Great Lakes Credit Union Share Savings Account

Great Lakes Credit Union Share Savings Account Review

Great Lakes Credit Union Share Savings Account is offered by Great Lakes Credit Union, a credit union founded in 1938 and based in Bannockburn, IL. Great Lakes Credit Union Share Savings Account are available in 1 state across the USA.

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.05%.
• $0 monthly account fees available. This account charges a monthly service fee of up to $5, but the fee is waived if you keep a minimum balance of $500 or have a monthly direct deposit of $500.
• Small minimum initial deposit. You only need $5 to open an account.
• No ATM fees. Great Lakes Credit Union Share Savings Account does not charge fees on ATM transactions.

Great Lakes Credit Union Share Savings Account Pros & Cons

Pros	Cons
Dividend-yielding account. Insured by NCUA. Access to physical branches.	No signup bonus. Does not come with a debit card Only available in one state. Higher than average wire transfer fees. Monthly service charge (if minimums are not met).

Great Lakes Credit Union Share Savings Account FAQ

Are savings accounts from Great Lakes Credit Union federally insured?

Yes, your savings 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.

Does Great Lakes Credit Union offer a signup bonus?

Great Lakes Credit Union Share Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for Great Lakes Credit Union Share Savings Account?

The minimum deposit to open a Great Lakes Credit Union Share Savings Account is $5.

Great Lakes Credit Union Share Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $500
Minimum Balance to Earn APY	$100
Minimum Direct Deposit to Avoid Monthly Fee	Starting at $500
Minimum Opening Deposit	Starting at $5

What APY does Great Lakes Credit Union Share Savings Account offer?

Great Lakes Credit Union Share Savings Account offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Great Lakes Credit Union Share Savings Account charge?

Great Lakes Credit Union Share Savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $500. Avoid the monthly fees by setting up a direct deposit of at least $500.

• Outgoing domestic bank transfers come with a $25 fee.
• Incoming international bank transfers come with a $10 fee.
• Great Lakes Credit Union Share Savings Account charges a $25 fee for an early account closure. Contact Great Lakes Credit Union Share Savings Account for more details on what is considered an early closure.

What features and perks does Great Lakes Credit Union Share Savings Account offer?

This savings account includes the following features:

• Fraud monitoring - Great Lakes Credit Union Share Savings Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Great Lakes Credit Union Share Savings Account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Great Lakes Credit Union Share Savings Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Great Lakes Credit Union Share Savings Account?

The customer support email for Great Lakes Credit Union Share Savings Account is memberservices@glcu.org.