After other credit unions have cut their CD rates, Mountain America Credit Union (MACU) now has the best 5-year CD and IRA CD rate as compared to other major credit unions. Mountain America 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 2/12/2013. Rates are subject to change at anytime.
Some of the term deposit details are listed in the credit union's membership agreement. However, it doesn't appear to list the early withdrawal penalty. 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. According to the ACC website "Join for free - if your intention is to join one of our participating credit unions, or if you are already a member of a credit union, you can join for free!" ACC 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, Idaho and New Mexico. Some of the major cities with branches include Boise, 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 $3.33 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.71% (above average) based on September 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
There are three other all-access credit unions that offer 5-year CD rates around 2%, but there are special requirements and/or limitations. For example, 2.02% APY is available at the State Department Federal Credit Union, but this is only for IRA CDs. Stanford FCU also offers 2.02% APY, but this requires a $100K minimum deposit and a checking account relationship. Lastly, Connexus Credit Union offers 2.00% APY, but this requires an active checking account.
These rates are accurate as of 2/12/2013.
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.
Edit 11:50am: Updated membership cost info for ACC.