Monday, 23 November 2020

Lake Michigan Credit Union Review: Checking, Savings, CD, Money Market and IRAs

Lake Michigan Credit Union Review: Checking, Savings, CD, Money Market and IRAs
20 Oct
6:49

Lake Michigan Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Lake Michigan Credit Union Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

0.05%

CD Rates

Lake Michigan Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.05%

CD Rates

Lake Michigan Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.80%

CD Rates

Lake Michigan Credit Union 60 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Lake Michigan Credit Union checking account options

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How Lake Michigan Credit Union’s checking accounts compare

Among Lake Michigan Credit Union’s checking accounts, the Max Checking account offers one of the highest rates we’ve seen when comparing it with our list of the 10 best online checking accounts. While there are no monthly fees, there are also no out-of-network ATM fee reimbursements, which are offered without limits by other banks.

As for the credit union’s other checking accounts, their rates fall short. Those accounts aren’t anything special, other than the fact that you get some free checks. In short, the Max Checking account is a great choice but you’ll probably want to pass on the others.

Lake Michigan Credit Union savings account options

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How Lake Michigan Credit Union’s savings accounts compare

Unfortunately, Lake Michigan Credit Union’s savings accounts fall short of other online competitors. While some of their rates are comparable, here you need to have a high minimum deposit amount in order to qualify for the best rates. Other places don’t have minimum balance requirements to qualify for their top rates and some even have ATM access.

You will need to open a Members Savings account to establish eligibility, but you’re better off going elsewhere if you want higher rates. Feel free to check out our list of the best online savings accounts to shop around.

Lake Michigan Credit Union CD rates

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How Lake Michigan Credit Union’s CD rates compare

The special rates are on par with what’s being offered out there. There aren’t as many options as the ones for regular rates, but they’re still a great choice. The regular rates they offer fall short of the ones on our list of the current best CD rates.

All this to say, depending on the term and whether you can qualify for the VIP bonus rate, these CDs are a good choice.

Lake Michigan Credit Union money market account option

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How Lake Michigan Credit Union’s money market account compares

The credit union’s money market rates fall way short compared with what’s being offered out there. Sure, you get limited check-writing capabilities, but so do some of the other banks on our list of the best money market accounts. In other words, you’re better off looking elsewhere.

Lake Michigan Credit Union IRA options

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How Lake Michigan Credit Union’s IRA rates compare

Some of the rates — in particular, their current specials — are on par with some of the best rates out there, especially if you can qualify for the VIP rates. Otherwise, the other terms are pretty lackluster and it’s probably a better idea to check out our list of the best IRA CD rates and see what’s out there.

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Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/lake-michigan-credit-union/

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