Encompass Credit Union Offers Competitive Rate On Long-Term CDs


Update 2/19/21: The CD rates have fallen since this article was first published. Please refer to this rates table for the latest rates.

Availability: Residents of Clinton, Howard, and Tipton Counties in Indiana.

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.

1.00%$500-Encompass Credit Union36 Month CD
1.00%$500-Encompass Credit Union48 Month CD
1.00%$500-Encompass Credit Union60 Month CD
Rates as of January 26, 2022.

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.

1.00*%-$50kEncompass Credit UnionUltimate Checking
OTHER TIERS: 0.25% $50k+
Rates as of January 26, 2022.

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.


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.

Related Pages: Indianapolis checking accounts, reward checking accounts, 5-year CD rates

Encompass Credit Union (IN) Offers 24-Month CD, 3.04% APY
Deal Summary: 24-month CD, 3.04% APY, $500 minimum deposit

Availability: Residents of Clinton, Howard, and Tipton Counties in Indiana.

Encompass Credit Union (Encompass CU) is offering 3.04% APY on its 24-, 36-, 48-, and 60-month CDs. The minimum opening deposit is $500, with no maximum balance cap. While these rates have been in place for some time, they’ve become more competitive in the past few months, as the rate climate has been cooling down.

According to CSR, the Early Withdrawal Penalty (EWP) is based on the amount...

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Encompass CU (IN) Has Limited Time High Rate 25-Month CD
Availability: Residents of Tipton County and Clinton County, Indiana

Now through July 31, 2015, Encompass Credit Union (Encompass CU) is offering two CD Specials: 14-month CD (1.00% APY) and 25-month CD (2.00% APY). The minimum deposit is $500 of new money and there is no maximum balance cap.

According to CSR, the Early Withdrawal Penalty (EWP) is based on the amount of time left until maturity:

  • More than 1 year left until maturity – 3 months interest EWP
  • Less than 1 year left until maturity – 1 month interest...

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Top CD Rates in Central Indiana at Encompass Credit Union

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...

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6.17% 19-Month CD at an Indiana CU (Steel Parts)
Steel Parts FCU is offering a special 6.17% APY 19-month share certificate. The minimum deposit is $500.

The field of membership includes anyone who lives, works, worships or attends school in the Indiana counties of Tipton or Clinton.

Branches are located in Tipton, Elwood and Frankfort, Indiana. These cities are about 30 miles north of Indianapolis.

The credit union is NCUA insured. It has $66.5 million in assets and over 13K members.

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