America First Credit Union Ups 12-17 Month Add-On CD Rate

Utah-based America First Credit Union (America First CU) recently raised the rate on all ten “varieties” of its 12-17 month Certificate to 5.30% APY. Of those ten certificates, the 12-17 month Dedicated Savings Certificate is the most competitive. The 12-17 month Regular Certificate can be opened with a $500 minimum deposit and has no balance cap.

The 12-17 Dedicated Savings Certificate and Regular Certificate are also available as IRA Certificates (Traditional, CESA), earning the same APY with the same deposit requirements.

The 12-17 month Dedicated Savings Certificate Special is essentially an add-on CD. My first Dedicated Savings Certificate blog post was written nearly 12 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.

America First CU also has decent rates on its long-term Dedicated Savings Certificates, with similar rates to the well-known Growth Certificates at Mountain America Credit Union. Long-term add-on CDs provide a useful hedge against future low rates. If low rates return in a year or two, you can always rely on your long-term add-on CD.

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 (5), 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 Dedicated Savings Certificate can be done online, by phone (800.999.3961), or at any of 97 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.
• Ownership – Individual, joint, or trust.
• 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 paid out by wire ($15 fee) or cashier’s check to address on file.
• Beneficiaries – Unlimited with equal shares. Social Security numbers are not required.
• Grace Period – 10 calendar days before renewal as a Regular Certificate.
• Credit Check – Soft pull through Transunion.

Credit Union Overview

America First Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.72% (excellent) based on September 3, 2023 data. In the past year, America First CU has increased its total deposits by $1.28 billion, an excellent annual growth rate of 7.51%. 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; 85 years later, America First CU is currently the eighth largest credit union in the country, with more than 1,350,000 members and assets in excess of $19.1 billion.

According to the a July 2023 Credit Union Times article, America First CU secured a naming rights deal.

The brand of America First Credit Union, headquartered in Riverdale, Utah, has been attached to the Henderson Silver Knights training facility and community ice skating rink, which is now called the America First Center in Henderson.

America First announced Wednesday that it has signed a naming-rights agreement with the Foley Entertainment Group to rename the facility in Henderson, Nev., located south of Las Vegas, and as part of the agreement the credit union became the area’s official credit union of hockey in Las Vegas.

The Henderson Silver Knights are the American Hockey League affiliate of the Vegas Golden Knights.

How the 12-17 Month Dedicated Savings Certificate Compares

When compared to the nationally available Add On CDs tracked by DepositAccounts.com that have term lengths of at least 12 months, require a similar minimum deposit ($5k or less), and do not have a low balance cap, the America First Credit Union 12-17 Month Dedicated Savings Certificate APY currently ranks first.

How the 12-17 Month Regular Certificate Compares to 18-month CDs

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, one bank and two credit unions have higher rates than currently offered on the America First Credit Union 12-17 Month Regular Certificate. The following table compares the 12-17 Month Regular Certificate to the four highest-rate similar length-of-term (18-month) CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 2/16/2024.

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