Encompass Credit Union (IN) Offers 24-Month CD, 3.04% APY
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 of time left until maturity:
- Less than 1 year left until maturity – 1 month interest
- More than 1 year left until maturity – 3 months interest
Normally, I would suggest that the shorter-term CDs (24- and 36-month) are the most competitive, but given the very mild EWP, the 60-month CD could provide safe harbor. If rates should fall over the next year, you’re still earning 3.04% APY; if rates should begin to rise, the loss of three months of dividends could be offset by an excellent APY offered elsewhere.
Ultimate Checking
Five months ago, Encompass CU’s rewards checking account, Ultimate Checking, saw its rate increased by 102 bps. The Ultimate Checking now offers 2.53% APY on qualifying balances up to $75k. Qualifying balances over $75k earn 0.51% APY, with non-qualifying balances earning 0.25% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.51*% | - | $50k | Encompass Credit Union | Ultimate Checking | |
| OTHER TIERS: 0.25% → $50k+ | |||||
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, 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 Encompass CU 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 Encompass CU and/or opening a CD requires an in-person visit to any of four Indiana branches located in Elwood, Frankfort (2), and Tipton. Encompass CU’s online banking service, Home Bank NetTeller, 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 6.54% (excellent) based on March 31, 2019 data. In the past year, Encompass CU has increased its total non-brokered deposits by $2.84 million, an above average annual growth rate of 1.83%. 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 between 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. Today, Encompass CU has more than 16,300 members and assets in excess of $188 million.
How the CDs Compare
When compared to 279 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 24-month CD APY currently ranks first.
When compared to 274 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-month CD APY currently ranks first.
The above rates are accurate as of 7/12/2019.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
