Indiana Members Credit Union is offering a 3.00% APY 5-year CD and IRA CD. Minimum deposit is $1,000. This is listed in the certificates rates page as of 10/10/2010. The shorter term CD rates are not nearly as competitive.
According to the account disclosure, certificates with terms of 1 year and above have an early withdrawal penalty of 6 months of interest. The disclosure does state that an early withdrawal of principal is only allowed if they agree to the withdrawal request.
Two years ago the credit union was offering a 5.50% 5-year CD, and in 2007 they were offering a 6% 5-year CD. Rates sure have fallen since those years.
As I reported in 2008, the credit union removed details of their field of membership. They now only say the following in their How To Become a Member page:
Joining is as easy as stopping by one of our conveniently located branches, or you may join online with our enrollment form.
The enrollment form has check boxes for eligibility via residence, employer or relative. In 2008 a reader provided the following comment about eligibility:
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.
If you're interested in joining, you should call their member service number at 800-556-9268. If you are eligible to join, they do require a minimum balance of $50 in the savings account.
Branches are located throughout Indianapolis and in several other Indiana cities. There's also a branch northwest of Denver, Colorado.
The credit union's overall health score is 4 out of 5 at DepositAccounts.com with a Texas Ratio of 1.42% (excellent) based on June 2010 data. Please refer to our financial overview of Indiana Members Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68259). It's a large credit union with $1.23 billion in assets.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.