Top 5-Year CD Continues at Mountain America Credit Union in UT, NV, NM & AZ - Easy Membership
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Mountain America Credit Union still has a competitive 5-year CD and IRA CD rate. It's now 2.80% APY. The rate has gone down since my last post, but it remains competitive compared to what other banks and credit unions are offering. For example, the best 5-year CD from an internet bank has a yield 2.75% APY (at Sallie Mae Bank). The credit union's CD has a minimum deposit of $500. This yield is listed in the credit union's current rates page as of 10/19/2010
The credit union used to offer some competitive shorter-term CD rates, but these are no longer noteworthy. It also used to have a very mild early withdrawal penalty. They made changes to their website, and I could no longer find any mention of the early withdrawal penalty. In August I emailed the credit union, and I found out that they have increased the penalty. According to the credit union rep, the "penalty for early withdrawal on a 5 year term deposit is 180 days worth of interest."
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 SEG Affiliated Associations page. For more ways to qualify for membership, please refer to the credit union's Become a Member page. In my recent email to this credit union, I mentioned that I was interested in becoming a member via this council. Here's the reply I received:
We would be happy to take a membership application for you. If you have a branch near you please visit them with your picture ID. They will need $25.00 to get the account open and going. If you plan on opening a checking account that will require a minimum of $100.00.
If you are not near a branch location you can apply online or call us at 1-800-748-4302.
Large Branch Network
For those who prefer to open a CD at a branch, Mountain American has many branches in the western states. Branches are located throughout Utah. Also, branches are located in Mesa, Arizona; Las Vegas and Sparks, Nevada; and in Albuquerque, New Mexico.
The credit union has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 32.05% (above average) based on June 2010 data. Please refer to our financial overview of Mountain American Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24692). It's a large credit union with $2.8 billion in assets.
Searching for the Best CD and IRA CD Rates
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