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has an original maturity of one year or more: The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty."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 Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty."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.
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).
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