Last Updated: 04/18/2025
Lake Michigan Credit Union CD
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.25% - 1.40%(Verified 06/21/2024)
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Minimum Opening Deposit
Starting at $500
Certificate Term
- 3 months
- 6 months
- 9 months
- 11 months
- 12 months
- 13 months
- 15 months
- 18 months
- 2 years
- 25 months
- 30 months
- 3 years
- 4 years
- 5 years
Lake Michigan Credit Union CD Review
Lake Michigan Credit Union CD are offered by Lake Michigan Credit Union, a credit union founded in 1933 and based in Grand Rapids, MI. LMCU CD are available in 2 states.
Key Takeaways
- Small selection of CD account types. LMCU CD only offers IRA and traditional CDs.
- Very high annual percentage yield (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
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Lake Michigan Credit Union CD FAQ
Are share certificates from Lake Michigan Credit Union savings accounts federally insured?
Yes, your share certificates 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 is the difference between CDs and Share Certificates?
Certificates of Deposit (CDs) and Share Certificates are both deposit accounts where your money can grow at a fixed rate for a predetermined period of time. Both are low-risk and federally insured products designed to give you a better rate on your deposits than typical savings accounts. The main difference between them is that CDs are offered by for-profit banks, whereas Share Certificates are offered by member-owned, not-for-profit credit unions.
What types of share certificates does Lake Michigan Credit Union offer?
LMCU CD provides the following types of share certificates.- Traditional share certificates. These share certificates pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the share certificate for another term.
- IRA share certificates. An IRA share certificate is a type of IRA that consists entirely of share certificates. In general, you can invest in share certificates in any IRA, but LMCU CD offers a share certificate that is specifically for retirement.
What rates does Lake Michigan Credit Union offer on its share certificates?
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 share certificate after taking into account compounding.
What terms does LMCU CD offer?
Lake Michigan Credit Union offers share certificate terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Month APY | 0.25% - 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 0.40% - 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 11-Month APY | 0.25% - 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 0.25% - 1.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 0.25% - 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 0.50% - 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 0.75% - 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 0.90% - 1.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 1.15% - 1.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a share certificate account with Lake Michigan Credit Union?
LMCU CD require 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 share certificate without paying an early withdrawal penalty. A grace period starts the day after a share certificate’s maturity date, or the final day a share certificate is opened. Standard share certificates renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new share certificate rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Lake Michigan Credit Union charge?
Financial institutions don't typically charge many fees on share certificates. However, most charge a fee if you choose to withdraw your money before the term ends.
Lake Michigan Credit Union charges an early withdrawal fee.
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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