Lake Michigan Credit Union Review: Checking, Savings and CDs
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Lake Michigan Credit Union is among the 20 largest credit unions nationwide and boasts solid rates and low to no monthly fees across its checking and savings accounts and certificates of deposit. Checking accounts have high overdraft fees, however. In contrast to the credit union’s other scores, LMCU’s overdraft rating is among the lowest NerdWallet has reviewed. (Find better options in our list of best banks for overdrafts.)
Membership requirements aren’t as restrictive as those at many credit unions. Most people can apply by contributing $5 to a nonprofit organization that LMCU supports — and residents of Florida and parts of Michigan can join without that contribution. New members must open and maintain a Member Savings account with at least $5. The credit union offers free access to a nationwide ATM network, but branch access is limited to two states, Michigan and Florida.
» Want more options? See NerdWallet’s analysis of the best savings accounts and the best checking accounts
No monthly fees on some checking accounts.
Competitive rates on some CDs.
Competitive rewards checking account.
Large, free, nationwide ATM network.
Expensive overdraft fee.
Low rates on some savings accounts.
Monthly fees on some savings accounts (though they are avoidable).
Limited branch access.
Requirements must be met to earn strong checking rate.
Product reviews
Checking
Lake Michigan Credit Union’s Max Checking account has no monthly fees or no minimum balance and has a rate of 4.00% APY on balances up to $15,000, provided certain conditions are met. To earn the Max Checking rate, you must meet four requirements each month:
Receive at least one direct deposit.
Make at least 10 LMCU debit or credit card transactions.
Log into online banking at least four times.
Receive electronic statements.
Keep in mind, however, that the account’s overdraft fee is $30 and there’s no limit to the number of times the bank can charge it.
Lake Michigan Credit Union Max Checking
Certificates of deposit
Lake Michigan Credit Union has a wide range of CDs, normally called share certificates at a credit union. Terms stretch from three months to five years and the minimum deposit requirement of $500 is low. But not all of its CD rates are competitive.
» COMPARE: Best CD rates
Full List of Reviewed Certificate Rates
| Term | APY | Min Deposit |
|---|---|---|
| 6 months | 3.15% | $500 |
| 8 months | 3.15% | $500 |
| 1 year | 3.20% | $500 |
| 13 months | 3.20% | $500 |
| 1.5 years | 3.25% | $500 |
| 2 years | 3.25% | $500 |
| 2.5 years | 3.30% | $500 |
| 3 years | 3.35% | $500 |
| 4 years | 3.50% | $500 |
| 5 years | 3.75% | $500 |
Lake Michigan Credit Union Certificate of Deposit
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.