4.00% 12-Month CD and a Special CD Ladder at America First Credit Union in Utah
America First Credit Union is offering several competitive certificate rates. These include a 4% APY 12-month CD, a 4.10% APY 24-month CD, a 4.50% APY 48-month CD and a 4.75% APY 60-month CD. Minimum deposit is $500. These are available as both a regular and IRA certificate. These rates are listed at the credit union's rate table as of 1/06/09.
The credit union also has an excellent deal on a promotional CD ladder in which you're required to open 5 certificate accounts with terms of 1, 2, 3, 4 and 5 years. The excellent part of the deal is that you'll get the 5-year rate (currently 4.75% APY) on all terms. All of the 5 CDs must be equal in value and at least $500. All CDs will automatically renew as 5-year CDs, but I believe you're free to close the CD at maturity. CD ladders like this allow you to have access to a fifth of your funds within any one year period. Also, you don't have to make guesses about future interest rates.
The credit union provides an online account application. Accounts can be funded by transfers from your America First checking, savings or money market account, or they can be funded by a transfer from an external account.
Another nice thing about the credit union's CDs is a mild early withdrawal penalty. According to the Truth-in-Savings disclosure, the penalty is 31 days of interest for terms of 12 months or less and 90 days of interest for terms of over 12 months. The grace period at maturity is 10 days.
Membership is open to those who live, work (or regularly conduct business in), worship, attend school, or volunteer in Salt Lake County, Utah or within a 12 mile radius of the Mesquite Nevada Post Office. Please refer to the credit union's Membership Eligibility Page for the full details. Membership requires a minimum balance of $25 in the share savings account. Like the new account application, the membership application can be done online.
Branches are located throughout Utah and in Mesquite, Nevada.
America First Credit Union has some high ratings for soundness: 5 stars (superior) at ">BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/08 data. The credit union is federally insured by the NCUA (Charter # 24694). It's a large credit union with $4.4 billion in assets and 473,191 members.