Great Lakes Credit Union Money Market Account Reviews (May 2021)

Highlights
APY (Annual Percentage Yield)	0.05% - 0.20%
APY Minimum Balance	$2,500
Minimum Opening Deposit	Starting at $2,500

Great Lakes Credit Union Money Market Account Review

Great Lakes Credit Union Money Market Account is offered by Great Lakes Credit Union, a credit union founded in 1938 and based in Bannockburn, IL. Great Lakes Credit Union Money Market Account is available in 50 states (and Washington, DC).

Key Takeaways

Very high APY. This account offers an annual percentage yield of up to 0.20%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $2500.
Charges a monthly fee. This account charges a monthly service fee of up to $5, but the fee is waived if you keep a minimum balance of $500.
High minumum deposit. You must deposit a minimum of $2,500, which is high compared to most money market accounts.

Pros & Cons of Great Lakes Credit Union Money Market Account

Pros	Cons
Available in all 50 states. High-interest yield. Does not offer mobile check deposits. Deposits are insured by the NCUA (up to $250K). Access to physical branches. No charge on incoming domestic or international wire transfers.	No signup bonus. Does not provide a debit card or ATM access to your money. Not FDIC-insured. Monthly service charge.

Great Lakes Credit Union Money Market Account FAQ

Are money market accounts from Great Lakes Credit Union federally insured?

Yes, your Great Lakes Credit Union money market accounts are insured up to $250,000 per person by the National Credit Union Share Insurance Fund (NCUSIF). Individual Retirement Accounts (IRA) are insured separately up to $250,000. 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 are the interest rates for Great Lakes Credit Union Money Market Account rates?

Great Lakes Credit Union Money Market Account offers an APY starting at 0.05% and ranging up to 0.20% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $2500.

Great Lakes Credit Union Money Market Account Rates and Terms
Rates	Amount
APY (Annualized Percentage Yield)	0.05% - 0.20%

What are the fees for Great Lakes Credit Union Money Market Account?

This account charges a monthly maintenance fee of up to $5. You can avoid this fee by maintaining a balance of $500.

Great Lakes Credit Union Money Market Account Fees
Fees	Amount
Monthly Fee	up to $5
Paper Statement Fee	N/A

What is the minimum balance for Great Lakes Credit Union Money Market Account?

Minimum deposit of $2,500. You must make an initial deposit of at least $2,500 to open this account.

Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $500.

Interest rate minimum balance of $2,500. You must keep the account balance above $2,500 to earn interest.

What features and perks does Great Lakes Credit Union Money Market Account offer?

This account includes the following features:

Fraud monitoring - Great Lakes Credit Union monitors transactions for potentially fraudulent activity.

How to open an account with Great Lakes Credit Union

Visit the Great Lakes Credit Union website.
Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
Check the information is accurate and submit your application.

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