Beacon Credit Union (Beacon CU) is currently promoting its 30-month Certificate Special (1.76% APY). Unlike Beacon CU’s regular Certificates that require a $2.5K minimum deposit, the 30-month Certificate Special requires a $5K minimum deposit, and there is no balance cap.
According to CSR, the Early Withdrawal Penalty is 180 days interest.
American Share Insurance
Beacon Credit Union is not federally insured, but is insured by American Share Insurance (ASI), a provider of private share insurance for credit unions. As stated on Beacon Credit Union's website,
Each account insured up to $250,000 by American Share Insurance.
By members’ choice, this institution is not federally insured.
For those unfamiliar with ASI, here are a few facts to help you decide if you’re comfortable with an ASI insured credit union:
- ASI is the nation’s largest provider of private share insurance for credit unions.
- ASI has been insuring credit unions since 1974.
- Only nine states permit credit unions to be privately insured (Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada, Ohio, and Wyoming).
- Privately insured credit unions are legitimate credit unions that are regulated by their home state.
- ASI-only insured credit union liquidations have been rare, with only three occurring in the past five years: Cumorah Credit Union, NV, 2009; USA One National Credit Union, IL, 2012; and Bensenville Community Credit Union, IL, 2014.
The above facts are intended as neither endorsement of or opposition to ASI or ASI insured credit unions.
Beacon Credit Union membership is available to anyone who lives or works in the following Indiana counties:
Adams, Allen, Bartholomew, Blackford, Carroll, Cass, Clark, Clinton, Daviess, Decatur, DeKalb, Delaware, Dubois, Fayette, Fulton, Grant, Hancock, Henry, Howard, Huntington, Jackson, Johnson, Knox, Kosciusko, Madison, Marshall, Miami, Montgomery, Morgan, Noble, Pulaski, Randolph, Rush, Shelby, Steuben, St. Joseph, Union, Wabash, Wayne, White, or Whitley.
While Beacon CU does offer online banking management tools, joining the Credit Union and/or opening a CD requires an in-person visit to any of the 20 Indiana branches located in Auburn (2), Garrett, Huntington, Logansport (2), Marion, New Haven, North Manchester, Peru (3), Plymouth, Rochester (2), Wabash (4), and Warsaw.
Credit Union Overview
Beacon Credit Union (NCUA Certificate # 82791) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.84% (excellent) based on June 30, 2015 data. In the past year, Beacon CU has increased its total deposits by $5.26 Million, an above average annual growth rate of 0.59%. Please refer to our financial overview of Beacon Credit Union for more details.
Originally chartered in 1931 as the Wabash County Farm Bureau Credit Union, Beacon Credit Union is currently Indiana’s 7th largest credit union, with over 47,100 members and assets in excess of $1 Billion. Beacon CU’s unprecedented growth (including nine mergers) and success can be attributed to 32 years of leadership by former CU President, Bruce Ingraham. When Ingraham began his tenure in 1981, the Credit Union had $38 Million in total assets and only served Wabash County. In addition to the impressive expansion, Ingraham was also responsible for several Beacon CU "firsts" – Share Certificates, Checking Accounts, Internet Banking, and the first Drive-Up Window.
How the Certificate Compares
When compared to the 270 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Indiana residents, Beacon Credit Union’s 30-Month Certificate Special currently ranks second.
The above rates are accurate as of 12/2/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.