Indiana Members CU Boosts 84-Month CD Rate


Deal Summary: 84-Month CD, 3.04% APY; 60-month CD, 2.53% APY; $1k minimum deposit; maximum of $1 million per household.

Availability: Residents of 17 central Indiana counties and eight Indiana townships; more than 1,200 SEGs.

For a limited time, Indiana Members Credit Union (Indiana Members) is offering a promotional rate of 3.04% APY on its 84-month CD. The minimum opening deposit is $1k, with a maximum $1 million per household.

The 84-month CD is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.

Two months ago, I wrote about the 84-month CD when its rate was 2.53% APY. At the time, the 2.53% APY was 18 bps higher than that of any other nationally available 7-year CD. While yesterday’s 51 bps increase is certainly a step in the right direction, Indiana Members is only the fourth financial institution to currently have a CD in the “3% and above" club. (The other three are the 3.04% 60-month CD at West Virginia’s Tri-Ag FCU, the 3.00% 120-month Legacy CD at State Nebraska Bank & Trust, and the 3.04% 120-month CD at Maine’s Peoples Choice Credit Union.)

Indiana Members has also added 51 bps to its 60-month CD (2.53% APY) yesterday, giving that CD its highest rate in more than six years. Like all of Indiana Members's CD, the 60-month CD has a minimum $1k opening deposit and is available as an IRA.

As stated in Indiana Members’ Certificate Disclosure brochure, the Early Withdrawal Penalty reads as follows:

Certificate Accounts with an original term of 3 years or more, but less
than 7 years, will be assessed a penalty equal to 12 months dividends.

Certificate Accounts with an original term of 7 years will
be assessed a penalty equal to 18 months dividends.


Headquartered in Indianapolis, Indiana Members Credit Union's field of membership (FOM) is based on residency or employment status.

Residency: Individuals who live or work in the following Indiana counties or townships are eligible to join:

Counties: Bartholomew, Boone, Decatur, Delaware, Grant, Hamilton, Hancock, Hendricks, Jackson, Jefferson, Jennings, Johnson, Madison, Morgan, Ripley, Scott, and Shelby.

Townships: Center, Franklin, Lawrence, Perry, Pike, Warren, Washington, and Wayne.

Employment: Employees of more than 1,200 SEGs qualify for membership.

Relationship: Family members of current Credit Union members are also eligible to join.

Complete details are available on the first page of Indiana Members’ online application.

Joining Indiana Members and/or opening a CD can be done online or at any of 27 Indiana branches located in Avon, Beech Grove, Brownsburg, Carmel, Greenwood (2), Indianapolis (15), Marion, Muncie, Noblesville, Plainfield, Westfield, and Zionsville.

Credit Union Overview

Indiana Members Credit Union has an overall health grade of "A+" at, with a Texas ratio of 0.35% (excellent) based on March 31, 2017 data. In the past year, Indiana Members has increased its total non-brokered deposits by $129.6 million, an excellent annual growth rate of 9.29%. Please refer to our financial overview of Indiana Members Credit Union (NCUA Charter # 68259) for more details.

Indiana Members Credit Union was founded in 1956 as the Indiana University Medical Center Federal Credit Union, located on the campus of Indiana University Purdue University Indianapolis. As the second largest credit union in Indiana, Indiana Members currently has over 120,400 members and assets in excess of $1.7 billion. A very active participant in community charities, the Credit Union established the Indiana Members Foundation in 2010, "specifically providing school children in the Indianapolis area with the necessities essential for learning and succeeding in their education."

Indiana Members Foundation is a huge supporter of the Indy BackPack Attack School Supply Drive. Since 2008 we have donated more than 650,000 school supplies, which includes 31,500 backpacks.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the FOM, Indiana Members Credit Union’s 84-month CD currently ranks first.

When compared to the 244 similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the FOM, Indiana Members Credit Union’s 60-month CD currently ranks second.

*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.

The above rates are accurate as of 8/2/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Related Pages: Indianapolis CD rates, Louisville CD rates, Evansville CD rates, 5-year CD rates

  |     |   Comment #1
I talked to my wife, and she nixed moving to Indiana to take advantage of this CD. Seriously, the Indiana economy is supposedly in the dumpster, and the California economy is roaring, and somehow we in California get shackled with sub-par CD rates.
  |     |   Comment #2
Good idea. Probably better to stay in California than Indiana. After all, since 2013, now VP Pense gave $24 million of Indiana taxpayers money to 10 companies that have laid off 3800 people while shifting jobs abroad -- including $7 million to Carrier so our current Prez could make splashy headlines while (after people stopped paying attention in May) Carrier fired 630 of the 1000 supposed jobs that would be saved anyway. That's about $20,000 of taxpayer money per job. Yup, sounds like money well spent to me. (I suppose it was, if people still believe massive jobs were saved). But don't worry folks, just tell yourself it's all "fake news" and smile smile smile! Historically Calif hasn't always had the best CD rates because the Calif economy is booming so much and is the 8th largest economy in the world. Exception might be banks that are about to fail -- ie, Wash Mutual, Fremont Savings -- remember them? You're right in that often, the best CD rates tend to be in states or areas that aren't as vibrant economically (Texas -- specifically I remember El Paso once having some of the best CD rates). Thankfully with the help of DA we can catch news of deals here and there that are open to all, even if they're few and far between in this low rate environment. They do pop up every once in a while.

