Best CD Rates in Indianapolis, IN: Top 3

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.

Highest yielding money market account rates in Indiana

Below are the highest yielding money market account rates serving citizens of the state of Indiana.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Indiana, we have found that in most instances you will be able to lock in more competitive rates with some local institutions rather than national institutions, however these local banks and credit unions typically come with rather exclusive membership eligibility requirements. Before committing to one of the banks listed below, you may want to browse through our archive of best money market accounts.

Below, we have listed the top 2 banks and/or credit unions serving the state of Indiana which are offering the highest returns on their money market accounts. Keep in mind the national average for money market rates currently sits at roughly 1.17% APY (to put these offers in perspective).

Top 2 MMA (money market account) rates in Indiana:

(click on the institution for more information)

• Allegius Credit Union: Valparaiso, IN. Money market account yielding up to 2.27% APY depending on your balance. This account is set up in two tiers, the first holds an interest rate of 2.0% (or 2.02% APY) and comes with a minimum balance requirement of between $2,500 and $24,999. The second tier yields 2.27% APY, however, you must keep your balance above $25k. Allegius Credit Union has 5 locations throughout Indiana. They have branches in Hobart, Valparaiso, Chesterton, Burns Harbor and Michigan City. They also have a number of “partner credit unions” which you can conduct your banking through as well. These partner credit unions reside in the greater Fort Wayne and Indianapolis areas. To receive membership eligibility information contact: (219) 462-3558
• First Federal Savings Bank: Winimac, IN. Money market account yielding 2.02% APY with a minimum balance requirement of $50,000.  This account operates in five tiers. The first tier is based off of a balance of lower than $2,500 and only yields 1.0% APY. If your balance drops below $2,500 you will also incur a $5.00 maintenance fee. The second tier yields 1.26% APY and requires a balance of between $2,500 and $9,999. The third tier yields 1.51% APY and requires a balance of between $10,000 and $24,999. The fourth tier yields 1.76% APY and requires a balance of between $25k and $49,999. First Federal Savings Bank began in 1966 in the backroom of a neighborhood grocery store in Rochester, Indiana. They have since grown to a six-branch operation as of 2008.

Both of the institutions above are federally insured by either the FDIC or NCUA. If you live in Indiana and know of a better money market rate offered through your lcoal bank or credit union, please share by leaving a comment.

High yielding certificate of deposit rates in Indiana (Top 3)

Below are the top 3 CD rates yielding the highest interest rates in the state of Indiana. Because you will almost always find higher interest rates packaged with longer maturities we took the CD’s that beat the national average by the highest margins (so that we wouldn’t be strictly listing long-term deposits). After digging through a few dozen rate pages by various banks and credit unions serving the state of Indiana we found the best offers to come in the form of 15 month CD’s, 24 month CDs, and 60 month CDs.

Many local banking institutions cover regions which cross state lines, therefor you may want to compare the CD rates below with Illinois CD rates, Ohio CD rates or even Michigan’s savings rates to ensure the highest rate. Also, community banks and credit unions frequently run deposit promotions in which they offer abnormally higher yields on their deposits. Typically these products also come with odd maturities such as 9 month CDs or 15 month CDs. The first certificate of deposit in which we are covering for Indiana is a promotional offer and is subject to change without notice. Check with your own local institution to see if they are currently running similar offers before registering with a new bank or CU.

Top 3 CD rates (Indiana)

(clicking on the institution will bring you to their rates page)

Beacon Credit Union: Warsaw, Indiana. 15 month CD yielding 2.84% APY. As mentioned before this is a “share certiticate special offer” which is only available temporarily. Beacon’s membership eligibilty is strictly geographical. If you live or work in any of these 15 Indiana counties - Blackford, Carroll, Cass, Fulton, Grant, Howard, Huntington, Kosciusko, Pulaski, Madison, Marshall, Miami, Wabash, White, or Whitley - you’re eligible to join Beacon Credit Union and take advantage of their certificates of deposit.

Allegius Federal Credit Union: Valparaiso, Indiana. 24 month CD yielding 2.75% APY with a minimum deposit of $1,000. Allegius Fed CU has four branches throughout Indiana and serves community members within those locations. They also have what’s called a “prime-time club” which is designated for people of 50 years or older. The benefits of joining this club are, Free checks, free money orders, no ATM fees, free travelers checks, and free financial consultation. To become a member you must pay a one-time membership fee of $250.

Credit Union 1: Indianapolis, Indiana. 60 month CD yielding 3.55% APY with a minimum deposit of $1,000. This CD rate gets bumped up to 3.65% APY if you deposit more than $10,000. About Credit Union 1 - In 1958, Chanute Military Credit Union opened its doors on the Chanute Air Force Base in Rantoul, Illinois to serve military personnel and their families. With the government’s announcement of plans to close the Chanute Air Force Base, plans were made to expand the credit union in order to continue to serve those faithful military members. As a result, the field of membership was expanded and they changed their name to Credit Union 1 in 1982. In 1999, they combined forces with Paysaver Credit Union, headquartered in Lombard, Illinois. Today they serve over 87,000 members throughout the state of Illinois and Indiana, as well as worldwide.

All of the above mentioned institutions are federall insured by either the FDIC or the NCUA. If you reside in the state of Indiana and know of a better rate offered through your local institution, please share by leaving a comment!

Still want to find a better rate? Compare CD rates nationwide.

15 month CD special by Fort Financial Credit Union

…So here is the latest in BankVibe’s quest for 3.0% APY FDIC insured investments: Fort Financial Credit Union out of North Carolina is offering customers using new money a 15 month CD yielding 3.05% APY (if you are already banking with them and cannot fund this account with new money they will still offer you a respectable 2.75% for the same 15 month duration.)

It’s a bit discouraging to say the least that we can’t get over this 3.0% APY hump that seems to be in place for shorter term deposits, but local credit unions and banks are constantly running CD rate promotions that will at least crush the current national averages.

To sign up for Fort Financial Credit Union’s “Spring Savings Special” CD rates you must first become a member. Like many credit unions there are geographical restrictions in place for membership.

If you live in the following cities you may be eligible for membership:

Corinth, Mississippi
Fort Wayne, Indiana
Gastonia, North Carolina
Janesville, Wisconsin
Marion, Indiana
Morganton, North Carolina
South Beloit, Illinois

See more details on who can join.

If you know of a short term deposit (6 - 18 months) yielding 3.0% PLUS please let us know about it by leaving a comment!