Lake Michigan Credit Union Member Savings Account

Lake Michigan Credit Union Member Savings Account Review

Lake Michigan Credit Union Member 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 Member Savings Account is available in 2 states across the USA.

Key Takeaways

• Higher than average APY. Lake Michigan Credit Union Member Savings Account has an annual percentage yield of up to 0.25%, which is higher than the average interest rate for savings accounts. Note that you must keep a minimum balance of $100 to earn that interest rate.
• $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 $300.
• Small minimum initial deposit. You only need $5 to open an account.
• No ATM fees. Lake Michigan Credit Union Member Savings Account does not charge fees on ATM transactions.

Lake Michigan Credit Union Member 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 2 states. Higher than average wire transfer fees. Monthly service charge.

Lake Michigan Credit Union Member 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 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 Lake Michigan Credit Union offer a signup bonus?

Lake Michigan Credit Union Member Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for Lake Michigan Credit Union Member Savings Account?

The minimum deposit to open a Lake Michigan Credit Union Member Savings Account is $5.

Lake Michigan Credit Union Member Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $300
Minimum Balance to Earn APY	$100
Minimum Opening Deposit	Starting at $5

What APY does Lake Michigan Credit Union Member Savings Account offer?

Lake Michigan Credit Union Member Savings Account offers an APY of 0.25% (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 Lake Michigan Credit Union Member Savings Account charge?

Lake Michigan Credit Union Member 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 $300.

• Outgoing domestic bank transfers come with a $25 fee.
• Incoming domestic bank transfers come with a $5 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 $10 fee.
• Lake Michigan Credit Union Member Savings Account charges a $5 fee for an early account closure. Contact Lake Michigan Credit Union Member Savings Account for more details on what is considered an early closure.
• Lake Michigan Credit Union Member Savings Account charges $2 every time you request a paper statement.

What features and perks does Lake Michigan Credit Union Member 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 Member 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 Member 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 Member 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 Lake Michigan Credit Union Member Savings Account?

The customer support email for Lake Michigan Credit Union Member Savings Account is communityrelations@lmcu.org.