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Top 5-Year CD Rate at Eli Lilly Federal Credit Union - Easy Membership


In today's interest rate environment, finding 2% CDs has become a challenge. That's why I'm happy to report Eli Lilly Federal Credit Union has just started offering a 2.00% APY 5-year CD. It also increased its 3-year and 4-year CD rates: 1.32% APY for a 3-year CD and 1.51% APY for a 4-year CD. These are also available as IRAs or ESAs. Minimum deposit is $1,000. These rates are listed in the credit union's news page as of 9/11/2012. As mentioned in this page, these special rates are only available for a limited time.

The credit union has a webpage with links to all of its account disclosures. One is a certificate disclosure. Some of the important features mentioned include:

  • Early withdrawal penalty: "Account has an original maturity of one year or more: The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty."
  • Early withdrawals are allowed: "You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty."
  • Withdrawing interest: "You can only withdraw dividends before maturity if you make arrangements with us for periodic payments of dividends in lieu of crediting [...] If you have chosen to pay out dividends you can only change that option without penalty at the time of maturity."
  • How interest is credited: "Dividends will be credited to your account every month. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this account."
  • "grace period of ten calendar days after maturity to withdraw funds without being charged an early withdrawal penalty."

The credit union offers revocable trust-owned accounts, and they have a webpage describing this with a link to an application.

High Interest Checking

It may be high interest, but it's limited to a small balance. The checking account has a 4.00% APY for balances up to $1,000. Over $1,000, the yield is only 0.15% (as of 9/11/2012). Like a reward checking, there are activity requirements to qualify for the yield. 15 transactions per statement cycle are required. Eligible transactions include all account activities except fees and dividends. It's a free checking account with no monthly service fees as long as the member has eStatements.

The credit union participates in several ATM networks providing for surcharge-free ATM access around the country.

Membership Eligibility

The last time I checked Eli Lilly FCU's field of membership, it was limited to select employee groups. However, there's now an association that can be joined to qualify for credit union membership. According to the credit union's Membership Eligibility page:

If you are not affiliated with any of the below organizations, you can STILL become a member by joining Tru Direction, a non-profit association dedicated to financial literacy.

According to the Tru Direction website, "The general public is invited to join this association and enjoy its benefits for a low one-time dues payment of $5." You can join this association online or by phone.

The credit union has an online application. I can't tell if the online application has fields for POD designations, but they also have a membership addendum form (link on the left side bar of the Membership Eligibility page) which allows for two POD beneficiaries.

Credit Union Overview

Eli Lilly Credit Union branches are located in several Indiana cities including Indianapolis, Greenfield, Whitestown, Clinton and Lafayette.

The credit union is also a member of the shared branch network CU Service Center.

Eli Lilly FCU has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 7.47% (excellent) based on June 2012 data. Please refer to our financial overview of Eli Lilly FCU for more details. The credit union is federally insured by the NCUA (Charter # 22468).

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Related Pages: Elements Financial, Indianapolis, Lafayette, CD rates, IRA rates

Related Posts

Jack (anonymous)   |     |   Comment #1
Why anyone would accept a 2% rate on a long term CD is beyond my understanding given that the true inflation rate, calculated according to the government formula from 1980 (before the falsification techniques entered the CPI calculation) is now running very close to 10%. It is basically an assured wipe-out of your assets. Bernanke is destroying the value of the dollar. Buy Swiss francs, gold, platinum et. al.  I would use this site only for finding short term money market and checking type of accounts which pay the best rates. Not for CDs.
Paoli2   |     |   Comment #2
Good for you Jack.  Isn't it great we have the choice to do what we want.  Why don't you read former posts from others who want to tell us what to do with our own finances and save yourself a waste of your time and ours.  If you people are so sure you know best how to handle finances, why do you have such a problem with "reading"?  This is DepositOnline not "BUY GOLD.COM"! 
dollarshort   |     |   Comment #3
I am a very small fish in this pond. I don't have much money to invest so I appreciate all the information that I receive from Ken and the other writers here. Personally, I couldn't see myself locking away my money for any length of time for only 2%, but I appreciate the information nonetheless. If something really doesn't interest you, why would you make an effort to read and comment?

Ken, a minor correction. Eli Lilly also has a free checking account that gets 4% and you don't have to jump through any hoops. It's called Think Big. I have not idea why they have two accounts that earn the same rate, but I am a member and I have the Think Big checking account. Also, an unlimited number of banks can be added for ACH transfers.
Smokeboat (anonymous)   |     |   Comment #5
You don't know Jack....
Anonymous   |     |   Comment #6
I think #4 is the one who needs GasX and a lot of it!  I think name calling is against the rules.  DELETERS!!!!
Anonymous   |     |   Comment #7
What's Gasx?
Paoli2   |     |   Comment #8
GasX is for all those people #4 thinks we are.  You got this old without it? :)  I guess you are one of the few who isn't what he called us.  Good for you!