Many years ago DA did a poll of DA readers, asking how many (and how far) they have travelled to get a good deal (many had travelled out of state just for a good deal). Another good poll might be how many credit unions DA members are members of (as well as how many banks they deal with). My guess is, quite a lot.
deplorable 1
  |     |   Comment #8
That's a funny statement like Obama didn't waste money like it was going out of style. Solyndra ring any bells? Or maybe doubling the welfare rolls or perhaps sending our tax dollars to Iran. 10 trillion down the rabbit hole for nothing and you are complaining about a couple million.
  |     |   Comment #24
Ozob, with respect to your last paragraph in comment #2, I remember that poll. It elicited some very funny responses. Back then, the "live, work, or worship" requirement for credit unions was the subject of much mirth. The standing joke was the person who would roll out of bed on Saturday, motor down I-35 to Texas, crash at a Motel 6, get up on Sunday and go to a church (any church would do), go to a honky-tonk bar, then the credit union first thing Monday morning. Open the CD, get back on I-35, drive home. Some folks would actually calculate the marginal cost involved in the process.
  |     |   Comment #3
State debt per capita....CA $3,060 IN $196
  |     |   Comment #4
California is a boom or bust state. When the market does well the state makes big bucks on Capital gains. The state has the highest base state sales tax of 7.5%. The highest income taxes in the nation with a top rate of 13.3% (12.3 rate and 1% surcharge for over 1 million). Tax rate for over $51,520 to $263,272 is 9.3%. Rent and housing prices out of control. State and local debt of 1.3 trillion dollars. Oh. And a 1.6 billion deficit by next summer.
  |     |   Comment #5
To Poster Att:

The problem is the humidity. Having grown up in the mid-west, the humidity is brutal.
  |     |   Comment #6
You gave Jerry Brown a new thing to tax. Humidity. Maybe cap and trade it
deplorable 1
  |     |   Comment #7
What do you expect from a liberal state? I'm surprised they don't tax surf and sun. In Michigan we hold the record for the highest car insurance rates and property taxes are fairly high as well. You will find that most liberal states have higher taxes in general.
  |     |   Comment #9
True, liberal states often have higher taxes. But they're also in much better shape than places that have gone off the other end. Compare Calif and Texas (not the talking points, the real data, you'll see. And if you're bored, try searching the recent history of Colorado Springs (or Kansas, for that matter) to see what happens when a town (or state) tries to go too far without taxes. No one likes to pay taxes, but nothing in life is free, and I think most DA readers are savvy about money enough to know that when a politician tries to tell say you can get everything without having to pay for it, we see it for what it is (for those that don't, I've got a 60-month, 53%, No-Penalty CD from National Clownistan Bank!) :)
  |     |   Comment #10
Higher taxes isn't a sensible answer to budget busting expenditures of the liberals. Perhaps those states should look at getting back to the basics and forget all the frills they can't afford. And help put a stop to ILLEGAL immigrants rather than welcoming and protecting them and supporting them.
  |     |   Comment #11
You can pick and choose what you want and who is responsible. We have spending problems at most all states. Waste, corruption, generous union salaries pensions work rules and health care for employees. Their are enough liberal mecca states and cities that have major financial problems as well as conservative or low tax states. Our federal government is a mess too.
  |     |   Comment #13
I totally agree on that statement #11. Both major political parties are equally responsible for creating such a financial mess.

On the second thought, it is the voters and non-voters who are eligible to vote but don't are more at fault.

"Rent and housing prices out of control." That's debatable. Depends upon if you are buying or selling, renter or landlord, etc.
  |     |   Comment #25
Bogie, with respect to your comment #13. Housing costs in California are a problem. The causes are, I suspect, many and varied. For starters, we here in CA are very protective of NIMBYism. You can build multi-family, just not in my town. Next, there's Prop 13. We oldsters get a tax break for never, ever, selling. As a result, a 4BR, 2 1/2 bath, 2600 square foot house in Lafayette remains occupied by two empty-nesters*. Moving right along, the myriad regulatory restrictions for which California is famous.

