Black Friday Sale at Interra Credit Union (IN) - You Have To Be Quick

POSTED ON BY

Interra Credit Union is having a Black Friday Sale that lasts for an entire week. Some of the deals are only available for a single day, while others are valid November 28 through December 6, 2014. Some require a branch visit, whereas others are available online only.

It goes without saying, if you are serious about trying to snag one of the limited quantity deals, your Interra Credit Union membership needs to be established before Black Friday. The general limitations for these Black Friday Sale Deals are as follows:

Recipient of these deals must be at least 18 years old. Interra employees and immediate family are not eligible. Cannot be combined with any other offers. Consumer accounts only.

Black Friday Door Busters

  • My Rewards Checking account, 5.00% APY up to $10K for 12 months.
  • Available online only, November 28, 2014, from 12 midnight to 12 noon.
  • Limited to the first ten consumers.

My Rewards Checking Details:

To be eligible you must be one of the first 10 consumers to fill out the online web form.

Must be at least 18 years old and qualify to open a checking account, it must be a new checking account relationship opened by the close of business December 6, 2014.

One checking account per household.

Checking account must remain open for at least six months, if closed prior to six months any dividend payments made by Interra will be collected at time of closing.

Cannot be combined with any other Black Friday deal.

Minimum balance to open the account is $25.00. No minimum balance required to maintain the account.

Cyber Monday Door Busters

  • 12-month CD, 5.00% APY, maximum $5K.
  • Available online only, December 1, 2014, from 9 am to 3 pm.
  • Limited to the first five consumers.

12-month CD Details:

Certificate must be opened by the close of business December 6, 2014.

One offer per household.

Cannot be combined with any other Cyber Monday deal.

All Week Deals, November 28 - December 6

  • 50/50 Checking account, open and get up to $100.
  • Requires an in-person visit to any of 13 branch locations.

50/50 Checking Details:

To be eligible you must be at least 18 years old and qualify to open a checking account, it must be a new checking account relationship opened by the close of business December 6, 2014.

One checking account per household.

Checking account must remain open for at least six months, if closed prior to six months any dividend payments made by Interra will be collected at time of closing.

  • 33-month Bump-Up CD, 1.75% APY.
  • Minimum deposit of $500.
  • Requires an in-person visit to any of 13 branch locations.

33-month Bump-Up CD Details:

Certificate must be opened before the close of business December 6, 2014.

After a new certificate is opened, an account holder may request a one-time dividend rate change to the then current 36-month dividend rate within 18 months after the opening date.

New dividend rate will apply to remainder of term after the bump-up option is exercised.

American Share Insurance

Interra Credit Union is not federally insured, but is insured by American Share Insurance (ASI), a provider of private share insurance for credit unions. As stated on Interra's website,

Each account insured up to $250,000 by American Share Insurance.

By members’ choice, this institution is not federally insured.

For those unfamiliar with ASI, here are a few facts to help you decide if you’re comfortable with an ASI insured credit union:

  • ASI is the nation’s largest provider of private share insurance for credit unions.
  • ASI has been insuring credit unions since 1974.
  • Only nine states permit credit unions to be privately insured (Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada, Ohio, and Wyoming).
  • Privately insured credit unions are legitimate credit unions that are regulated by their home state.
  • ASI-only insured credit union liquidations have been rare, with only three occurring in the past five years: Cumorah Credit Union, NV, 2009; USA One National Credit Union, IL, 2012; and Bensenville Community Credit Union, IL, 2014.

The above facts are intended as neither an endorsement or a disapproval of ASI or ASI insured credit unions.

Availability

To qualify for membership in Interra Credit Union (Interra), you must:

Live or work in Elkhart, Kosciusko, LaGrange, Marshall, Noble, or St. Joseph Counties, or

Be employed by any of the 160+ businesses and organizations that offer Interra membership as an employee benefit, or

Have an immediate family member who belongs to Interra.

According to Interra's CSR, If you do not meet any of the above eligibility requirements, for a one-time $5 membership fee, you can join The Cooperative Finance Association, Inc. (CFA), which will qualify you for Interra membership. CFA membership is open to anyone who is a producer of agricultural products. For further detail on joining CFA, please contact Interra.

As stated above, the Black Friday Door Busters and Cyber Monday Door Busters must be done online, while the All Week Deals require an in-person visit any of 13 Indiana branches located in Goshen (3), Elkhart, Middlebury, Millersburg, Nappanee, New Paris, Osceola, Shipshewana, Syracuse, Topeka, and Wakarusa.

Credit Union Overview

Interra Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.70% (excellent) based on June 30, 2014 data. In the past year, Interra increased its total deposits by $26.4 Million, an excellent annual growth rate of 4.47%. Please refer to our financial overview of Interra Credit Union for more details.

In January 1932, Goshen Township Farm Bureau members and Farm Bureau Co-op employees met with Edward Filene (father of American credit unions) to discuss forming a credit union of their own. Seven charter members each pledged $5 to establish the credit union, but in the middle of the Great Depression, not every member could pay the entire sum at once, having to rely on installment payments. In spite of a shortage of funds, the founders applied for a charter (under the name Farm Bureau Credit Union) with a balance of only $19.50. Eighty years later, Interra is the 11th largest credit union in Indiana, with over 55,000 members and assets in excess of $699 Million.

How the Deals Compare

The rate on the 12-month CD (5.00% APY) is the best being offered throughout the country for similar length of term CDs, albeit the $5K maximum deposit, limited supply and small window of opportunity. The 33-month Bump-Up CD (1.75% APY) also tops the list for similar length of term CDs offered nationally.

Like the Interra Black Friday Sale CDs, Interra’s My Reward Checking offers a top rate: the closest reward checking account available to Indiana residents is Financial Center Federal’s Impact Checking and the balance cap is $1K.

These rates are accurate as of 11/25/2014.

Comments
anon235
anon235 (anonymous)   |     |   Comment #1
Why bother with this ****? First of all, I would never go with a CU that has private insurance. Second, deals only for "first two customers" or "first five customers?" Yeah right. I'll pass. Seems to me all it is, is a way to get lots of new people signing up for the credit union, with the mandatory $5 or $10 or whatever you have to have in your primary savings. Yawn.
Anonymous
Anonymous   |     |   Comment #6
Membership, primary saving or any other account is not required to apply for any Black Friday or Cyber Monday deals.
Anonymous
Anonymous   |     |   Comment #2
The link for membership The Cooperative Finance Association, Inc. is incorrect. I called them and found out that they do not have any membership for $5.
Ken Tumin
Ken Tumin   |     |   Comment #3
 I was told about the Cooperative Financial Association and the $5 fee by a credit union CSR. I guess that website is from a different CFA. I would suggest calling the credit union and asking about joining the credit union through CFA.
Anonymous
Anonymous   |     |   Comment #5
T  e  a  s  e  r    credit union, no thanks. They are already signed in for the above promotions, girlfriends or boyfriends are not excluded from these promotions.
Interra Credit Union (IN) Offers Top Rate 2-Month CD

In the beginning of November, Interra Credit Union (north central Indiana) began offering a "Limited Time Only" 2-month Certificate (CD) Special (2.014% APY). The minimum opening deposit is $500 and there is no maximum balance cap.

The fine print in the promotional ad reads, "Penalty for early withdrawal," and I was curious what the penalty for such a short term CD would be. According to a most helpful and articulate CSR, there isn’t a specific "one size fits all" penalty.

N.B. Interra Credit Union is not federally insured, but...

Continue Reading