Encompass Credit Union Offers Competitive Rate On Long-Term CDs
Encompass Credit Union (ECU) is currently offering 1.51% APY on its 36-, 48-, and 60-month CDs. The minimum opening deposit is $500, with no stated balance cap. While these rates have been in effect since July, they’ve become more competitive in the past few months, as the rate climate has continued to cool down.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.00% | $500 | - | Encompass Credit Union | 36 Month CD | |
| 1.00% | $500 | - | Encompass Credit Union | 48 Month CD | |
| 1.00% | $500 | - | Encompass Credit Union | 60 Month CD |
According to a credit union official, the Early Withdrawal Penalty (EWP) is as follows:
- Terms of one year or less – 30 days of dividends
- Terms of more than one year – 90 days of dividends
The exceedingly mild EWP makes the 60-month CD quite competitive. If rates should fall over the next year or remain stagnant, you’re still earning a very competitive rate; if rates should begin to rise, the loss of 90 days of dividends could be offset by an excellent APY offered elsewhere.
Ultimate Checking
1.51% APY seems to be a popular rate at Encompass Credit Union: following a rate drop in July the Ultimate Checking currently earns 1.51% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.25% APY, with non-qualifying balances earning 0.10% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.00*% | - | $50k | Encompass Credit Union | Ultimate Checking | |
| OTHER TIERS: 0.25% → $50k+ | |||||
The rates and balance cap have dropped significantly since I last wrote about Ultimate Checking in July 2019. At that time, qualifying balances earned 2.53% APY up to $75k, qualifying balances over $75k earned 0.51% APY, and non-qualifying balances earned 0.25% APY.
As stated on the Ultimate Checking FAQ page, the following requirements must be met every month to qualify for the stated APY.
- Log into NetTeller or Encompass Mobile App
- Be enrolled in eStatements
- Have Direct Deposit
- Have at least 6 bills paid with our iPay clear your account
- Have at least 6 debit card transactions clear your account
If all qualifying requirements are met, the $5 monthly service fee will be waived and out-of-area ATMs fees will be reimbursed up to $15.
Encompass CU participates in Alliance One, a nationwide group of nearly 5,000 surcharge-free ATMs in 42 states, the District of Columbia, and Puerto Rico.
Availability
Headquartered in Tipton, Indiana, Encompass Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Indiana counties of Clinton, Howard, or Tipton eligible to join.
Immediate family members of current ECU members or membership-eligible individuals also qualify. "Immediate family" is defined as spouse, child, sibling, parent, grandparent, grandchild, with step, adoptive, and in-law relationships also included.
Joining ECU and/or opening a CD requires an in-person visit to any of three Indiana branches located in Frankfort (2) and Tipton. According to the Open Lobby page, “appointments are required with account services and loan officers.” Home Bank NetTeller, ECU’s online banking platform, is currently devoted to account management and bill payment services.
To become a member, simply open a savings account with
a minimum deposit of $5 at any of our branch locations.
Credit Union Overview
Encompass Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.12% (excellent) based on September 30, 2020 data. In the past year, Encompass CU has increased its total non-brokered deposits by $24.55 million, an excellent annual growth rate of 15.2%. Please refer to our financial overview of Encompass Credit Union (NCUA Charter # 8548) for more details.
Encompass Credit Union came into existence when Steel Parts Credit Union (founded 1953) and Nickle Plate Industrial Credit Union (founded 1951) merged in 2001. Both Steel Parts and Nickle Plate were established for the benefit of the employees of two of Indiana’s then largest industries: steel manufacturing and the railroads. The change to a community charter also accompanied the merger, expanding the field of membership. Encompass Credit Union is currently Indiana’s 27th largest credit union, with more than 16,400 members and assets in excess of $211 million.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Encompass Credit Union's 36-, 48- and 60-month CD APYs currently rank first.
The above rates are accurate as of 12/12/2020.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
Post Publication Edits
2/19/21: Corrections made to the EWP paragraph.
