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Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Open a High-Yield Checking Account Near Chicago, IL
Earn up to 5.00% APY* with Free Checking + Debit Rewards
Call us at (800) 982-7850
Fee-Free checking with high yields, debit rewards, and ATM rebates
Enjoy free checking with debit card rewards, ultra-competitive dividends, and ATM rebates! No minimum balance required. Opening a GLCU Free Checking Account takes just a few minutes. Open a high-yield checking account near Chicago, IL today, online or at your local branch.
- Earn up to 5.00% APY* on up to $10,0003
- Federally insured by the NCUA
- Get your paycheck up to 1 day earlier1
- No out-of-network ATM fees and ATM rebates up to $10/month2
- Earn even greater rates when you combine a GLCU Free Checking Account with a Money Market account
Multiple accounts? Use the Share Insurance Estimator to ensure all your accounts remain under NCUA insurance.
Free Checking rate tiers give you the chance to earn an even higher rate:
- Tier 1: Accounts with 0-19 debit card transactions per month will earn 0.05% APY*. Tier 1 accounts are not eligible for ATM fee reimbursement.
- Tier 2: Accounts with 20-39 debit card transactions per month and enrolled in e-statements will earn 2.75% APY* on balances up to $10,0003 and be eligible for up to $10/month ATM fee reimbursement.2
- Tier 3: Accounts with 40 or more transactions per month and e-statements will earn 5.00% APY* on balances up to $10,0003 and be eligible for up to $10/month ATM fee reimbursement.2
Free Checking account holders that open a GLCU Money Market account and meet the Free Checking tier qualifications can earn up to 1.50% APY* on their money market account.
Debit Card Rewards Designed for You
Earn reward points like a credit card (but avoid the fees and debt)!
- Earn 1 point for every $100 you spend on your debit card
- Redeem debit card points for cash, merchandise, gift cards, and even airline tickets.
- Shop major retailers and earn up to 50 times more reward points
Link your free checking account to your rewards account and start earning 1 point for every $100 you spend on your debit card. Points earned will be directly deposited monthly into your GLCU Rewards Account for you to redeem.
Call us at (800) 982-7850
What Our Members Say
“I have always received great service over the years. I’ll never regret switching from Chase to Great Lakes. It’s more personal in every way for all the services that I have needed. I also feel more secure here.”
-James H., -March 25, 2023
Bank for a Greater Good with a high-yield checking account from GLCU
- As a not-for-profit, GLCU reinvests in its members and communities
- Members enjoy lower rates and better returns
- 24/7 online and mobile banking
- Enroll in Visa Fraud Alerts
- Free Bill Pay—automatic and scheduled payments
Call us at (800) 982-7850
Making the switch to GLCU? We’ll Make it easy. Check out our Switch Kit
Great Lakes Credit Union Checking Account FAQs
Q: How do I open a Great Lakes Credit Union Free Checking account?
A: Opening a GLCU Free Checking account is easy! To become a GLCU member you just need a Share Savings Account and then you can start enjoying all the awesome products and services GLCU has to offer. Once you have a savings account with GLCU, contact us or visit a branch and we’ll help you open the account that’s right for you.
Q: Is it really free?
A: Yes! There are no minimums required to open a GLCU Free Checking account, and no monthly or hidden fees! Find out more about GLCU Free Checking + Debit Rewards.
Q: What is a Money Market account?
A: A GLCU money market account is like a savings account in that it can be a place where you store money that you can access as needed, but unlike a regular savings account, a money marketing account pays dividends to the holder. A GLCU money market account also requires a minimum balance to qualify. Learn more about GLCU money market accounts.
Q: Do I get a debit card with my Free Checking account?
A: Yes! With a GLCU Free Checking account you will receive a debit card. If you need a new one, give us a call or stop by any of our Chicago, IL branches; we’ll print up a new card in minutes.
Q: What happens when I have over $10,000 in my Free Checking account?
A: Free Checking balances over $10,000 will earn the standard savings rate. The dividend rate may be calculated using two different rates. The dividend rate will appear as a blended APY on your monthly statement.
Q: What is the difference between “interest” and “dividends?”
A: Interest and dividends are both ways that investors can earn money, but where they come from and how they are paid are different. Interest is money earned by lending money. When you deposit money in a BANK or buy a bond, your money is being borrowed and the bank or bond issuer is paying you interest in return.
Dividends are payments made by a corporation (such as a credit union) to its shareholders (members of the credit union) out of its profits. Members of a credit union own a “share” of the company and are entitled to a piece of its profits. These profits can be distributed to members as dividends. The dividend rate of a particular financial product, such as a checking account of share certificate is determined by the by credit union’s board of directors.
Learn more about checking accounts:
7 Reasons why credit unions have better free checking accounts
While you have many choices available, the financial institution where you choose to open your free checking account can significantly impact your banking experience. That’s why you want to make sure you choose wisely.
How to avoid fees with a free online checking account
Totally free checking accounts offered through a credit union are one of the smartest ways to avoid unnecessary fees and keep your hard-earned cash.
Checking accounts: 5 Benefits to Improve your finances
You can take advantage of your checking account to move forward in reaching your financial goals. These five checking account benefits can help you on your path to financial stability.
Checking Account Rates
| Account | Dividend Rate | APY* | How to Open |
|---|---|---|---|
Business Checking | 0.050% | 0.05% | |
FREE Checking** Tier 1 | 0.050% | .05% | |
FREE Checking** Tier 2 | 2.713% | 2.75% | |
FREE Checking** Tier 3 | 4.879% | 5.00% |
* APY = Annual Percentage Yield. All dividend rates and APY may change at any time, as determined by GLCU Board of Directors. The APYs shown above assume that all principal and dividends remain on deposit for the entire term. Fees could reduce earnings on the above accounts. The dividend rate may be calculated using two different rates. The dividend rate will appear as a blended APY on your monthly statement.
Tier 1: Accounts with 0-19 debit card transactions per month balances of $1.00 and over, will earn 0.05% APY.
Tier 2: Accounts with 20-39 debit card transactions per month and enrolled in e-statements will earn 2.75% APY on balances between $0-$10,000. Balances $10,001 and above will earn .05% APY.
Tier 3: Accounts with 40 or more transactions per month and e-statements will earn 5.00% APY on balances between $0-$10,000. Balances $10,001 and above will earn .05% APY.
1 Depends on when your payor sends funds. Early direct deposit is available for GLCU members with a checking or savings account who have set up electronic direct deposit with their employer or other payor into their eligible GLCU checking or savings account. Certain non-payroll and tax payments are not eligible for early direct deposit. Direct deposits may be available up to one day before the settlement date (the date your payor tells GLCU to release the funds to you), however GLCU is dependent on the timing of your payor’s payment instructions so you may not see all direct deposits, or every direct deposit, arrive early.
2 All debit card transactions, whether PIN or signature-based, will contribute towards the minimum transaction count required. To be eligible for up to $10 ATM fee reimbursement, you will need a minimum of 20 debit card transactions. Enrollment in e-statements is required to qualify for tier 2 and tier 3 dividend rates.
3 Balances over $10,000 earn 0.05% APY. The dividend rate may be calculated using two different rates. The dividend rate will appear as a blended rate on your monthly statement.