Best CD Rates in Indianapolis, IN: Top 3

October 8, 2009 No Comments »

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Indianapolis, Indiana. The institutions we will cover all include the following cities in Indiana: Griffith, , Ft Wayne, Auburn, Carmel, Beech Grove, Roachdale, Evansville, Mishawaka, and South Bend. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Indianapolis as well as Indiana, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide.

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Indianapolis, IN:

  • Bank of Indiana National Association has a 6 month CD yielding 1.61% APY with a minimum deposit of $500 required.
  • Centra Credit Union has a promotional 7 month CD yielding 1.50% APY with a minimum balance of $5000 required.
  • Forum Credit Union also has a promotional 7 month CD yielding 1.50% APY with a minimum balance of only $500 required.

Best 12 month CD rates in Indianapolis, IN:

  • Kemba Indianapolis Credit Union has a promotional 12 month CD yielding 10% APY! Unfortunately this comes with a minimum (and maximum) balance of $200. This is designed for new savers.
  • Indiana Members Credit Union (out of Beech Grove, IN) has a promotional 15 month CD yielding 2.35% APY with a minimum deposit of $1000 required.
  • Centra Credit Union has a 13 month CD yielding 2.0% APY with a minimum deposit of $5000 required.

Best 24 month CD rates in Indianapolis, IN:

  • First Financial Bank has a 25 month CD yielding 2.50% APY with a minimum balance of $10,000 required.
  • Hudson City Savings bank has a 24 month CD yielding 2.50% APY with a minimum balance of $5000 required. This is a national bank and can accept deposits from any state.
  • Bank of Indiana has a promotional 21 month CD yielding 2.27% APY with a minimum deposit of $500 required.

If you’re looking for an online institution, you may want to browse through First Internet Bank of Indiana’s CD rates to compare against the offers above.

All of the above institutions are federally insured by either the FDIC or NCUA. If you live in the city of Indianapolis, IN and know of a better interest rate offered through your local bank or credit union, please share by leaving a comment.

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