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.
|3.00%||$1k||-||Indiana Members Credit Union||84 Month CD|
|3.00%||$1k||-||Indiana Members Credit Union||84 Month IRA (Traditional, Roth, CESA)|
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.
|2.50%||$1k||-||Indiana Members Credit Union||60 Month CD|
|2.50%||$1k||-||Indiana Members Credit Union||60 Month IRA (Traditional, Roth, CESA)|
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 DepositAccounts.com, 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 DepositAccounts.com 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 DepositAccounts.com 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.