America First Credit Union Offers Competitive Short-Term Bump-Rate CD

For a limited time, Utah-based America First Credit Union (America First CU) is offering 5.10% APY on its 12-17 month Certificate Specials. There are actually ten “varieties” of 12-17 month Certificate, including Regular, Bump-Rate, Dedicated Savings, HSA, and Ladder. In addition, the Certificate Specials are also offered as IRA Certificate Specials. Any of these can be opened with a $500 minimum deposit, with the exception of the Dedicated Savings Certificate Special which has no minimum deposit requirement.

Bump-Rate Certificate Special

The 12-17 month Bump-Rate Certificate Special features a one-time rate increase any time throughout the term. Requesting a rate bump is the Certificate Special’s owner responsibility, as America First CU will not inform you if the rate has been increased.

Note: America First CU currently offers the same APYs on its 12-17 month Certificate Special, but there’s no real advantage in opening a non-bump-rate Regular Certificate Special.

Dedicated Savings Certificate Special

The America First CU’s Dedicated Savings Certificate Special is essentially an add-on CD. My first Dedicated Savings Certificate blog post was written nearly 11 years ago and the most pertinent features have not changed:

• No minimum opening deposit requirement.
• Additional contributions up to $10k per month.
• Each member limited to deposits of $100k in any one or multiple Dedicated Savings accounts.
• Automatic minimum $10 deposit (share transfer or payroll deduction) per month.

Early Withdrawal Penalty

As stated in the Truth-In-Savings disclosure, Early Withdrawal Penalty reads as follows:

The penalty schedule is as follows: Terms of twelve (12) months or less–sixty (60) days of dividend; terms over twelve (12) months–one hundred eighty (180) days of dividend. Minimum penalty is $5.00.

If the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

Availability

Headquartered in Riverdale, Utah, America First Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live, work (or regularly conduct business), worship, attend school, or volunteer in counties (or portions thereof) in Arizona (3), Idaho (16), Nevada (11), New Mexico (12), Oregon (1), and Utah (9) eligible for membership. A detailed explanation is included on the Become a Member page to help determine eligibility.

Employment: Owners, employees, or suppliers involved in the food industry in Utah qualify for membership.

Family Relationship: Members of the immediate family (parent, spouse, sibling/step, child/step, grandparent, grandchild) or household of current America First CU members or those eligible for membership are welcome to apply.

Account Opening

Joining America First CU and/or opening a Bump-Rate Certificate Special can be done online, by phone (800.999.3961), or at any of 98 Utah branches, located in the greater Salt Lake City area and the southwest corner of the state, or 18 southeast Nevada branches. There are also six Arizona branches (from the 2018 merger with Altier Credit Union), two Idaho branches (Boise and Rexburg), and a single branch in Albuquerque, New Mexico.

A Share Savings Account establishes a America First membership and can be opened with a $1 minimum deposit.

Funding and Other Details

The following information is from the TIS disclosure and a conversation with CSR.

• Funding – ACH, wire ($10 fee), debit card ($2.5k max online), or internal transfer.
• CO-OP Shared Branch Participant – No.
• Dividends – Compounded/credited monthly and can be “paid into Savings, Checking, Money Market Savings, or reinvested in your Certificate.”
• Maturing Funds – Automatically transferred into a Share Savings Account, then can be distributed by wire ($15 fee) or cashier’s check to address on file.
• Beneficiaries – Unlimited, equal shares, Social Security numbers are not required.
• Grace Period – 10 calendar days before renewal as a regular Certificate.
• Credit Check – Soft pull.

Credit Union Overview

America First Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.09% (excellent) based on December 31, 2022 data. In the past year, America First CU has increased its total deposits by $167.77 million, an above average annual growth rate of 1.11%. Please refer to our financial overview of America First Credit Union (NCUA Charter # 24694) for more details.

America First Credit Union was founded in 1939 as the Fort Douglas Civilian Employees Credit Union. (Closed in 1991, Fort Douglas was originally established in 1862 to protect the Central Overland Route telegraph lines and mail route.) The Credit Union’s first home was a small office in Fort Douglas that was only open for 30 minutes every Friday afternoon. In 1939, there were 79 members and total assets of $788; 84 years later, America First CU is currently the eighth largest credit union in the country, with more than 1,312,000 members and assets in excess of $17.3 billion.

How the 12-17 Month Bump-Rate Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, two banks and one credit union have higher rates than currently offered on the America First Credit Union 12-17 Month Bump-Rate Certificate Special. The following table compares the 12-17 Month Bump-Rate Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 12-17 Month Dedicated Savings Certificate Special Compares

When compared to the similar length-of-term Add-On CDs tracked by DepositAccounts.com, which require a similar minimum deposit ($5k or less) and are not limited by a low balance cap, the America First Credit Union 12-17 Month Dedicated Savings Certificate Special APY currently ranks first.

The above information and rates are accurate as of 4/13/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.