Evansville Teachers Federal Credit Union Boosts 8-Month CD Rate

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Deal Summary: 8-month CD, 1.25% APY, $1k minimum deposit

Availability: Easy membership requirement

Indiana-based Evansville Teachers Federal Credit Union (ETFCU) is best known for its rewards checking account, Vertical Checking. Added to the product line more than seven years ago, Vertical Checking has been earning 3.30% APY on qualifying balances up to $20k since mid-2019.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.45%-$20kLiberty Federal Credit UnionVertical Checking (Qualifying)
Rates as of October 3, 2022.

With the exception of a few months in 2020, ETFCU CDs have not offered competitive rates, so I was surprised when I saw that the 8-month CD currently has an APY of 1.25% APY. Following a rate increase of 75 bps last week, the 8-month CD has the most competitive rate in the ETFCU product line. The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30%$1k-Liberty Federal Credit Union8 Month Fixed IRA (Traditional, Roth, CESA)
2.25%$1k-Liberty Federal Credit Union8 Month CD
Rates as of October 3, 2022.

The 8-month CD is also available as an IRA CDs (Traditional, Roth, CESA) and HSA CDs (health savings accounts), earning 1.30% APY with the same deposit requirements.

ETFCU’s website still doesn’t have a Truth-in-Savings disclosure. According to CSR, the Early Withdrawal Penalty for the 8-month CD is 90 days interest on the amount being withdrawn, with partial withdrawals allowed.

ETFCU’s online application states,

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

CSR stated there is no 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 current name suggests that only teachers are eligible to join. In fact, the Indiana-based ETFCU’s field of membership (FOM) provides a way for virtually anyone in the country to join.

I said “current name” because in September 2022, ETFCU will re-brand as Liberty Federal Credit Union. According to Bill Schirmer, ETFCU president/CEO, “We are changing our name to better represent our entire membership,” but every other aspect of the credit union will remain the same.

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 second option on the first page of the online application reads,

I am a new member and 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, or at any of 27 full-service branches located in Indiana, Kentucky, Tennessee.

  • Indiana branch locations – Evansville (6), Fort Branch, Mt Vernon, Newburgh, Princeton, Vincennes, and Washington.
  • Kentucky branch locations – Bowling Green, Crestwood, Henderson, Louisville (5), and Owensboro (2).
  • Tennessee branch locations – Franklin (2), Murfreesboro, Spring Hill, and Thompsons Station.

In order to become a member of ETFCU, a regular share account must be opened with a minimum deposit of $5.

ETFCU belongs to both the CO-OP Shared Branch 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 0.56% (excellent) based on December 31, 2021 data. In the past year, EFTCU has increased its total non-brokered deposits by $478.99 million, an excellent annual growth rate of 26.43%. 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 nearly 261,000 members and assets in excess of $2.8 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 8-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Evansville Teachers Federal Credit Union 8-month CD. The following table compares the 8-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 6/2/2022.

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

Related Pages: Louisville checking accounts, Terre Haute checking accounts, Evansville checking accounts, Nashville checking accounts, Bowling Green checking accounts, reward checking accounts, 1-year CD rates, nationwide deals

Comments
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