Great Lakes Credit Union Savings Account Review

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  • National Savings Rate Average*: 0.47%
  • National Savings Rate Avg.*: 0.47%
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Read our review & open a new​ savings account with confidence.

Great Lakes Credit Union is NCUA insured up to $250,000 per depositor.

Fund your new account & take advantage of the power of compound interest today!




  • High Yield Money Market Account
  • Min. initial deposit: $1
  • 5.00%
  • Great Lakes Credit Union is Federally Insured by NCUA, the National Credit Union Administration
  • NCUA Insured up to $250,000
  • No Monthly Fees
  • 24 /7 Access to Funds
  • Interest Compounded Daily
  • Great Lakes Credit Union Has Served Its Members for Over 75 Years
  • See Site for Details

On SaveBetter's Secure Site for Great Lakes Credit Union,
NCUA Insured


Main Benefits You Get with Great Lakes Credit Union

Competitive APY:

Great Lakes Credit Union offers 5.00% APY through the SaveBetter Platform.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is over 10x higher than the national average.

Low minimum balance requirement:

You can open a savings account with Great Lakes Credit Union for as little as $1. This makes it easy to open an account quickly and when you’re ready, to fully fund the account to start taking advantage of compound interest.

No monthly maintenance fee:

Everyone hates fees. They destroy your returns and are just a pain in the neck. Thankfully, Great Lakes Credit Union doesn’t charge any monthy maintence fees.

Customer service: 

Great Lakes Credit Union has partnered with Savebetter to bring it’s first-class savings account to more Americans. Savebetter has a supportive, accessible, responsive customer service team based in New York, NY.

NCUA insured:

Great Lakes Credit Union is federally insured by the NCUA. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.

Unlimited Withdrawals: 

Unlike the big banks, Great Lakes Credit Union allows you to withdrawal money from your account as often as you need to. With any savings account, ideally you’ll be able to leave as much money as possible in the account to take advantage of the powerful effect of compound interest.

Great Lakes Credit Union Awards:

Great Lakes Credit Union is committed to supporting its members in reaching their financial objectives and making a positive impact in their communities. Recently, the credit union has received recognition from its peers and partners for its dedication.

The Illinois Credit Union League honored Great Lakes Credit Union with three awards for its efforts in promoting the “people helping people” philosophy and fostering connections with staff, members, and communities. The awards include:

  • First Place Desjardins Award (Adult: $1 billion+ category) – this award recognizes leadership in promoting financial literacy among all ages. Through the Housing and Financial Counseling program, GLCU’s HUD-certified counselors offer personalized counseling and monthly educational workshops to help members become financially empowered.
  • First Place Louise Herring Award ($1 billion+ category) – awarded for internal programs and services that benefit membership. Great Lakes Credit Union’s Diversity, Equity, and Inclusion (DEI) program ensures that DEI is integrated into the credit union’s culture, both internally and externally, shaping interactions with staff and members and developing products that meet the diverse needs of its membership.
  • Second Place Dora Maxwell Award ($1 billion+ category) – awarded for social responsibility within the community. GLCU’s “Fun At The Zoo” project raised awareness of the Brookfield Zoo and its contribution to the animal world and local economy, helping to strengthen local communities.
  • CUNA National First Place Winner – Great Lakes Credit Union’s Louise Herring Award was submitted to the Credit Union National Association’s national contest and was selected as the National First Place Winner of the Louise Herring Award ($1B + category) in recognition of the DEI program.

Open Your New Account with Great Lakes Credit Union Now


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Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $1
  • Min. Initial Deposit: $0
  • 4.25% APY
  • APY as of June 15, 2024
  • Interest Compounded Daily
  • $0 Monthly Fees
  • 24/7 Customer Service
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To recap our recommendations.

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American Express® High Yield Savings Account: 4.25% APY as of June 15, 2024

Great Lakes Federal Credit Union, Powered by SaveBetter

Great Lakes Federal Credit Union uses the secure SaveBetter platform to offer savings products to savers nationwide. Customers open accounts at, and the platform manages all aspects of the products offered by Great Lakes FCU, including a customer’s deposits and withdrawals, statements and any customer service needs. In simple terms, SaveBetter provides you exclusive access to a special selection of savings products. Best of all, SaveBetter is completely free!


Security: Funds deposited into any of the products accessible through SaveBetter are held by federally insured institutions. SaveBetter uses a host of cybersecurity measures to protect your funds and sensitive information.

Choice: Savings products from SaveBetter’s network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

Service: A supportive, accessible, responsive customer service team based in New York, NY, sets SaveBetter apart.

Access: Enjoy 24/7 online access to your account and funds.

