Lake Michigan Credit Union Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The Max Savings account doesn’t charge a monthly fee and only requires a $100 minimum deposit to earn interest.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Another notable checking account is LMCU’s Max Checking account. It also doesn’t charge a monthly fee, but account holders also earn a massive APY on balances up to $15,000. Balances above that amount don’t earn interest. Four requirements must be met to earn the APY: Set up a direct deposit into the account; make a minimum of 10 debit or credit card purchases a month; sign into your LMCU online banking at least four times a month; and enroll in e-statements.
LMCU has nearly 100 owned-and-operated ATMs and is also a member of the CO-OP ATM network, giving members free access to tens of thousands of ATMs nationwide. Members can use Zelle to send and receive money.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Lake Michigan Credit UnionLake Michigan Credit Union Review 2022
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
4.2 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
Lake Michigan Credit Union is best suited for those in Lower Michigan and southwestern Florida looking for a full-service financial institution who prize branch access over the best possible rates.Highlights
Free Checking Reward Checking Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.Overall
Lake Michigan Credit Union is a full-service financial institution primarily serving members in Lower Michigan and southwestern Florida.Pros
All CDs only require a $500 opening deposit. The Max Checking account pays a juicy APY on balances up to $15,000. The money market account pays decent yields across balance tiers. Lake Michigan Credit Union lets you schedule appointments online for opening a new account or getting help with an existing account.Cons
Max Checking account holders must meet several requirements to earn the APY. The money market account’s $2,500 minimum balance requirement to earn interest could be a barrier for some customers.Lake Michigan Credit Union bank products
Savings CD Money Market Checking 3.3 Bankrate ScoreLake Michigan Credit Union savings overview
Lake Michigan Credit Union offers its Max Savings account. The APY for balances under $100,000 is decent but below what you’ll find at the most competitive institutions. But if you’re looking to stash six figures in your savings account, you’ll be rewarded with a top-tier APY.The Max Savings account doesn’t charge a monthly fee and only requires a $100 minimum deposit to earn interest.
Pros
The Max Savings account doesn’t charge a monthly fee. Members don’t need to make a minimum opening deposit.Cons
The best yields are only available to members with a six-figure balance. There is a $5 fee for closing an account within 90 days of its opening. Balances less than $100 don’t earn interest. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 4.5 Bankrate ScoreLake Michigan Credit Union CD overview
Lake Michigan Credit Union offers a range of CDs with terms from three months to five years, making it easy for members to build a CD ladder. All CDs require only a $500 minimum balance. They pay a decent APY, but savers searching for high-yield CDs should shop around to find more competitive offers. The credit union offers no specialty CDs, such as a bump-up or no-penalty CD.Pros
The range of CD terms gives members the ability to build a CD ladder. All CDs require just a $500 minimum balance.Cons
LMCU doesn’t offer any specialty CDs. Other banks and credit unions offer more competitive CD yields. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 3.4 Bankrate ScoreLake Michigan Credit Union money market overview
Lake Michigan Credit Union offers a compelling money market account. It pays a tiered APY, so bigger balances earn a higher yield. Even with the tiered yield structure, the APYs are strong, but you can still find better yields on more accommodating balance requirements if you shop around. For this account, a $2,500 minimum balance is needed to earn interest. There’s no fee, and check writing is available.Pros
The money market account pays decent yields across balance tiers. Check writing is available.Cons
The $2,500 minimum balance requirement to earn interest could be a barrier for some customers. At the time of Bankrate’s review, a minimum $100,000 balance was needed to earn the top-tier APY. 4.9 Bankrate ScoreLake Michigan Credit Union checking overview
Lake Michigan Credit Union offers several checking accounts to suit its members. Its Free Checking account, the product scored for this review, offers members a simplified account with no fees and no minimum balance requirement.Another notable checking account is LMCU’s Max Checking account. It also doesn’t charge a monthly fee, but account holders also earn a massive APY on balances up to $15,000. Balances above that amount don’t earn interest. Four requirements must be met to earn the APY: Set up a direct deposit into the account; make a minimum of 10 debit or credit card purchases a month; sign into your LMCU online banking at least four times a month; and enroll in e-statements.
LMCU has nearly 100 owned-and-operated ATMs and is also a member of the CO-OP ATM network, giving members free access to tens of thousands of ATMs nationwide. Members can use Zelle to send and receive money.
Pros
LMCU offers a no-frills, fee-free checking account. The Max Checking account pays a juicy APY on balances up to $15,000.Cons
Max Checking account holders must meet several requirements to earn the APY. The high APY on the Max Checking account applies only to balances $15,000 or less. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
Unlike some credit unions, Lake Michigan Credit Union makes it easy for anyone to join. Members have access to more than 50 branches and tens of thousands of ATMs. Customer service representatives can be reached by phone 8 a.m. to 9 p.m. Eastern time, Monday through Friday, and 9 a.m. to 1 p.m., Saturday. The credit union’s app works on both iOS and Android devices, and members can use it to deposit checks, pay bills, receive account alerts and more.About Lake Michigan Credit Union
Lake Michigan Credit Union is a full-service credit union serving members in Lower Michigan and southwestern Florida. It was founded in 1933 as Grand Rapids Teachers Credit Union. Membership is open to anyone who lives, works or worships in any county in Michigan’s Lower Peninsula or Florida. Eligibility is also extended to those, regardless of location, who have an immediate family member who is a LMCU member and to anyone who lives outside Michigan or Florida willing to make a $5 donation to the ALS Foundation. Lake Michigan Credit Union offers a range of competitive deposit and lending products.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .