Lake Michigan Credit Union Review: High APYs With a Regional Reach

Find out whether Lake Michigan Credit Union suits your needs.

Lake Michigan Credit Union is one of the largest credit unions in the country, and it’s the No. 1 mortgage lender in all of Michigan. LMCU now serves more than 400,000 members, assisting with their personal and business banking needs. The financial institution takes a members-first approach to banking, offering high rates for savings and low rates for borrowing. Check out this Lake Michigan Credit Union review to find out if it’s the best credit union for your needs.

Lake Michigan Credit Union Review

Lake Michigan Credit Union focuses on delivering the highest value to its members by offering a large suite of products and services. LMCU also has over 40 branch locations and nearly 100 ATM locations for members residing in Michigan’s lower peninsula and select counties in Florida. In addition to its physical branch locations, the credit union also offers Lake Michigan Credit Union online banking and mobile banking.

LMCU is federally insured by the NCUA and has taken additional security measures to ensure the safety of customer transactions, including data encryption, fraud monitoring, account alerts and zero liability if fraud does occur.

Related: What Is a Credit Union?

Lake Michigan Credit Union Products and Services

LMCU offers a number of personal finance products and services that enable members to bank, borrow, invest and insure.

Banking Options


  • Max Checking, which offers 3% APY on balances up to $15,000
  • Free Checking, which includes free starter checks
  • Investor Checking, which includes tiered interest rates


  • Max Savings, which offers 0.25% APY for savings between $100 and $99,999.99
  • CDs, which have a 2.05% APY with a 60-month term
  • A variety of retirement accounts that can earn up to a 1.8% APY
  • Money market accounts, health savings accounts and other savings options

Credit cards with no annual or balance-transfer fees:

  • Max Rewards Visa
  • Prime Platinum Visa

Learn: 10 Best Credit Unions for CD Rates

Loan Options

LMCU members can borrow money from the credit union in the form of a mortgage; home equity loan; auto, boat or RV loan; or a personal loan.

LMCU says it is the “best place for your mortgage,” and depending on your loan terms and credit, you can qualify for rates as low as 3.375 percent. LMCU’s rates for 30-year and 15-year fixed-rate mortgages are higher than the national averages as reported by Zillow, however.

Find Out: Best Credit Unions for Car Loans

Investing and Insurance Options

The credit union offers a full suite of investment services, including financial and retirement planning, 401k rollover services, portfolio creation and review, and education planning.

You can also invest through a number of different vehicles with LMCU, including Roth 401ks, individual retirement accounts, stocks, bonds, mutual funds, tax-free bond funds, REITs and ETFs. Find out what first-time investors need to know.

LMCU also has its own insurance agency — Lake Michigan Insurance Agency — which provides home, life, auto and health insurance.

Pros and Cons of Lake Michigan Credit Union

Before you decide to become of a member of Lake Michigan Credit Union, it’s important to weigh the pros and cons.


  • Over 40 branch locations and nearly 100 ATM locations
  • Full range of financial products and services
  • Online and mobile banking
  • Checking account options with no fee and no minimum monthly balance
  • High savings account APYs compared with the national average

Limitations to Consider:

  • Limited customer service times: Branches are open 8 a.m. to 11 p.m. Monday through Friday and 9 a.m. to 1 p.m. on Saturday.
  • You can be charged fees for bill pay if you are not enrolled in direct deposit; for credit and debit card re-issues; for overdrafts from lines of credit; and for paper statement copies.
  • The credit union is only open to those who reside, work, attend school or worship in Michigan’s lower peninsula and select counties in Florida and immediate family members of LMCU customers. Unlike requirements of many other credit unions, you do not need to belong to any specific industry, company or organization to qualify for membership.

Should You Join Lake Michigan Credit Union?

If you live in the areas that Lake Michigan Credit Union serves, it could be a good choice, especially if you’d like to be able to handle all of your personal finance needs within a single institution. It can be an especially good choice for people looking to open a savings account, as LMCU’s account options all offer above-average APYs to qualified customers. Mobile and online banking access make it convenient to manage your accounts from anywhere at any time.

On the downside, LMCU does not offer the 24/7 customer service that some other financial institutions do, and it also charges fees for some services that you might not be charged for at another bank or credit union.

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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by Lake Michigan Credit Union.

About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert.