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Lake Trust Credit Union: Overall Credit Union Rating
| Account | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 4.25 |
| Money Market Account | 4 |
| CD | 3 |
| Trustworthiness | 3 |
| Total | 3.5 |
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.
Lake Trust Credit Union: Pros and Cons
| Pros | Cons |
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Lake Trust Credit Union Membership Savings - Product Name Only
When you join Lake Trust Credit Union, you'll have to open
This savings account has a
Lake Trust Credit Union Easy Checking - Product Name Only
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 - Product Name Only
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 - Product Name Only
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
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.
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.
Lake Trust Credit Union: Frequently Asked Questions
Is my money safe at Lake Trust Credit Union?
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.
Where are Lake Trust Credit Union's branches located?
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.