Lake Michigan Credit Union (LMCU) stands out as a reputable choice for individuals seeking competitive and flexible banking solutions. With a commitment to provide a wide range of offerings, here is the most comprehensive analysis provided next so that you can make the authentic decision as per your preference

Lake Michigan Credit Union CD Rates Offers

Popular CD rates Terms along with interest rates are stated below;

6 Month CD

  • Dividend Rate (Interest): 4.698%
  • APY: 4.80%


  • Ideal for individuals seeking a shorter investment horizon.

Pros & Cons

Short-term commitmentLower interest rate compared to longer-term CDs
Competitive dividend rateLimited opportunity for substantial growth

6 Month IRA/HSA CD

  • Dividend Rate (Interest): 4.698%
  • APY: 4.80%


  • The 4.698% dividend rate and 4.80% APY provide a favorable short-term growth option for retirement or health-related expenses.

Pros & Cons

ProsLimited terms may not suit all retirement planning needs
Tailored for retirement or health savings accountsLimited term may not suit all retirement planning needs
Competitive returns for 6 monthsPotential penalties for early withdrawals in IRA/HSA context

12 Month CD

  • Dividend Rate (Interest): 4.793%
  • APY: 4.90%


  • With an APY of 4.90%, the account offers an improved yield compared to standard interest rates.

Pros & Cons

Moderate-term investment horizonLonger commitment compared to 6-month CDs
Potential opportunity cost if rates rise during the term

12-Month IRA/HSA CD

  • Dividend Rate (Interest): 4.793%
  • APY (Annual Percentage Yield): 4.90%

Pros & Cons

APY of 4.90% for mid-term growthLimited flexibility compared to non-retirement CDs

VIP Bonus Rates and APYs (Applicable to all CDs):

  • VIP Bonus Rate: 4.937%
  • VIP Bonus APY: 5.05%


  • The VIP bonus rates and APYs provide an additional advantage for privileged customers.

Pros & Cons

Exclusive benefits for VIP customersRestricted to VIP clientele
Higher returns with VIP bonus ratesLimited accessibility for all customers

Are Lake Michigan Credit Union CD Rates Competitive? 

Lake Michigan Credit Union CD rates demonstrate competitiveness in the market, offering attractive options across various terms. The 06 Month and 12 Month CDs, with respective dividend rates of 4.698% and 4.793%, along with corresponding APYs of 4.80% and 4.90%, showcase favorable short- and moderate-term investment opportunities.

Additionally, LMCU caters to retirement and health savings needs with parallel IRA/HSA CD options, maintaining the same competitive rates. The inclusion of VIP Bonus Rates, featuring a VIP Bonus APY of 5.05%, adds an exclusive edge for privileged customers.

While LMCU’s rates align well with industry standards, individuals seeking short-term gains or retirement-specific savings may find these CDs particularly appealing, supported by competitive rates and a range of terms to suit varying investment goals.

Overview Lake Michigan Credit Union 

LMCU offers memberships to anyone who meets one of these criteria:

  • Persons who reside, work, attend school, or worship within Michigan’s lower peninsula
  • Persons who reside, work, attend school, or worship within the State of Florida.
  • Immediate family members of LMCU members
  • You contribute $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation

Lake Michigan Credit Union is a member-owned Credit Union. Their focus is solely on the members’ savings. They offer many different types of accounts for both business owners and individuals.

LMCU was founded in October 1933 in a home in Michigan. It has grown significantly over the years. In 2016, LMCU became the largest Credit Union in Michigan. By September 2020, it had almost 480,000 members and assets of $8.6 million.


You don’t have to be a member of LMCU, but their VIP Bonus members get higher rates than non-members.

Lake Michigan Credit Union offers IRA and HSA rates too. The same interest rates apply for the length of the term.  All accounts are covered by the National Credit Union Foundation for up to $15,000.

Overall, LMCU offers 22 different CDS based on the length of term desired.

Locations Lake Michigan Credit Union 

LMCU has 43 branches in Michigan. There are 10 branches in Florida. In Michigan, branches include Kent County where Grand Rapids has a total of 16 throughout the city. Other branches are in Grand Traverse, Kalamazoo, Muskegon, Oakland, Ottawa, Saginaw, Washtenaw, and Wayne counties.

The Florida cities where branches are Bonita Springs, Cape Coral, Naples, Fort Myers, and Sun City. 

Frequently Asked Questions

What is the minimum deposit required for LMCU CDs?

The minimum deposit for Lake Michigan Credit Union (LMCU) CDs is typically $500.

Are there penalties for early withdrawal from LMCU CDs?

Yes, the penalties apply for early withdrawal from LMCU CDs.

How often are dividends paid on LMCU CDs?

 Dividends for LMCU CDs are typically paid quarterly.

What are the eligibility criteria for LMCU VIP status and its associated benefits?

LMCU VIP status eligibility varies. Contact LMCU directly for the most accurate information on qualification criteria and the exclusive benefits offered to VIP members.