L

Lake Michigan Credit Union

Best ForLong-Term Savers
FeesNone ($0 Maintenance)

Quick Summary

  • Largest CU in West Michigan
  • No monthly fees
  • $30/year investment fee
  • Load-waived mutual funds

The Verdict

Lake Michigan Credit Union provides essential HSA features with zero monthly maintenance fees and mutual fund investing, earning a 2.5/5.0 rating from HSA Orbit.

When school teacher Lloyd F. Hutt opened the doors of his depression-era home and created a new business, he opened a new chapter in West Michigan banking. Pooling the money of 13 fellow visionary teachers, Hutt created Grand Rapids Teachers Credit Union (GRTCU), which began operations right out of Hutt’s own home. Eighty years later, Hutt would scarcely recognize the expansion of his home-grown company. Decades of steady growth, strategic mergers, and the addition of several major service lines have transformed Hutt’s business in ways he could have never foreseen. Lake Michigan Credit Union (LMCU) is now the largest financial institution headquartered in West Michigan.

Key Features

Banking & Access

Includes debit card, online banking and check-writing.

Investment Options

Offers mutual fund investing.

Security & Insurance

Deposits are FDIC/NCUA insured for your protection.

Account Details

No minimum balance to open. no account opening fees.

Fee Analysis

Fee TypeThis ProviderIndustry AverageVerdict
Monthly Maintenance*$0.00$0.69EXCELLENT
Account Opening$0.00$1.88EXCELLENT
Account Closing$0.00$1.95EXCELLENT

* No monthly, maintenance, or transaction fees

Industry averages calculated from 853 providers in the HSA Orbit database.

Investment Options

Mutual Fund Investing

Access mutual fund investments through your HSA with Lake Michigan Credit Union.

  • Minimum Threshold$1,000
  • FeesSelf-directed: stocks, bonds, mutual funds (incl. Vanguard index funds); 1,000+ selections

Interest Rates

Standard Rates

Balance RangeAPY
$0 - $5,0000.25%
$5,000 - $16,0000.50%
$15,000+1.00%

Last updated: 01-07-2026

Contact Information

Address

4027 Lake Dr SE Grand Rapids, MI 49546 Customer Service Mailing Address Lake Michigan Credit Union P.O. Box 2848 Grand Rapids, MI 49501-2848

Customer Service

(800) 242-9790

4027 Lake Dr SE Grand Rapids, MI 49546 Customer Service Mailing Address Lake Michigan Credit Union P.O. Box 2848 Grand Rapids, MI 49501-2848

At a Glance

Monthly Fee$0
Investment Threshold$1,000
Interest Rate (Cash)~1.00%
Debit CardIncluded
FDIC InsuredYes

Pros & Cons

The Good

  • No monthly maintenance fees
  • No account opening or closing fees
  • FDIC/NCUA insured deposits

The Bad

  • $1,000 minimum to invest

User Sentiment

Based on community feedback

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NegativeNeutralPositive

Sentiment data coming soon

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