Encompass Credit Union (IN) Long-Term CD Rates Soar
Encompass Credit Union (ECU) is currently offering a very competitive 3.04% APY on its 36-, 48-, and 60-month CDs. The minimum opening deposit is $500, with no stated balance cap. With quite substantial increases of 204 bps, all three CDs are offering all-time high APYs.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.02% | $500 | - | Encompass Credit Union | 36 Month CD | |
| 0.75% | $500 | - | Encompass Credit Union | 48 Month CD | |
| 0.75% | $500 | - | Encompass Credit Union | 60 Month CD |
According to CSR, the Early Withdrawal Penalty (EWP) 90 days of dividends.
The exceedingly mild EWP makes the 60-month CD even more competitive. If rates should fall over the next year or remain stagnant, you’re still earning 3.04% APY; if rates continue to rise, the loss of three months of dividends could be offset by an excellent APY offered elsewhere.
Looking at this populated CD Early Withdrawal Penalty Calculator, you can see how competitive the effective yields of the 60-month CD are when closed early.
Availability
Headquartered in Tipton, Indiana, Encompass Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the Indiana counties of Clinton, Howard, or Tipton eligible to join.
Spouses, children, and parents of current ECU members or membership-eligible individuals also qualify for membership.
Joining ECU and/or opening a CD requires an in-person visit to any of four Indiana branches located in Frankfort (2), Kokomo, and Tipton. 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 4.70% (excellent) based on March 31, 2022 data. In the past year, Encompass CU has increased its total non-brokered deposits by $8.16 million, an excellent annual growth rate of 3.92%. Please refer to our financial overview of Encompass Credit Union (NCUA Charter # 8548) for more details.
Encompass Credit Union is the result of the 2001 merger of Steel Parts Credit Union (founded 1953) and Nickle Plate Industrial Credit Union (founded 1951). 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 nearly 17,000 members and assets in excess of $240 million.
How the 36-, 48-. 60-Month CDs Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Encompass Credit Union 36-, 48-, and 60-month CDs. The following tables compares the 36-, 48-, and 60-month CDs to the two highest-rate same term-length CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 6/13/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
