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  Lake Michigan Credit Union Max Savings Account

Lake Michigan Credit Union Max Savings Account

in Savings Accounts from Lake Michigan Credit Union · Member ncua

Unaffiliated

Lake Michigan Credit Union Max Savings Account

Unaffiliated

in Savings Accounts from Lake Michigan Credit Union · Member NCUSIF

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Highlights
Monthly Fee N/A
APY (Annual Percentage Yield) 0% - 0.80%
APY Minimum Balance $100

Lake Michigan Credit Union Max Savings Account Review

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

Key Takeaways
  • Higher than average APY. Lake Michigan Credit Union Max Savings Account has an annual percentage yield of up to 0.80%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $100.
  • Small minimum initial deposit. You only need $5 to open an account.
  • No ATM fees. Lake Michigan Credit Union Max Savings Account does not charge fees on ATM transactions.
Lake Michigan Credit Union savings account Pros & Cons
Pros Cons
  • Interest-yielding account.
  • Deposits are insured by the NCUA (up to $250K).
  • Access to physical branches.
  • No signup bonus.
  • Does not come with a debit card
  • Not FDIC-insured.
  • Only available in 2 states.
  • Higher than average wire transfer fees.
  • No ATM access to savings.
Lake Michigan Credit Union savings account FAQ

Are savings accounts from Lake Michigan Credit Union federally insured?

Yes, your Lake Michigan Credit Union savings 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.

Does Lake Michigan Credit Union offer a signup bonus?

Lake Michigan Credit Union savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Lake Michigan Credit Union savings account?

The minimum deposit to open a Lake Michigan Credit Union savings account is $5.
Lake Michigan Credit Union Max Savings Account Minimums
Description
APY Minimum Balance $100
Minimum Opening Deposit $5

What APY does Lake Michigan Credit Union offer?

Lake Michigan Credit Union savings account offers an APY and ranging up to 0.80% (APY stands for annual percentage yield, rates may change).

What fees does Lake Michigan Credit Union savings account charge?

Lake Michigan Credit Union savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

  • Outgoing domestic bank transfers come with a $25 fee.
  • Incoming domestic bank transfers come with a $10 fee.
  • Outgoing international bank transfers come with a $50 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Incoming international bank transfers come with a $15 fee.
  • Lake Michigan Credit Union savings account charges a $5 fee for an early account closure. Contact Lake Michigan Credit Union savings account for more details on what is considered an early closure.

What features and perks does Lake Michigan Credit Union savings account offer?

This savings account includes the following features:

  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • Fraud monitoring - Lake Michigan Credit Union 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.
  • Mobile Banking Services - Lake Michigan Credit Union 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 Lake Michigan Credit Union savings account?

In most cases, the answer is yes. 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.

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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

Icon for Savings Accounts
View all savings accounts offered by Lake Michigan Credit Union

Availability

  Available in 2 states
  • Florida
  • Michigan

Feature Breakdown

APY Minimum Balance $100
Minimum Opening Deposit $5
Early Account Closure $5
Returned Deposit Fee (Domestic) $10
Wire Transfer Fee - Domestic (Incoming) $10
Wire Transfer Fee - Domestic (Outgoing) $25
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $50
Bank Account Features
  • No ATM Fees
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Fraud Monitoring
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • NCUA Member
  • Branch Access
APY (Annual Percentage Yield) 0% - 0.80%

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