Evansville Teachers Federal Credit Union Competitive Long-Term CDs

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Deal Summary: CDs – 2-year (1.04% APY), 3-year (1.15% APY), and 4-year (1.20% APY), $1k minimum deposit

Availability: Easy membership requirement

In the past three years, I’ve written about Evansville Teachers Federal Credit Union’s (ETFCU) Vertical Dividend Checking (3.30% APY on qualifying balances up to $20k) three times, but never had an occasion to write about ETFCU’s CDs. In the current environment of CD rate changes, ETFCU’s 2-, 3-, and 4-year CDs ($1k minimum deposit) have become quite competitive.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.20%$1k-Evansville Teachers Federal Credit Union4 Year CD
1.15%$1k-Evansville Teachers Federal Credit Union3 Year CD
1.04%$1k-Evansville Teachers Federal Credit Union2 Year CD
Rates as of January 19, 2021.

All ETFCU CDs are available as IRA CDs (Traditional, Roth, CESA) and HSA CDs (health savings accounts), earning APYs a uniform 5 bps higher with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25%$1k-Evansville Teachers Federal Credit Union4 Year IRA (Traditional, Roth, CESA)
1.25%$1k-Evansville Teachers Federal Credit Union4 Year HSA CD
1.20%$1k-Evansville Teachers Federal Credit Union3 Year IRA (Traditional, Roth, CESA)
1.20%$1k-Evansville Teachers Federal Credit Union3 Year HSA CD
1.10%$1k-Evansville Teachers Federal Credit Union2 Year IRA (Traditional, Roth, CESA)
1.10%$1k-Evansville Teachers Federal Credit Union2 Year HSA CD
Rates as of January 19, 2021.

While ETFCU’s website has a great deal of relevant information, a Truth-in-Savings disclosure isn’t provided. According to CSR, partial withdrawals are allowed and the Early Withdrawal Penalty for CDs with terms of two years or more is “at least $100 or 180 days interest on the amount withdrawn.”

ETFCU’s online application states,

Your new account can be funded through PayPal, a debit or credit card, ACH
using a routing and account number from another financial institution, or a check.

CSR said she was not aware of any dollar limit on credit card funding. ETFCU participates in the CO-OP Shared Branch network, making a transfer of funds relatively easy.

Maturing funds can be distributed through a cashier's check to the address on file, by wire transfer ($20 fee), or transferred to an ETFCU savings or checking account.

Availability

Evansville Teachers Federal Credit Union’s name would suggest that only teachers are eligible to join. In fact, the Indiana-based ETFCU’s field of membership (FOM) provides a way to join for virtually anyone in the country.

Employees/retirees and members of more than 200 SEGs and organizations (including the Evansville Teachers Association, the Evansville Museum, and Gibson County) are eligible to join.

Immediate family (spouse, child, brother, sister, parent, grandparent, or grandchild) or household members of individuals who are either current members or membership-eligible also qualify.

The third option on the first page of the online application reads,

I am not eligible through my employer, an organization, or a member of my family or household.
I am willing to donate $5 to the Mater Dei Friends & Alumni Association in order to become eligible for membership.

Joining ETFCU and/or opening a CD can be done online. The lobbies of the main branch in Evansville and the branches in Vincennes and West Evansville will reopen next week. The rest of ETFCU’s Indiana, Kentucky, and Tennessee branch lobbies remain closed to help prevent the spread of COVID-19, but normal drive-thru hours are still in effect. Lending and account services are also available through scheduled appointment, online, or by phone (812.477.9271 or 800.800.9271).

A minimum of $5 must remain on deposit in your account to retain your membership.

ETFCU belongs to both the CO-OP ATM network and the Alliance One ATM network, which is a national network that offers surcharge-free access to nearly 5,000 locations owned by 1,000 financial institutions.

Credit Union Overview

Evansville Teachers Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.93% (excellent) based on September 30, 2020 data. In the past year, EFTCU has increased its total non-brokered deposits by $414.74 million, an excellent annual growth rate of 32.77%. Please refer to our financial overview of Evansville Teachers Federal Credit Union (NCUA Charter # 1682) for more details.

Evansville Teachers Federal Credit Union is currently the third largest credit union in Indiana, with more than 235,000 members and assets in excess of $2.2 billion. Established in 1936, the founding members were several Evansville teachers who pooled “their savings to generate much needed loans for the fellow workers and themselves.” Membership grew as other educational groups in southwestern Indiana were added to the FOM, and in 1992, the Owensboro (KY) Public Schools Federal Credit Union merged with ETFCU. In November 2018, ETFCU announced that its acquisition of Louisville-based American Founders Bank (AFB) had been finalized. Five AFB branches in Kentucky now operate as “Liberty Financial, a division of Evansville Teachers Federal Credit Union.

How the CDs Compare

When compared to 207 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $5k or less, Evansville Teachers Federal Credit Union’s 2-year CD APY currently ranks first

When compared to 205 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $5k or less, Evansville Teachers Federal Credit Union’s 3-year CD APY currently shares the top spot with INSBANK Online’s 30-month CD.

When compared to 173 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $5k or less, Evansville Teachers Federal Credit Union’s 4-year CD APY currently shares the top spot with Hyperion Bank’s 48-month CD.

The above rates are accurate as of 12/9/2020.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Terre Haute CD rates, Evansville CD rates, 5-year CD rates, nationwide deals

Comments
SamFam
  |     |   Comment #1
I never thought I'd be opening a 6 year CD that pays 1.3%, but we are living in unprecedented times.

I was very pleasantly surprised with the online application process, which went very well and my application was approved right away. I then called and got to speak to a live person right away! How cool is that? She was very nice and provided me with all the information I needed to complete my online registration. She also gave me my account number and I was able to link it to my Ally bank and initiate a transfer. I will complete the purchase of the CD tomorrow when the funds arrive.

The penalty for early withdraw is only six months interest so if things start looking better, the damage for early withdraw is not too bad.

Sigh....Rough times for savers, but it is what it is...
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Availability: Easy membership requirement

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Availability: Easy membership requirement

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Deal Summary: Vertical Dividend Checking, 3.00% APY up to $15k

Availability: Easy membership requirement

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