Dedicated to Deposits: Deals, Data, and Discussion

4.00% 12-Month CD at Mountain America Credit Union in UT, AZ & NV - Easy Membership


Mountain America Credit Union
Mountain America Credit Union continues to offer competitive rates on its CDs. The rates have become more competitive over the last week as banks have been slashing rates after the Fed's historic rate cut. The credit union typically only changes rates on the first of the month, so these may last through December. Below are the full list of CD yields as listed in the credit union's rate table as of morning of 12/23/08:

Term APY
6 month 3.35%
12 month 4.00%
18 month 4.05%
24 month 4.11%
30 month 4.15%
36 month 4.25%
48 month 4.50%
60 month 4.75%

Minimum deposit is $1,000. These are also available as Traditonal and Roth IRAs. Note, their name for CDs is term deposits.

Before my last post on this credit union, I contacted the CSR using their online chat system. I was told that once your membership has been established, you should be able to open these CDs when logged into your account or by phone.

The credit union has a pretty good FAQ system. Here are some relevant ones for CDs: wire transfer info and CD early withdrawal penalties. On the downside, early withdrawals may be made only with the consent of the credit union. On the plus side, their early withdrawal penalties are below average: 30 days of interest for terms of 12 months and under, 90 days of interest for terms over 12 months. The penalty applies on the amount withdrawn.

Credit union membership is open to members of the American Consumer Council. Council membership costs $12, and is open to anyone. This council is listed in the credit union's Select Employee Groups & Affiliated Associations page. According to the CSR, members of the Council are qualified for membership into the credit union. The CSR also stated that one could join the credit union via their online application. Membership requires a minimum deposit of $25 into the share savings account. I haven't tried applying, so if you find problems in the application process, please leave a comment.

I just noticed the following at this page of the American Consumer Council website:
By joining through an ACC-affiliated credit union, you can join ACC for free!

I'm not sure how this can be done using Mountain America Credit Union's online application. This might require a branch visit.

Branches are located throughout Utah. I've also located a branch in both Phoenix, Arizona and Las Vegas, Nevada. The credit union is federally insured by the NCUA (Charter # 24692). It's a large credit union with $2.8 billion in assets and 313,553 members.

  Tags: Nevada, Utah, Arizona, CD rates, Mountain America Credit Union, IRA rates

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