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  Lake Michigan Credit Union CD

Lake Michigan Credit Union CD

in CD Accounts from Lake Michigan Credit Union · ncua

Unaffiliated

Lake Michigan Credit Union CD

Unaffiliated

in CD Accounts from Lake Michigan Credit Union · Insured by NCUA

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Highlights
Minimum Opening Deposit Starting at $500
Certificate Term
  • 3 months
  • 6 months
  • 12 months
  • 2 years
  • 3 years
  • 4 years
  • 5 years
  • 11 months
  • 18 months
  • 9 months
  • 13 months
  • 15 months
  • 30 months
  • 25 months
APY (Annual Percentage Yield) 0.25% - 1.40%

Lake Michigan Credit Union CD Review

Lake Michigan Credit Union CD is offered by Lake Michigan Credit Union, a credit union founded in 1933 and based in Grand Rapids, MI. Lake Michigan Credit Union CD is available in 2 states across the USA.

Key Takeaways
  • Small selection of CD account types. LMCU CD only offers traditional and IRA CDs.
  • Very high APY. This account offers an annual percentage yield of up to 1.40%, which is much higher than the national average for a certificate account.
  • $500 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
  • Wide selection of certificate terms. LMCU CD allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Lake Michigan Credit Union CD
Pros Cons
  • Insured by NCUA.
  • Multiple certificate terms available.
  • High-dividend yield
  • No charge on incoming domestic or international wire transfers.
  • Only available in 2 states.
  • There isn't a no-penalty certificate option.
Lake Michigan Credit Union CD FAQ

Are cd accounts from Lake Michigan Credit Union federally insured?

Yes, your Lake Michigan Credit Union cd accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What types of CDs does Lake Michigan Credit Union offer?

LMCU CD provides the following types of CDs.
  • Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
  • IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but LMCU CD offers a CD that is specifically for retirement.

What CD rates does Lake Michigan Credit Union offer on its CDs?

LMCU CD offers an APY starting at 0.25% and ranging up to 1.40%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What terms does LMCU CD offer?

Lake Michigan Credit Union offers CD terms of the following lengths:
Lake Michigan Credit Union CD Rates & Terms
Description
11-Month APY 0.25% - 0.50%
2-Year APY 0.50% - 0.75%
3-Month APY 0.25% - 0.50%
3-Year APY 0.75% - 1.00%
4-Year APY 0.90% - 1.15%
5-Year APY 1.15% - 1.40%
6-Month APY 0.25% - 0.50%
12-Month APY 0.40% - 0.65%
APY (Annual Percentage Yield) 0.25% - 1.40%

What is the minimum deposit to open a CD account with Lake Michigan Credit Union?

LMCU CD requires a minimum deposit of $500 to open an account.

What is the grace period for LMCU CD?

There is a 10-day grace period for LMCU CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does LMCU CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Lake Michigan Credit Union does not charge an early withdrawal fee.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

  • Headquarters
  •   PO Box 2848
    Grand Rapids, MI 49501
  •   Visit Site

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:30pm
  • Tuesday 9:00am - 5:30pm
  • Wednesday 9:00am - 5:30pm
  • Thursday 9:00am - 5:30pm
  • Friday 9:00am - 6:00pm
  • Saturday 9:00am - 1:00pm

Other Services by Lake Michigan Credit Union

Availability

  Available in 2 states
  • Florida
  • Michigan

Feature Breakdown

Minimum Opening Deposit Starting at $500
11-Month APY 0.25% - 0.50%
2-Year APY 0.50% - 0.75%
3-Month APY 0.25% - 0.50%
3-Year APY 0.75% - 1.00%
4-Year APY 0.90% - 1.15%
5-Year APY 1.15% - 1.40%
6-Month APY 0.25% - 0.50%
12-Month APY 0.40% - 0.65%
APY (Annual Percentage Yield) 0.25% - 1.40%
CD Accounts
  • Traditional
  • IRA
Grace Period for Account Changes 10 days
Certificate Term
  • 3 months
  • 6 months
  • 12 months
  • 2 years
  • 3 years
  • 4 years
  • 5 years
  • 11 months
  • 18 months
  • 9 months
  • 13 months
  • 15 months
  • 30 months
  • 25 months

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