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  Lake of Michigan Credit Union Money Market Account

Lake of Michigan Credit Union Money Market Account

in Money Market Accounts from Lake Michigan Credit Union · ncua

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Lake of Michigan Credit Union Money Market Account

Unaffiliated

in Money Market Accounts from Lake Michigan Credit Union · Insured by NCUA

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Highlights
APY (Annual Percentage Yield) 0.25% - 0.50%
APY Minimum Balance $2,500
Minimum Opening Deposit N/A

Lake of Michigan Credit Union Money Market Account Review

Lake of Michigan Credit Union Money Market Account is offered by Lake Michigan Credit Union, a credit union founded in 1933 and based in Grand Rapids, MI. Lake of Michigan Credit Union Money Market Account is available in 1 state across the USA.

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 0.50%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $2500.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
Pros & Cons of Lake of Michigan Credit Union Money Market Account
Pros Cons
  • Generous dividends.
  • Does not offer mobile check deposits.
  • Insured by NCUA.
  • Access to physical branches.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not provide a debit card.
  • Not FDIC-insured.
  • Only available in one state.
Lake of Michigan Credit Union Money Market Account FAQ

Are money market accounts from Lake Michigan Credit Union federally insured?

Yes, your Lake Michigan Credit Union money market 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 are the dividends for LMCU money market rates?

LMCU money market offers an APY starting at 0.25% and ranging up to 0.50% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $2500.

LMCU money market Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 0.25% - 0.50%

What are the fees for Lake of Michigan Credit Union Money Market Account?

Lake of Michigan Credit Union Money Market Account does not charge a monthly maintenance fee.

Lake of Michigan Credit Union Money Market Account Fees
Fees Amount
Monthly Fee $0
Paper Statement Fee N/A

What is the minimum balance for LMCU money market?

No minimum initial deposit. Lake Michigan Credit Union does not require a minimum initial deposit to open an account.

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

What features and perks does LMCU money market offer?

This account includes the following features:

  • Check Writing - LMCU money market includes check writing privileges. This is convenient method to pay bills and transfer money from your account.
  • Fraud monitoring - Lake Michigan Credit Union monitors transactions for potentially fraudulent activity.

How to open an account with Lake Michigan Credit Union

  • Visit the Lake Michigan 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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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 1 state
Michigan
Availabile in all of Michigan

Feature Breakdown

APY Minimum Balance $2,500
Minimum Balance to Avoid Monthly Fee $0
Monthly Fee $0
NSF Fee 30
Account Features
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Fraud Monitoring
  • Fraud Protection
  • Insured by NCUA
  • Branch Access
  • Check Writing
APY (Annual Percentage Yield) 0.25% - 0.50%
Dividend Compounding Frequency Daily
Dividend Payout Frequency Monthly
Dividend Rate 0.25% - 0.49%

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