Interra Credit Union

What Interra Credit Union does

Interra Credit Union is a member-owned, not-for-profit financial cooperative founded in 1932 and headquartered in Goshen, Indiana. The institution serves approximately 90,000 members across 25 Indiana counties through a combination of physical branch locations, a digital banking platform (online and mobile), shared branching via CO-OP, and surcharge-free ATM access via Alliance One. Its product suite spans personal banking (Flex Checking with up to 1.00% tiered APY, Regular Checking, Sign & Save round-up savings, Regular Savings, Money Market, HSA, 529 Educational Savings, Kids Club, Christmas Club, Share Certificates), credit products (personal line of credit at 13.99% APR, mortgages, auto loans, credit cards), and business banking (business checking and savings, business and agricultural lending, expedited lending, merchant services, and treasury/digital services), with wealth and insurance offered through LPL Financial partnerships.

The underlying technology stack centers on a standard digital banking platform supporting online account management, bill pay, e-statements, mobile deposit, card controls, and SavvyMoney-integrated credit score monitoring. Mobile wallet functionality is delivered via Apple Pay, Google Pay, and Samsung Pay integrations, and instant-issue debit cards are available at most branch locations. Mortgage origination is conducted under NMLS ID 623379 with 60+ registered loan originators. Deposit insurance is provided through American Share Insurance, a private insurer, at $250,000 per account. Lending applications are processed through LoansPQ for consumer, business, and farm loans.

Revenue is generated primarily through net interest income on loans (mortgages, auto, personal, business, agricultural) and credit products, supplemented by overdraft/Courtesy Pay fees ($34 per presentment), interchange on debit and credit cards, merchant services residuals, share certificate and deposit spreads, and fee-based wealth/insurance referrals via LPL Financial. The cooperative model means earnings are returned to members via competitive deposit rates and lower loan rates rather than distributed to shareholders. Go-to-market is community-led: membership eligibility is tied to living, working, or having family in the 25-county service area, supported by a multi-channel marketing approach combining the interracu.com website, social media (Facebook, YouTube, Instagram, LinkedIn), community events, and financial education content.

Name

Interra Credit Union

Legal name

Interra Credit Union

Website

https://interracu.com

Company type

Private

Founded year

1932

Operating status

Operating

Headcount range

251–500 employees

Short description

Interra Credit Union is a member-owned, not-for-profit financial cooperative founded in 1932 and headquartered in Goshen, Indiana, serving approximately 90,000 members across 25 Indiana counties with personal banking, business and agricultural lending, and wealth services.

Ownership category

akta.pro rank

Headquarters

HQ city

Goshen

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Membership Fees and Account Services: Revenue generated from membership share accounts, monthly service fees (waived with qualifications), and various account-related fees. As a not-for-profit cooperative, earnings are returned to members through better rates on savings and lower rates on loans.
2. Loan Interest Income: Primary revenue stream from personal loans, mortgages, business loans, agricultural lending, and credit cards. Interest rates vary by product type with competitive rates for members.
3. Overdraft and Courtesy Pay Fees: Fees assessed when members overdraw their accounts, including $34 Courtesy Pay fee per presentment that creates an overdraft
4. Share Certificate Products: Term deposit products (share certificates) with minimum $500 opening deposits and competitive APYs, generating fee income and interest spread revenue

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Interra Credit Union is a member-owned, not-for-profit financial cooperative that provides personal and business banking products to roughly 90,000 members across 25 Indiana counties. Its core offering includes checking and savings accounts, share certificates, personal and agricultural loans, mortgages, business checking and lending, merchant services, and wealth and insurance products, delivered through 15+ branches and a digital banking platform.

