We’ve been forwarded a few short term CD rates from a local credit union in Indiana which are beating the national average by a decent margin.
Currently, Encompass Credit Union, based out of Tipton County Indiana, has a 6 month CD yielding 1.00% APY and a 12 month CD yielding 1.26% APY with minimum deposit requirements of just $500.
We realize it’s hard to get excited about a sub-2-percent annual percentage yields but when you compare them to the national average they end up looking a little more lucrative. The national average for six month and twelve month CD’s sits at roughly 0.50% and 0.80% APY, respectively – meaning Encompass Credit Union’s 6 month CD rate is actually doubling the current national average for deposits with that term.
Unfortunately for many of us, however, these products are off limits as Encompass Credit Union serves those residing, attending school, or worshiping in Tipton or Clinton counties in Indiana. To see how these rates stack up against the best CD rates available nationwide, check out our top CD 6 month CDs or our top 12 month CDs from our database.
About Encompass Credit Union of Indiana:
ECU was originally established in 1953 by a group of employees working for Steel Parts Corp. They serviced the same group of people back then as they do today and, like most credit unions, are entirely not-for-profit. They pass along any profits derived from business back to their members in the form of lower loan rates and higher savings rates. Their board of directors are 100% volunteers and are not paid a salary. They’re a relatively small credit union with just three branches – Tipton, IN, Frankfort, IN and Elwood, IN.
Additional Deposit Products from ECU:
ECU’s short term CD rates are the only products that stand out from their deposit account listings. Their long term CD rates are more closely aligned with today’s national averages. Below is the complete list of CD rates offered from ECU (starting with their 2 year CDs).
- 2 year CD yielding 1.76% APY with a minimum deposit of $500 required.
- 3 year CD yielding 2.02% APY with a minimum deposit of $500 required.
- 4 year CD yielding 2.27% APY with a minimum deposit of $500 required.
- 5 year CD yielding 2.53% APY with a minimum deposit of $500 required.
*Rates accurate as of October 2011.