5.85% 12-Month / 6.00% 60-Month CD at a Utah CU (Family First)

Family First FCU is having a special 5.85% APY 1-year certificate of deposit. The minimum is $500 and it requires money new to the credit union.

The credit union also has competitive rates on its long term regular CDs. It's offering a 5.75% APY 4-year CD and a 6.00% APY 5-year CD. Both have a minimum of $500. First Family has a tract record of high yields on long-term CDs since I first posted on them in February.

All of the Family First CDs have a below-average early withdrawal penalty. The penalty for terms of 1-year and under is 30 days of interest. Terms of over 1-year, the penalty is 90 days of interest. At many banks the penalty is 6-months for terms of over 1-year. If you have to close the 5-year CD at 2 years, this can make a big difference. With 90 days of interest penalty, the effective annual rate of return would be 5.25%. With 180 days, it becomes 4.50%.

The credit union's field of membership includes anyone who lives, works or attends school in Utah County. Utah County is located 44 miles south of Salt Lake City. The County Seat is the city of Provo.

The credit union has 4 branches and is NCUA insured with over $139 million in assets and over 26,000 members.