bank rates

Indiana Deal: 1% On 4-Month CDs

UPDATE 4/24/15: Centra has ended the 4-month CD deal, but it still offers the 60-month bump-up CD at 2.05% APY.

As we wait for the Fed to begin raising rates, Centra Credit Union has the perfect “short but sweet” deal, as well as a longer CD that can also fit the bill.

Serving Indianapolis and much of Indiana, Centra is paying 1.00% APY on just a 4-month CD.

On our CD Rates Leaderboard of the best nationally available rates, the top 3-month CD pays a paltry 0.60% APY, while the leading 6-month rate increases to only 0.85% APY.

Even among the best local and regional deals in the country, we’re aware of just two other under-6-month CDs that match or beat Centra’s rate:

  • Bankers Trust is paying 1.33% APY on any term 3-to-21 months, for savers in Iowa and Phoenix.
  • Oritani Bank has a 5-month CD yielding 1.00% for northeastern New Jersey savers.

Centra’s 4-month promotional certificate requires a minimum deposit of $5,000 in new money, meaning funds not already on deposit with the credit union.

For those preferring a longer CD yet still wanting to hedge against coming rate hikes, Centra offers a competitive 60-month certificate of deposit as well.

Although its rate of 2.05% APY would place it in the middle of our national 5-year Leaderboard rather than the top, it allows savers to bump the rate up twice during the CD’s term.

The 60-month Raise Your Rate certificate similarly requires a $5,000 minimum deposit but does not require being funded with new money.

Membership in Centra Credit Union is open to anyone who lives or works in one of 51 central and southeastern Indiana counties, with the exclusion of Decatur Township.

In addition, anyone can join who has a family member living or working in an eligible county, even if that family member hasn’t joined Centra.

Establishing membership can be done easily online or in a branch with a $6 deposit into a savings account.

Opening one of the promotional 4-month CDs, however, must be done with a branch visit.

The 60-month CD is easier, allowing savers to open one online, by phone or in person.

Centra operates 21 branches throughout Indiana, located in Columbus (5), Scottsburg (2), Indianapolis, Carmel, Clarksville, Edinburgh, Greensburg, Jeffersonville, Madison, New Albany, North Vernon, Sellersburg, Seymour and Shelbyville.

In addition, it operates two branches within Cummins Inc. plants in Lakewood, New York, and Whitakers, North Carolina. Employees of these plants and their immediate family members are eligible for Centra membership at these locations.

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