It's often the case that the best CD rates are only available at small credit unions with narrow fields of membership. I'm afraid this is another one of those cases. Hopefully there will be a few readers who will be eligible to take advantage of these very competitive rates at Encompass Credit Union. The best one is a 2.53% APY 5-year CD. The shorter-term CDs are also very competitive. These include a 2.02% APY 3-year CD and a 1.26% APY 1-year CD. Minimum deposit is $500. These rates are listed in the credit union's certificates rates page as of 10/3/2012.
As I mentioned above, its field of membership is narrow. Membership is open to anyone who lives, works, worships, or attends school in Tipton or Clinton County, Indiana. In addition, a person who has an immediate family member who is either a member or eligible to be a member may also join. Please refer to the credit union's membership page for more details.
Tipton and Clinton Counties are sparsely populated, but some people may be able to qualify for membership if they work or worship in one of these counties. That gives a few more people the chance of being eligible.
Encompass Credit Union branches are located in Frankfort, Elwood and Tipton, Indiana.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 2.91% (excellent) based on March 2012 data. Please refer to our financial overview of Encompass Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 8548).
How These CD Rates Compare
Encompass Credit Union's 5-year CD rate is much higher than CD rates that are available nationwide. The highest 5-year CD rate that's nationally available is 2.00% APY. This is available from 5 all-access credit unions (Communitywide FCU, Eli Lilly FCU, Mountain America CU, Pen Air CU and Connexus CU).
The highest 5-year bank CD rate that's nationally available is 1.90% APY at CIT Bank.
You can still get a 2.00% APY 5-year CD at BBVA Compass, but this isn't nationally available. You have to live in the market areas where Compass has branches. These are in AZ, CA, CO, NM, AL, FL and TX.
These rates are accurate as of 10/3/2012.
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.