Availability:Residents of Marion County, Indiana (Indianapolis) and surrounding counties.
In early July, FORUM Credit Union (FORUM) added a new 23-month CD (1.75% APY). The minimum opening deposit is $500, with no maximum balance cap.
The 23-month CD is also available as an IRA (Traditional, Roth and CESA) at the same APY, with the same funding requirements.
As stated on FORUM’s Truth In Savings page, the Early Withdrawal Penalty reads as follows:
Terms longer than 12 months - all accrued dividends up to 180 days' dividends but not less than seven (7) days' dividends.
FORUM’s website does not have a membership eligibility section, detailing who may join. I contacted FORUM's "Live Chat" and was told that "to qualify for FORUM membership, you must meet one of the following membership requirements:"
1) Work for a Select Employee Group within our Field of Membership.
2) Be retired from a SEG within our Field of Membership.
3) Be related to someone who works for one of our SEGs, even if the employee is not a FORUM member.
4) Live or work in Marion County (Indianapolis) or any of its surrounding counties.
While there is no online stand-alone list of SEGs, membership qualifications can be determined on the first page of the online application, with 3,000+ SEGs listed. The online application process also allows you to open a CD or any other account at the same time.
If you prefer a brick-and-mortar experience, FORUM has 13 Indiana branches located in Avon, Carmel, Fishers (2), Indianapolis (7) and Noblesville (2).
Credit Union Overview
FORUM Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.90% (excellent) based on March 31, 2015 data. In the past year, FORUM has increased its total deposits by $70.32 Million, an excellent annual growth rate of 9.22%. Please refer to our financial overview of FORUM Credit Union for more details.
FORUM Credit Union (NCUA Charter # 68248) was formed in 1941 by the employees of Indiana Bell Telephone Company. Like so many other credit unions founded for the benefit of Bell Telephone employees, FORUM’s scope and membership eligibility changed following the breakup of AT&T. Today, FORUM Credit Union has 118,000+ members and assets in excess of $1 Billion.
How the CD Compares
When compared to the 262 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Indiana residents, FORUM Credit Union's 23-month CD places in the top three.
The above rates are accurate as of 7/21/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.