*Given our school district, among other things, I suspect most economists would say our occupancy of the abode does not qualify as a "highest and best use".
  |     |   Comment #26
Bogie, then there's politics. Would you want to be a landlord in California? I sure know I wouldn't. Need I even bring up rent control? The existence (or even the prospect) of rent control tends to dampen the enthusiasm of potential rental real-estate developers. If given the choice, in a venue which has (or might have, in the future) rent control, would you build condos or rental apartments?

More to the point, on a smaller scale, would I invest in a property in, say, Pleasant Hill, with the thought of doing a few updates and renovations, then renting it out? A few years ago, I might have considered it. With rent control becoming the "salade du jour" on many ballots, it's a non-starter.
  |     |   Comment #12
As I've heard from some in Calif...."Keeping thinking "we" pay higher taxes and hopefully "you" won't move here!"
  |     |   Comment #14
As what you have heard. I'd rather look at facts. A 50K income that has a 9.3% tax rate in CA and trillions in state and local debt. I live in NY and now you get college at state schools FREE! At least they put in restrictions. 100K max earnings which will go up to 125K. You must live in N.Y. for the number of years in school. Oh. And you must pay room and board and books. What do the libs say ... Not good and complain as they must pay for room, board and books. Now the libs want the taxpayers to pay for that. When does it end! And near me building a 3.9 billion dollar bridge. And the govener won't tell us what the new toll will be until after the election and after the presidential election if he decides to run. Oh. And with the room and board the cost at N.Y. state school is around 12K a year.
  |     |   Comment #15
All this @rap is allowed in the CD Rate Summary
Keep the Political out of our Credit Union and Bank deal postings
  |     |   Comment #16
Californians will be happy to read you are staying put! Get a new financial planner and/or tax guy!
  |     |   Comment #17
Again a liberal emotional comment backed not by facts but opinions. I'm noting facts on economics based in fact. People live in states and have reasons to stay or move. Financial planners or tax people don't make ta, rates. They can guide you on tax laws and investments that can be tax effective. I think you need to be on a real estate site.
  |     |   Comment #18
Noting first that you didn't share your tax theories and cites for your "opinions."

From an earlier post I read a couple of months ago on DA and using your Comment 4 numbers that "suggests" that those making under $51,520 do not pay any California I recall when that zero tax on (your numbers) is assuming $51,500 and then adding up to $50K tax free Soc Sec and approximately $20K as QCD (we assume you are charitable up to $100K per year) one easily comes to at least $121,500 (gross)...and BTW there are other offsets to get to adj gross if one is a senior but please don't tell your tax advisor! Other states have similar arrangements! Keep working for your NY taxes...Californians seem to like that approach
  |     |   Comment #19
Not everyone is a senior and gets social security. My wife ad I work hard to make a good living. We have 2 kids that I am saving for collage. Why don't you look at the rates. I just quoted 2

The stated rate without offsets (most states have them) is 8% for those making approx 40K to 50k is 8% in CA. Gm. Google the rates. I pay high taxes but we work hard make good incomes. But California is no tax haven. I have no choice to pay the tax rates that I do. I try to elect people who are sensible in goverment but I find politicians are all the same. Glad you enjoy paying the highest income tax rates in the nation and are satisfied with the way your state is taxes and e.g. . I have nothing against California or the people living in the state. Again typical liberal attack .
  |     |   Comment #20
Subtracting $10K from mine/your numbers it is $111K gross with no state taxes. As I said keeping working but plan for the future whether in California, NY, or....
Indiana Members CU Has Competitive 84-month CD
Deal Summary: 84-Month CD, 2.53% APY, $1k minimum.

Availability: Residents of 17 central Indiana counties and eight Indiana townships.

Indiana Members Credit Union’s (Indiana Members) 84-month CD is currently earning 2.53% APY. The minimum opening deposit is $1k, with no stated balance cap.

The 84-month CD is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.

In the past few years, long-term CD rates seemed to have existed in somewhat of a vacuum, not following (at least proportionally) the...

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For a limited time, Indiana Members Credit Union (Indiana Members) is offering a 25-month Holiday Special CD (2.02% APY). The minimum opening deposit is $1K, with a maximum $1 Million per household.

The 25-month Holiday Special CD is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.

As stated in Indiana Members’ Certificate Disclosure brochure, the Early Withdrawal Penalty reads as follows:


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The minimum opening deposit of $1K and there is no maximum balance cap.

Both CDs are available as IRAs (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements.

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According to the account disclosure, certificates with terms of 1 year and above have an early withdrawal penalty of 6 months of interest. The disclosure does state that an early withdrawal of principal is only allowed if they agree to the withdrawal request.

Two years ago the credit union was offering a 5.50%...

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Indiana Members Credit Union is offering a very competitive yield on its 60-month certificate. The yield is 5.50% APY, and the minimum deposit is $1,000. It's also available as an IRA certificate. The early withdrawal penalty is equal to 6 months of interest. For more certificate details, please refer to the account...

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