4.75% 60-Month CD at Mountain America Credit Union - Easy Membership
Like many other credit unions, Mountain America Credit Union reduced its certificate rates for January. The 4% 12-month CD has ended. However, they kept their 5-year CD APY at 4.75%. This is listed in the credit union's rate table as of 1/02/2009. Minimum deposit is $1,000. Their certificates are also available as Traditonal and Roth IRAs. Note, their name for CDs is term deposits.
As I mentioned in my last Mountain America post, their early withdrawal penalties are below average: 90 days of interest for terms over 12 months. The penalty applies on the amount withdrawn. Details of the early withdrawal penalties are described in this FAQ page. On the downside, early withdrawals may be made only with the consent of the credit union. I looked into the issue of institutions refusing early withdrawals in this post.
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 recently 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's ratings for soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate. Both ratings are based on 9/30/08 data.
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.