Encompass Credit Union (IN) Offers 24-Month CD, 3.04% APY

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.04%$500-Encompass Credit Union24 Month CD
3.04%$500-Encompass Credit Union36 Month CD
3.04%$500-Encompass Credit Union48 Month CD
3.04%$500-Encompass Credit Union60 Month CD
Rates as of July 15, 2019.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.53*%-$75kEncompass Credit UnionUltimate Checking
OTHER TIERS: 0.51% $75k+
Rates as of July 15, 2019.

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.

Interest RateCD Length of TermCredit Union/Bank
3.04% APY24-Month CDEncompass Credit Union
2.90% APY24-Month CDQuontic Bank
2.80% APY2-Year CertificateGeorgia Banking Company

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.

Interest RateCD Length of TermCredit Union/Bank
3.04% APY36-Month CDEncompass Credit Union
3.03% APY36-Month CDNorthpark Community Credit Union
3.00% APY36-Month CDMAC Federal Credit Union

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.

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

Comments
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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