Brief History of Great Lakes Credit Union:

Established in 1938 and based in Northern Illinois, Great Lakes Credit Union (GLCU) is a beacon of financial empowerment for its members and their diverse communities. With over $1 billion in assets and serving more than 80,000 members in the Chicagoland area, Great Lakes Credit Union is a not-for-profit financial cooperative driven by a “people helping people” philosophy.

As Great Lakes Credit Union is a not for profit organization, every dollar earned is invested back into the members, through smart, user-friendly products, services, and tools, competitive interest rates, and community initiatives such as member scholarships, financial wellness workshops, and donation drives.

With a focus on their Standards of Greatness, including Smart Growth, Cultural Transformation, Exceptional Member Service, Financial Empowerment, and Efficiency & Sustainability, Great Lakes Credit Union has received numerous national awards, such as the 2022 Community Involvement Gem Award and the 2021 CUES DEI: Catalyst for Change Award.

The “Great Wave” volunteer program is just one way Great Lakes Credit Union supports members in their financial journey, providing educational opportunities, volunteerism, and access to HUD-approved housing and financial counseling. As one of only a few credit unions in the country with a HUD-Approved Housing and Financial Counseling program, Great Lakes Credit Union is committed to providing education, tools, and community development programs to help members save, spend, and make a positive impact on their terms. Whether you’re starting your financial journey, a seasoned investor, or a small business owner, Great Lakes Credit Union has you covered.

Great Lakes Credit Union Product Offering:

Great Lakes Credit Union (GLCU) offers a range of financial products and services to its members, including:

  • Checking and savings accounts – GLCU offers a variety of checking and savings accounts designed to meet the needs of its members, including youth accounts, student accounts, and senior accounts.
  • Loans – GLCU offers personal loans, home loans, auto loans, and other types of loans to help its members finance their dreams and life events.
  • Credit cards – GLCU offers credit cards with competitive rates and benefits to help its members build their credit, earn rewards, and manage their finances.
  • Investment services – GLCU provides investment services and products to help its members reach their financial goals, including individual retirement accounts (IRAs), mutual funds, and other investment options.
  • Insurance – GLCU offers insurance products to help protect its members’ assets, including life insurance, home insurance, and auto insurance.
  • Online and mobile banking – GLCU offers online and mobile banking services to help its members manage their finances on the go, including bill pay, account transfers, and more.

These are just a few examples of the products and services that GLCU offers its members. For a complete list, you may visit their website or reach out to their customer service team.

Great Lakes Credit Union High Yield Savings Account Pros:


  1. High interest rate: Great Lakes Credit Union’s high yield savings account offers a competitive interest rate, which means that you can earn more money on your savings.
  2. NCUA insurance: Great Lakes Credit Union is NCUA-insured, so your deposits are insured up to $250,000 per depositor, per account ownership category.
  3. Convenient online access: The SaveBetter platform allows you to easily access and manage your account online.
  4. No minimum balance requirement: You can open an account with any amount of money, and there are no monthly maintenance fees.
  5. Easy to use: The SaveBetter platform is user-friendly and easy to navigate.

    Great Lakes Credit Union High Yield Savings Account Cons:


    1. Limited ATM access: With an online savings account, you may have limited access to ATMs for withdrawals and deposits.
    2. Limited check-writing capabilities: With an online savings account, you may not be able to write checks.
    3. Limited branch access: With an online savings account, you may not have access to in-person customer service at a physical branch.
    4. Limited account options: The SaveBetter platform offers a high yield savings account, so you may not have access to other types of accounts.
    5. Limited account features: High-yield savings account is a basic savings account, so it may not have some of the features of other account types like debit cards or mobile banking.

      Great Lakes Credit Union Scholarship Program:

      At Great Lakes Credit Union, they understand the high cost of education, but believe it is essential to achieving financial empowerment.

      In 2022, six GLCU members received a $2,500 scholarship to help cover educational expenses at an accredited technical school, trade school, or four-year college or university.

      To be eligible for the scholarship, applicants must be members of Great Lakes Credit Union and either planning to attend or currently enrolled in an accredited post-secondary institution or technical vocational/trade school. A minimum cumulative GPA of 2.50 (on a 4.00 scale) is required.

      The scholarship recipients are selected based on a comprehensive evaluation of their essay quality, GPA, and community/school involvement. So, if you’re a member looking to further your education, be sure check if GLCU is offering scholarships again this year and be sure to apply for the Great Lakes Credit Union Scholarship Program if they are.


      Great Lakes Credit Union Near You:

      Great Lakes Credit Union is a regional bank that primarily operates in the Illinois. Below is a list of their branch locations, phone numbers, hours and more.

      The above may be outdated, for the most up to date information please visit

      SaveBetter Contact Information:

      Phone Number: 844-994-EARN (3276)
      (Monday to Friday from 9:00 a.m – 4:00 p.m)

      Email Address:

      85 Broad Street
      New York, NY 10004


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      *National Savings Rate Average as published by FDIC