Over the weekend, Centra Credit Union (Centra CU) added two Special Rate Share Certificates with tiered rates: 19-month (1.50 % APY, $500; 1.65% APY, $100k) and 47-month (2.25% APY, $1k; 2.40% APY, $100k). The 47-month is clearly the more competitive of the two.
|2.40*%||$100k||-||Centra Credit Union||47 Month Share Certificate Special|
|OTHER TIERS: 2.25% → $500 - $1mm|
|1.65*%||$100k||-||Centra Credit Union||19 Month Share Certificate Special|
|OTHER TIERS: 1.50% → $500 - $1mm|
According to CSR, the Early Withdrawal Penalty for any of Centra CU’s Share Certificates is “never more than six months interest.”
Headquartered in Columbus, Indiana, Centra Credit Union’s field of membership (FOM) is open to anyone who lives or works in any of the following 61 Indiana or seven Kentucky counties.
Indiana Counties: Adams, Allen, Bartholomew, Blackford, Boone, Brown, Carroll, Cass, Clark, Clay, Clinton, Crawford, Dearborn, Decatur, Delaware, Fayette, Floyd, Franklin, Grant, Greene, Hamilton, Hancock, Harrison, Hendricks, Henry, Howard, Huntington, Jackson, Jay, Jefferson, Jennings, Johnson, Lawrence, Madison, Marion (with the exception of Decatur Township), Miami, Monroe, Montgomery, Morgan, Ohio, Orange, Owen, Parke, Perry, Putnam, Randolph, Ripley, Rush, Scott, Shelby, Sullivan, Switzerland, Tippecanoe, Tipton, Union, Vigo, Wabash, Washington, Wayne, Wells, and White.
Kentucky Counties: Bullitt, Henry, Jefferson, Oldham, Shelby, Spencer, and Trimble.
Immediate family members of individuals eligible to join also qualify for membership.
For a detailed map of the eligible counties, please refer to Centra CU’s Become A Member page.
Joining Centra CU and/or opening a Special Rate Share Certificate can be done online, on the phone, or in-person at any of 22 full-service Indiana branches located in Carmel, Clarksville, Columbus (7), Edinburgh, Greensburg, Indianapolis, Jeffersonville (2), Madison, New Albany, North Vernon, Scottsburg (2), Sellersburg, Seymour, and Shelbyville. There are also branches in Jamestown, New York, and Whitakers, North Carolina, which were originally opened when the Credit Union was affiliated with Cummins Engine Company.
Credit Union Overview
Centra Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.49% (excellent) based on June 30, 2017 data. In the past year, Centra CU has increased its total non-brokered deposits by $54.14 million, an excellent annual growth rate of 4.79%. Please refer to our financial overview of Centra Credit Union (NCUA Charter # 68287) for more details.
Central Credit was established in 1940 as the Cummins Employees Federal Credit Union by eight Cummins Engine Company employees. At their first organizational meeting, these employees set credit union policies, including a maximum deposit of $7.50 per week and an unsecured loan limit of $25. The name was changed in 1995 to Centra Federal Credit Union, reflecting the company's growth and diversity. In 1997, the Credit Union adopted a state charter and rebranded as Centra Credit Union. Currently the fourth largest credit union in Indiana, Centra CU serves more than with 110,400 members and assets in excess of $1.4 billion.
How the Special Rate Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Centra Credit Union’s 47-Month Special Rate Share Certificate APYs currently rank first and third, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.40% APY||47-Month Special Rate Share Certificate ($100k min)||Centra Credit Union|
|2.30% APY||48-Month CD ($1k min)||Grant County State Bank|
|2.25% APY||47-Month Special Rate Share Certificate ($500 min)||Centra Credit Union|
The above rates are accurate as of 10/2/2017.