park, Farmington Hills, Grand Haven, Grand Rapids (17), Holland (2), Hudsonville, Jenison, Kalamazoo (4), Kentwood, Muskegon, Portage, Rockford, Schoolcraft, Traverse City, Troy, and Wyoming. LMCU also has a branch in Bonita Springs, Florida.
Credit Union Overview
Lake Michigan Credit Union (NCUA Charter # 62514) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.61% (excellent) based on September 30, 2015 data. In the past year, Lake Michigan Credit Union increased its total deposits by $346.93 Million, an excellent annual growth rate of 13.19%. Please refer to our financial overview of Lake Michigan Credit Union for more details.
Lake Michigan Credit Union was originally founded in 1933 as the Grand Rapids Teachers Credit Union, when 13 teachers pooled their resources for the Credit Union’s initial deposit. For more than 25 years, the Credit Union operated out of the home of founding member, Lloyd F. Hutt. The Lake Michigan Credit Union name and logo were adopted in March 2002, following 30 years of mergers, consolidations, and expansion. Today, LMCU has over 270,000 members and assets in excess of $3.9 Billion.
How the CD Compares
When compared to the 102 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Lake Michigan Credit Union’s 18-Month VIP CD Special APY currently ranks second.
The above rates are accurate as of 2/9/2016.