Lake Michigan Credit Union


Po 2848
Grand Rapids, MI 49501
See all branch locations →

Phone 1-616-242-9790

Notable Rates APY Vs.Others
Savings 0.65% 1.02% →
1-Year CD 0.55% 2.26% →
2-Year CD 0.65% 2.86% →
5-Year CD 1.10% 3.21% →
30-Year Mortgage 3.98% 2.81% →
15-Year Mortgage 3.53% 2.36% →
HELOC N.A. 2.79% →

2022 Overview

General Credit Union Information

Lake Michigan is an NCUA insured institution located in Grand Rapids, MI. It was founded in 1933 and has approximately $11672.5 millions in assets.

Who can join?

To qualify for membership with us, you must meet and select one of the following membership criteria:

I live, work, worship or attend Post-secondary school in one of the following counties: Allegan, Antrim, Barry, Benzie, Berrien, Branch, Calhoun, Cass, Charlevoix, Cheboygan, Clare, Clinton, Eaton, Emmet, Grand Traverse, Ingham, Ionia, Isabella, Kalamazoo, Kalkaska, Kent, Lake, Leelanau, Manistee, Mason, Mecosta, Missaukee, Montcalm, Muskegon, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren or Wexford.

I am a person who is or will become a donor to the Amyotrophic Lateral Sclerosis (ALS) Association of Michigan. Please click here for a donation form. (Donation form from:

I am an immediate family member of a current Lake Michigan Credit Union member.

NCUA Insured Yes / State-Chartered
Charter Number # # 62514
Date Established 1933
Assets $11,672.50 million
Loans $7,662.50 million
Deposits $10,137.81 million
Capital $1,206.53 million

Field of Membership Restrictions

Membership is open to those who live, work, worship, or attend school in Allegany and Garrett Counties, Maryland; Somerset County, Pennsylvania; or Mineral County, West Virginia.

Deposit Rates - May 24, 2022

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates (Share Account Rates) APY MIN MAX
0.65% $250,000 - Learn More
Money Market
0.20% $2,500 $2,999 Learn More
Money Market
0.25% $25,000 $29,999 Learn More
CD Rates (Share Certificate Rates) APY MIN MAX
6 Mo CD
0.15% $500 - Learn More
6 Mo CD
0.40% $500 - Learn More
12 Mo CD
0.30% $500 - Learn More
12 Mo CD
0.55% $500 - Learn More
18 Mo CD
0.35% $500 - Learn More
18 Mo CD
0.60% $500 - Learn More
24 Mo CD
0.40% $500 - Learn More
24 Mo CD
0.65% $500 - Learn More
36 Mo CD
0.65% $500 - Learn More
36 Mo CD
0.90% $500 - Learn More
48 Mo CD
0.80% $500 - Learn More
48 Mo CD
1.05% $500 - Learn More
60 Mo CD
0.85% $500 - Learn More
60 Mo CD
1.10% $500 - Learn More
Int Checking Rates APY MIN MAX
Int Ckg
0.15% $2,500 $4,999 Learn MoreShow Less
Checking Rates APY MIN FEE
Max Checking 3.00% $0 $0.00 Learn MoreShow Less

Loan Rates - May 24, 2022

Your Current Location: Connecticut, CT 06828

Home Equity Rates APR Rate Monthly Payment
Auto Loan Rates APR Rate Monthly Payment
3 Year 3.99% 3.99% $737.99
4 Year 3.99% 3.99% $564.36
5 Year 3.99% 3.99% $460.30
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.



Below are Lake Michigan branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:

Lake Michigan Locations

Climate Initiatives

LAKE MICHIGAN is encouraged to provide us with this information. When we receive this information from the credit union, we will provide it here.

Financial Details

Lake Michigan Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Lake Michigan. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.

Texas Ratio
Lake Michigan U.S. Average
1.10% 4.85

The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.

As of December 31, 2021, Lake Michigan had $13,379,979 in non-current loans and $56,260 in owned assets. To cover these potential losses it had $1,206,532,801 in net worth and $16,534,594 in loans loss reserves. That gives it a Texas Ratio of 1.10%.

Net Worth
Lake Michigan U.S. Average
10.33% 12.36%

Lake Michigan FCU has a net worth of 10.33% versus the BestCashCow average of 12.36. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.

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