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Lake Trust Credit Union serves local communities in Michigan. It's a good choice if you want a checking account with zero monthly service fees. If you do not qualify to become a member, our best credit unions guide features several institutions that are easy to join regardless of where you live in the US.
Lake Trust Credit Union: Overall Credit Union Rating
| Account | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 4 |
| Money Market Account | 4 |
| CD | 4.25 |
| Trustworthiness | 3 |
| Total | 3.75 |
Lake Trust Credit Union: Pros and Cons
| Pros | Cons |
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Lake Trust Credit Union Membership Savings
$3 monthly service fee
0.05%
$5
- Low minimum opening deposit
- Possible to waive monthly service fee
- Low interest rate
- $3 monthly service fee
- 22 branches in Michigan
- Part of the CO-OP Shared Branch and ATM networks, which have 5,500 shared branches and 30,000 surcharge-free ATMs
- To become a member of Lake Trust Credit Union, you or a family member must live, work, worship, or go to school in the state of Michigan
- To waive the $3 monthly service fee, you must keep a combined total of at least $300 in your Lake Trust Credit Union bank accounts
- Interest compounded and deposited monthly
- Federally insured by the NCUA
When you join Lake Trust Credit Union, you'll have to open Lake Trust Credit Union Membership Savings with a minimum of $5.
This savings account has a $3 monthly service fee, but it can be waived if you keep a combined total of $300 across your Lake Trust Credit Union bank accounts.
Compare Today's Rates
Lake Trust Credit Union Easy Checking
no monthly service fee
None
$0
- No minimum balance requirements
- No monthly service fee
- Free overdraft protection available
- $32 overdraft fee
- $1.50 out-of-network ATM fee
- 22 branches in Michigan
- Part of the CO-OP Shared Branch and ATM networks, which have 5,500 shared branches and 30,000 surcharge-free ATMs
- To become a member of Lake Trust Credit Union, you or a family member must live, work, worship, or go to school in the state of Michigan
- Free overdraft protection that links your checking account to a savings or money market account
- Federally insured by the NCUA
Lake Trust Credit Union Easy Checking is a solid choice if you would like to avoid fees on a checking account. There's no monthly service fee and $0 minimum deposit.
You also have a free overdraft protection option that lets you link your checking account to a savings account. If you overdraw from your checking, money will be transferred from your savings account at no cost to restore your balance.
Lake Trust Credit Union CD
1.11% to 3.30%
$500 to $100,000
- Low minimum opening deposit
- Variety of CD terms
- Standard-to-low early withdrawal penalties
- Tiered interest rates: Earn a higher CD rate on higher account balances
- Online banks may offer higher CD rates right now
- 22 branches in Michigan
- Part of the CO-OP Shared Branch and ATM networks, which have 5,500 shared branches and 30,000 surcharge-free ATMs
- To become a member of Lake Trust Credit Union, you or a family member must live, work, worship, or go to school in the state of Michigan
- Terms range from 3 months to 72 months
- Tiered interest rate: You'll earn a higher interest rate on higher account balances; The tiers are as follows: 1) $500 to $3,999.99; 2) $4,000 to $9,999.99; 3) $10,000 to $99,999.99; and 4) $100,000 and up
- Early withdrawal penalties: 90 days of interest for terms between 3 months and 23 months; 180 days of interest for terms between 24 months and 72 months
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Lake Trust Credit Union has a variety of CD terms, and you'll only need $500— that's less than what other financial institutions generally require to open one.
The credit union's CDs rates are higher than the national average, but you can still find other financial institutions with more competitive rates right now.
Lake Trust Credit Union Money Market Savings
$10 monthly service fee
0.05% to 0.60%
$1,000
- Possible to waive monthly service fee
- ATM card option
- Free checks
- $1,000 minimum opening deposit
- $10 monthly service fee
- 22 branches in Michigan
- Part of the CO-OP Shared Branch and ATM networks, which have 5,500 shared branches and 30,000 surcharge-free ATMs
- To become a member of Lake Trust Credit Union, you or a family member must live, work, worship, or go to school in the state of Michigan
- To waive the $10 monthly service fee, you must keep a minimum of $1,000 in your money market savings account
- Earn 0.05% APY if you have an account balance of $3,999.99 or less
- Earn 0.40% APY if you have an account balance between $4,000 to $9,999.99
- Earn 0.55% APY if you have an account balance between $10,000 and $74,999.99
- Earn 0.60% APY if you have an account balance of $75,000 or more
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Lake Trust Credit Union Money Market Savings might be worth considering if you can waive the $10 monthly service fee with a $1,000 daily account balance. To earn a higher interest rate than the Membership Savings Account, you'll need to maintain a minimum of $4,000 in your account.