Product overview

Interra Credit Union operates as a member-owned financial cooperative offering a comprehensive suite of banking products organized across personal and business categories. The personal banking lineup includes multiple checking account options (Flex Checking with tiered APY rewards, Regular Checking, and Sign & Save automatic savings), diverse savings vehicles (Regular Savings, Money Market with standard and LINked tiers, Health Savings Account, Educational Savings/529 Plan, Kids Club accounts, Christmas Club, and Share Certificates), credit products (Personal Line of Credit, mortgages, auto loans, credit cards), and overdraft protection services. Business banking encompasses checking, savings, lending (including agricultural and expedited options), and merchant services. Digital banking is delivered through online and mobile platforms with features including Mobile Wallet integration (Apple Pay, Google Pay, Samsung Pay), mobile deposit, bill pay, and CashBack+ rewards marketplace. Investment and insurance services are offered through partnerships, and the credit union participates in shared branching networks (Co-Op) and surcharge-free ATM alliances (Alliance One) to extend accessibility.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Sign & Save members can earn up to 0.10% APY with 5-25% matching on round-up savings, capped at $250 annually
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Alliance OnecoreChannel Partner/ Reseller/ DistributorAlliance One provides Interra members with access to a nationwide network of surcharge-free ATMs. When members use ATMs displaying the Alliance One logo, the surcharge imposed by the ATM owner is paid by Interra Credit Union. This partnership eliminates ATM fees for members traveling across the country.
• CO-OP Shared BranchcoreChannel Partner/ Reseller/ DistributorCO-OP Shared Branch enables Interra members to conduct transactions at thousands of shared branching locations nationwide. This expands Interra's physical service footprint beyond its own branch network, providing convenience for members who travel or live outside the primary service area.
• Apple PaycoreTechnology or IntegrationApple Pay integration allows Interra debit and credit card holders to make contactless in-store and in-app purchases using their Apple devices. Supports Interra Mastercard debit cards and consumer Standard and Elite credit cards.
• Google PaycoreTechnology or IntegrationGoogle Pay integration allows Interra debit and credit card holders to make contactless payments using Android devices. Part of Interra's mobile wallet strategy.
• Samsung PaycoreTechnology or IntegrationSamsung Pay integration enables Interra cardholders to add their debit and credit cards to Samsung devices for contactless payments at participating merchants.
• American Share InsurancecoreOthersPrivate deposit insurance provider covering member savings up to $250,000 per account. Unlike NCUA insurance, ASI coverage is per account (not per member) with no limit to the number of individual accounts that can be insured. Interra has chosen this private insurer rather than federal insurance.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Everwise Credit Union: Indiana-based member-owned credit union serving consumers and businesses across the state with similar deposit, lending, and digital banking offerings; directly comparable in geography, member base scale, and product breadth.
• Centra Credit Union: Indiana community credit union with overlapping branch geography in central and southern Indiana; comparable member-owned cooperative model, consumer and business banking, and similar mid-market scale.
• Teachers Credit Union (TCU): Large Indiana-headquartered credit union offering a full personal and business banking suite; comparable in core product mix, with a larger footprint and broader membership field-of-membership than Interra.
• Beacon Credit Union: Indiana-based community credit union with a comparable mix of consumer deposit products, lending, and digital services; competing in adjacent Indiana counties with a similar community-led model.
• Purdue Federal Credit Union: Indiana-headquartered credit union serving a defined membership community with personal banking, lending, and digital channels; similar not-for-profit cooperative structure and consumer/SMB focus.
• SchoolsFirst Credit Union: Large member-owned credit union offering full personal, business, and wealth services; comparable cooperative structure, comprehensive product breadth, and digital capabilities, though anchored in California rather than Indiana.

Broad incumbents

• 1st Source Bank: Indiana-based publicly traded community bank offering consumer, business, and specialty banking (including specialty finance); overlaps with Interra in Northern Indiana geographies and SMB lending, but operates as a for-profit bank rather than a cooperative.
• Lake City Bank: Northern Indiana-headquartered community bank with strong consumer and commercial banking presence in overlapping Indiana counties; broader geographic and product footprint but competing for the same SMB and consumer deposits.
• Horizon Bank: Indiana and Michigan community bank with retail and commercial banking; competes in Northern Indiana with consumer deposits, mortgages, and business lending — a for-profit analog to Interra's community banking franchise.

Regional players

• Connexus Credit Union: Large U.S. credit union with a strong digital and consumer lending platform; not in Interra's footprint but a comparable cooperative business model with digital-first deposits and consumer loan products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/InterraCU
• Facebookfacebook.com/InterraCU
• LinkedInlinkedin.com/company/interra-credit-union/?viewAsMember=true
• Instagraminstagram.com/Interracu
• Xx.com/interracu

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Interra Credit Union