Since its founding in 1933, Grand Rapids educator Lloyd F. Hutt recognized a void in Michigan for a dependable financial institution, Lake Michigan Credit Union has been there for its members. Grand Rapids Teachers Federal Credit Union then emerged. We became known as Lake Michigan Credit Union in 2002.

Resources And Functions

As of 2016[update], Lake Michigan Credit Union had grown to become the largest credit union in Michigan. It has about $10.9 billion in assets and over 500,000 members across Michigan and southwest Florida. It's simple to join and start reaping the rewards if you live in the coverage region. In this article, you'll learn why GOBankingRates named LMCU one of the Best Credit Unions and Top 100 Banks of 2022.

To the Highest Degree Possible, With Additional Checking

LMCU's max checking account attracts a lot of attention because it gives eligible members an astounding 3.00% APY on the first $15,000. There is no monthly charge or minimum balance required. To receive the 3% APY, you must do the following four things every month:

A Cost-Free Verification

While there is no interest to be earned, Free Checking does not charge any unnecessary fees and has no minimum balance restriction. There is no minimum balance required and no account maintenance fees. To top it all off, your first batch of checks is on the house.

Investors Taking a Look

Suppose you're interested in LMCU's 3.00% APY interest rate for max checking but have already reached the $15,000 limit (or don't otherwise qualify for the rate). In that case, you can open an investor checking account instead, which is optimized for keeping funds in between investment opportunities. The APY for the account's first $2,501-24,499 is 0.15%, increasing to 0.20% for balances over $24,499. Accounts below $2,500 are subject to a monthly maintenance fee of $10.

50 Checking Advantage

If you're 50 or older, consider opening an Advantage 50 Checking account, which offers a higher interest rate. The account has no minimum initial deposit, and there is no minimum balance to receive the 0.25% APY. Also, every year, you'll get two free boxes of checks.

Social Club for the Seasonal Occasion

With this feature, you can earn interest while saving for a rainy day, a vacation, or other anticipated expenses. On September 30 of each year, the account balance plus interest will be transferred into your primary account. There is no set time limit on when deposits must be made. The Holiday Club account offers a modest annual percentage yield of 0.25%, with a $3 penalty for withdrawals made before September 30.

Checking Accounts with Money Market Interest Rates

You can obtain excellent interest rates and a limited number of check-writing transactions with a money market account from Lake Michigan Credit Union. No initial deposit is necessary. However, your balance must be at least $2,500 for the APY to kick off (currently 0.20% to 0.35%). You can earn the 0.35% APY once your balance reaches $100,000.

CD Interest Rates at Lake Michigan Credit Union

If you have some cash on hand that you won't need immediately, consider putting it in a certificate of deposit. Think about how long you need to save a certain amount before withdrawing it. Put your funds to work for you by earning interest.

LMCU's Certificate of Deposit rates ranges from 0.15% to 1.10% APY, with durations ranging from 3 months to 5 years. Any Certificate of Deposit must have an opening balance of at least $500.

Starting Deposit Requirements

With LMCU, creating multiple accounts at once is more feasible because minimum beginning deposits are the exception rather than the rule. The Member Savings account and CDs are the two types of accounts with initial deposit requirements. You can join LMCU by opening a Member Savings account with a $5 deposit, which is necessary. A minimum of $500 is required to open a CD.

Payable every month

Regarding LMCU, monthly service fees are the outlier rather than the norm. If you keep $2,500 or more in your Investor Checking Account each month, the credit union will waive your $10 monthly fee. The other account that costs money to maintain is the Member Savings account, which costs $5 per year. But if your average monthly amount is $300 or more, you won't have to worry about it.