Mountain America Credit Union (MACU) has a competitive 5-year CD and IRA CD rate. MACU calls these Term Deposits. The 5-year Term Deposit has a 2.00% APY. Minimum deposit is $500. This rate is listed at MACU's rates page as of 6/11/2012. The rates for the shorter terms are much less competitive.
I can't find an account disclosure online. When I last contacted the credit union in 2010, I was told that the "penalty for early withdrawal on a 5 year term deposit is 180 days worth of interest."
Credit Union Membership
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 email to this credit union a couple of years ago, 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
Mountain America Credit Union branches are located in Utah, Arizona, Nevada and New Mexico. Some of the major cities with branches include Phoenix, Las Vegas, Albuquerque, Provo and Salt Lake City.
MACU also belongs to a shared branching network as well as several ATM networks, including the CO-OP Network, which allows members to complete surcharge-free transactions at more than 25,000 ATMs nationwide.
Mountain America Credit Union Overview
MACU is a large credit union with $3.16 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 14.61% (above average) based on March 2012 data. Please refer to our financial overview of MACU for more details. The credit union is federally insured by the NCUA (Charter # 24692).
How This CD Rate Compares
Finding a 2.00% APY on a 5-year CD is becoming difficult. Those in the west used to be able get a 2% 5-year CD at Washington Federal which has branches in several Western states. However, its 5-year CD rate has fallen to 1.75% APY (1.80% APY for Jumbo). BBVA Compass is still offering a 2.00% APY 5-year CD in several states including Arizona, New Mexico and California.
These rates are accurate as of 6/11/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.