Lake Michigan Credit Union’s top CD interest rate is 1.50% APY for 60 months. This rate is for the VIP Bonus CD. It’s part of the members’ reward program called M.O.R.E. Your membership in M.O.R.E. starts when you become a member.

If you aren’t a member, the interest rate drops to 1.00% APY for the 60-month CD. The minimum balance is $500, and dividends are paid monthly.

They have a 48-month CD too. The VIP Bonus rate is 1.25% APY versus the non-member rate of 1.00% APY. The minimum deposit of $500 applies with dividends still paid monthly.

Penalties of up to 6 months interest are deducted when early withdraw is needed. Therefore, if you have a 3-5-month CD, no interest is paid.

An advantage of a CD at Lake Michigan Credit Union is the term of investment. LMCU offers CDs from 3-month to 60-month terms. The interest rate for CDs with a term of 3-11 months is 0.35% APY. The VIP Bonus rate is almost doubled at 0.60% APY.

Lake Michigan Credit Union’s Deal for a 14-month CD is valuable because you will receive the same interest rate as a 30-month CD and the term is 16-months shorter.

Rates as of 10/22/20. *APY = Annual Percentage Yield. Minimum balance to open a CD is $500. A penalty may be charged for earlier withdrawal of a fixed term certificate or IRA. Fees may reduce earnings.


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

Lake Michigan Credit Union offers IRA and HSA rates too. The same interest rates apply for the length of the term.  And 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.

Branches of 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. 

Lake Michigan Credit Union’s Overview

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.