How Lake Trust Credit Union Works
Lake Trust Credit Union has over 20 branches in Michigan. It's also part of the CO-OP Shared Branch and ATM networks, which have over 5,500 shared branches and 30,000 surcharge-free ATMs.
To contact a customer service representative, call from 7 a.m. to 7 p.m. on weekdays or 9 a.m. to 1 p.m. on Saturdays.
The credit union's mobile app is rated 4.5 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Lake Trust Credit Union is federally insured by the NCUA. Up to $250,000 is secure in individual bank accounts, and $500,000 is safe in joint bank accounts.
How to Join Lake Trust Credit Union
To become a member of Lake Trust Credit Union, you or a family member must live, work, worship, or go to school in Michigan. All members will need to open Lake Trust Credit Union Membership Savings with a minimum of $5.
The Role of Community Development Financial Institutions
CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
In 2021, Lake Trust Credit Union began a partnership with the nonprofit organization Downtown Lansing Inc. It has become the primary sponsor of the Middle Village Micro Market, a business program that focuses on women and minority-owned businesses. Lake Trust Credit Union also gave over 270 Paycheck Protection Programs loans in 2021 to small businesses impacted by the COVID-19 pandemic.
Lake Trust Credit Union Trustworthiness and BBB Rating
Our Lake Trust Credit Union review includes its rating from the Better Business Bureau so you can see how the institution addresses customer issues.
Lake Trust Credit Union received an F rating from the BBB because it hasn't responded to six customer complaints filed on the BBB website.
BBB ratings do not guarantee that you'll have a smooth relationship with a financial institution. When deciding where to bank, you'll also want to consider talking to current customers or reading online customer reviews.
The credit union hasn't been involved in any recent public controversies.
Lake Trust Credit Union review vs. Citizens Bank review
Citizens Bank has more than 1,000 branches and 3,100 ATMs along the East Coast.
Both financial institutions have solid checking accounts. Lake Trust Credit Union Easy Checking has zero monthly service fees and free overdraft protection available. In comparison, the Citizens Bank One Deposit Checking Account has a $0 minimum opening deposit, and you'll be able to waive the monthly service fee as long you make one deposit each month.
If you're eligible to become part of Lake Trust Credit Union, you likely find the credit union's CDs more appealing than the ones offered at Citizens Bank. Lake Trust Credit Union has lower minimum opening requirements and higher CD rates.
Lake Trust Credit Union review vs. Comerica review
Comerica has over 400 banking centers and 600 ATMs in Arizona, California, Florida, Michigan, and Texas.
Lake Trust Credit Union may be a better choice if you'd like to open a checking account because it has an option that doesn't charge monthly service fees. You also might lean more toward Lake Trust Credit Union if you're an avid banking app user. Comerica's mobile app has lower ratings in both the Apple store and Google Play store.
If you would like to open a CD, it could be a toss-up between the two banks. Comerica has more variety — terms range from seven days to 10 years. Meanwhile, Lake Trust Credit Union has higher CD rates.
Why You Should Trust Us: How We Reviewed Lake Trust Credit Union
We rate bank accounts on a scale from one to five stars. In our Lake Trust Credit Union review, we rate checking accounts, savings accounts, CDs, and money market accounts by looking at features like minimum opening requirements, monthly service fees, and customer support. Learn more about our methodology for rating bank accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Lake Trust Credit Union: Frequently Asked Questions
Your money will safe in a bank account at Lake Trust Credit Union because it's protected by NCUA insurance. Bank accounts are federally insured for up to $250,000 per depositor. If a credit union fails, the NCUA will make sure you'll still have access to money that's insured. It will move the money to another bank account at an NCUA-insured credit union or send you a check.
Lake Trust Credit Union has branches in Michigan. There are locations in the following cities: Ann Arbor, Auburn Hills, Brighton, Chelsea, Center Line, Detroit, DeWitt, Dimondale, Grand Haven, Hastings, Holland, Howell, Lansing, Okemos, Mt. Pleasant, and Plymouth.
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