Big banks have had a big customer retention problem lately stemming from the recent imposition of checking account fees. Following this ‘testing’ of new fees, local credit unions and community banks saw a flash flood of new customers which prompted the big banks to almost immediately take back the fees.
However, despite the reversal, the influx in new credit union accounts remain relatively high, so here at BankVibe.com we’ve been conducting regular survey’s of local bank rates and comparing them with those offered by both large national banks and online banks to help consumers decide on a potential switch.
What we’ve found is that in most cases local institutions have been able to provide the highest yields on bank deposits (especially long term ones), but depending on where you live you still may be better off (rate wise) to stick with a bank that can accept deposits nationwide.
In today’s survey we tracked the top rates provided by local institutions in Indianapolis, IN and compared them with the top rates available nationwide (from our CD rate database here).
Top 12 month CD rates available to Indianapolis residents:
Local – Merchants Bank of Indiana offers top 12 month rate at 1.00% APY.
Nationally Available – Popular Community Bank and CiT Bank both feature the top 12 month CD rate at 1.15% APY.
Top 24 month CD rates available to Indianapolis residents:
Local – Merchants Bank of Indiana offers top 24 month CD rates at 1.50% APY. Credit Union 1 comes in second at 1.20% APY.
Top 60 month CD rates available to Indianapolis residents:
Local – Kemba Indianapolis Credit Union offers the top 60 month CD rate at 2.40% APY. North Park Community Credit Union comes in second at 2.27% APY followed by Merchants Bank of Indiana and Centra Credit Union with a 2.25% APY and 2.21 APY, respectively.
Nationally Available – EmigrantDirect and Hudson City Savings Bank offer the highest 60 month rate at 2.0% APY.