Dedicated to Deposits: Deals, Data, and Discussion

5.50% 60-Month CD at Indiana Members Credit Union


Update 10/20/08: A reader mentioned that the special CD is scheduled to end this Wednesday (10/22/08). If you can't make it into a branch, you have to call to have them fax or email you the CD application.

Indiana Members Credit Union is offering a very competitive yield on its 60-month certificate. The yield is 5.50% APY, and the minimum deposit is $1,000. It's also available as an IRA certificate. The early withdrawal penalty is equal to 6 months of interest. For more certificate details, please refer to the account disclosure (pdf).

When I reported on this credit union last year for a similar CD special, I was able to reference their membership page which described their field of membership. That page is no longer available, and I can't find a similar page. It's likely that the membership eligibility has remained the same. Please check with the credit union to verify. Last year the field of membership included those who live or work in the following Indiana counties: Boone, Delaware, Grant, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Morgan or Shelby. You can also be eligible to join if your family member lives or works in one of the above counties or if you work for one of their Select Employee Groups. Membership requires a minimum deposit of $50 into the savings account.

Branches are located throughout Indianapolis and in several other Indiana cities. There are also two branches northwest of Denver, Colorado. The credit union is federally insured by the NCUA (Charter # 68259). It's a large credit union with $1.1 billion in assets and 100,815 members.

Thanks to the reader who emailed me news of this CD.

  Tags: Indiana, Colorado, CD rates, IRA rates

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Comment #1 by Anonymous posted on
A CSR rep advised that this rate is good only thru Wednesday, 10/22 Currently they have open enrollment with the only qualification for membership being that you pass a CHEX review. They require a $50 base account to be a member.