Competitive Add-On 5-Year CD at America First Credit Union in UT & NV
America First Credit Union continues to offer an add-on type of CD called Dedicated Savings. These have the same rates as the regular CDs. They require an automatic transfer of at least $10/month. You can make additional contributions up to $10,000 per month. The total deposits in Dedicated Savings are not allowed to exceed $100,000 per account. Most of the rates are below average except for the 5-year term which has a 1.85% APY. This rate is listed in the Dedicated Savings page as of 5/29/2012.
The nice thing about add-on CDs is that they can provide a hedge against an extended low-interest rate environment. If rates stay low, you can always fall back on the add-on CD. The full details of the Dedicated Savings CD are listed in the rate and fee disclosure (pdf). According to the disclosure, CDs with terms of over 12 months have an early withdrawal penalty of 180 days of dividends. This used to be just 90 days before 2011.
Credit union membership is open anyone who lives, works, worships, volunteers, or attends school in Clark County, Nevada or in the Utah counties of Salt Lake, Utah and Juab. Please refer to the credit union's membership page for the full details.
American First Credit Union is a large credit union with $5.10 billion in assets. It has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 30.17% (below average) based on December 2011 data. Please refer to our financial overview of America First Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24694).
How This CD Rate Compares
If you don't care about the add-on feature, you can get higher rates at a few all-access credit unions. The highest 5-year CD rate is 2.25% APY at Astera Credit Union. The highest at a bank is only 1.81% APY at The National Republic Bank of Chicago. These rates are accurate as of 5/29/2012.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.