Dedicated to Deposits: Deals, Data, and Discussion

4.50% 5-Year CD and Other High CD Rates at Mountain America Credit Union - Easy Membership


Mountain America Credit Union
Update 3/07/09: The CD rates have fallen. Please check the credit union's website for the latest rates.

Like many other credit unions, Mountain America Credit Union reduced its certificate rates for February. However, they still have some very competitive rates including a 4.50% APY 5-year CD. Below is the full list of rates as listed in the credit union's rate table as of 2/02/2009:
  • 2.75% APY 6 months
  • 3.00% APY 12 months
  • 3.15% APY 18 months
  • 3.25% APY 24 months
  • 3.35% APY 30 months
  • 3.51% APY 3 years
  • 4.00% APY 4 years
  • 4.50% APY 5 years
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 previous 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 The penalty applies on the amount withdrawn.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 (ACC). 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.

In my last post, a reader described his/her experience with opening a CD at this credit union. The reader first applied online for ACC membership and paid by credit card. ACC emailed the reader the membership info immediately. Then the reader called Mountain America and was able to join the credit union and set up the CD over the phone. The reader just told the credit union rep that he/she was a ACC member, and no questions were asked.

Credit union branches are located throughout Utah. I've also located a branch in both Phoenix, Arizona and Las Vegas, Nevada.

Mountain America Credit Union 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.

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

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Comment #1 by Anonymous posted on
Hi. This is from the same person who told you about my good experience with them. The early withdrawal policy is actually better than you indicated. You do not need their permission for early withdrawal with a 90 day interest penalty. They may, however, chose to waive the penalty at their discretion. There is a catch. If you withdraw only part of your money, they will charge you 90 days interest on the full amount of the CD, not just on the amount you withdrew.

Comment #2 by Anonymous posted on
I overnighted my CD to them on Thursday they got it on Friday according to the tracking, but when i called they said they didn't get it and i will have to get the monday rate. anyone know what to do

Comment #3 by Anonymous posted on