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

Phone 1-616-242-9790

Notable Rates APY Vs.Others
Savings 0.25% 1.40% →
1-Year CD 1.00% 1.15% →
2-Year CD 0.75% 1.26% →
5-Year CD 1.40% 1.60% →
30-Year Mortgage 3.98% 3.09% →
15-Year Mortgage 3.53% 2.59% →
HELOC N.A. 2.77% →

2020 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 $6579.87 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
Charter Number # # 62514
Date Established 1933
Assets $6,579.87 million
Loans $5,113.69 million
Deposits $5,281.58 million
Capital $851.48 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 - July 5, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates (Share Account Rates) APY MIN MAX
0.25% $100 $99,999 Learn More
Money Market
0.25% $2,500 $9,999 Learn More
Money Market
0.30% $10,000 $24,999 Learn More
Money Market
0.35% $25,000 $49,999 Learn More
CD Rates (Share Certificate Rates) APY MIN MAX
3 Mo CD
0.50% $500 - Learn More
6 Mo CD
0.85% $500 - Learn More
12 Mo CD
1.00% $500 - Learn More
18 Mo CD
0.70% $500 - Learn More
24 Mo CD
0.75% $500 - Learn More
30 Mo CD
0.90% $500 - Learn More
36 Mo CD
1.00% $500 - Learn More
48 Mo CD
1.15% $500 - Learn More
60 Mo CD
1.40% $500 - Learn More
Variable IRA Rates APY MIN MAX
0.80% $5 - Learn MoreShow Less
Fixed IRA
1.00% $500 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Special: Rewards Checking
4.00% $0 $15,000 Learn MoreShow Less
0.25% $2,500 $4,999 Learn MoreShow Less
Checking Rates APY MIN FEE
Max Checking 3.00% $0 $0.00 Learn MoreShow Less

Loan Rates - July 5, 2020

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

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
1.60% 5.92

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 September 30, 2019, Lake Michigan had $13,334,603 in non-current loans and $367,522 in owned assets. To cover these potential losses it had $851,478,029 in net worth and $6,705,579 in loans loss reserves. That gives it a Texas Ratio of 1.60%.

Net Worth
Lake Michigan U.S. Average
12.94% 13.86%

Lake Michigan FCU has a net worth of 12.94% versus the BestCashCow average of 13.86. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.

Frequently Asked Questions About Lake Michigan

Branches and Savings

What is Lake Michigan?

A federal credit union, registered with the NCUA under certificate #62514.
Learn more about credit unions here.

Is Lake Michigan FDIC insured?

No, credit unions are not insured by the FDIC. They are insured by the National Credit Union Administration. The insurance provisions of the NCUA are similar to, but not identical to, FDIC insurance.

Who can join Lake Michigan?

Please see Field of Membership information above for information on who is eligible to join.

What are Lake Michigan's share account and share certificate rates?

Lake Michigan's deposit account rates are listed above.
You may find better online savings rates here or better local savings rates at banks or credit unions. Tables with the best CD rates are here.

How big is Lake Michigan?

Lake Michigan has total capital of $851.48 million. Full information on Lake Michigan's financial position is located above.

Who owns Lake Michigan?

Credit Unions are owned by their members.

Where are Lake Michigan branches located?

See branch locations nearby.

Are Lake Michigan ATMs Open 24/7?

Do Lake Michigan ATMs accept cash deposits?

Can Lake Michigan customers use other ATMs? What is the charge for withdrawing money from another ATM?

Does Lake Michigan have a mobile app?

Does Lake Michigan have mobile deposit?

Does Lake Michigan have quick pay?

How can Lake Michigan transfer money to other banks or credit unions?

Does Lake Michigan report to credit bureaus?

Does Lake Michigan use Chexsystems?

Does Lake Michigan use Equifax?

What is Lake Michigan's toll free phone number?

What is Lake Michigan's ACH Routing Number?

What is Lake Michigan's SWIFT code?

Where can I find Lake Michigan's wire transfer form?

What is the Lake Michigan address for deposits?

What Products Does Lake Michigan Offer

Does Lake Michigan offer mortgages?

Compare mortgage rates here.

Does Lake Michigan offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Lake Michigan offer auto and RV loans?

Compare auto loan rates here.

Does Lake Michigan offer student loans or personal loans?

Compare personal loan rates here.

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