Utah-based American First Credit Union (America First CU) is offering 2.30% APY on all of its various 60-month Certificates: Regular, Dedicated Savings, Bump, Ladder, and IRA.
The minimum deposit is $500 and there are no balance caps, with the exception of the Dedicated Savings Certificate that has no minimum deposit, but does has a $100k cap.
DA readers are probably familiar with most of the different types of American First CU Certificates, but the Dedicated Savings Certificate is just a proprietary name for an Add-On CD. I first wrote about the Dedicated Savings Certificate in a May 2012 blog post, and the most salient features have not changed since then:
- Additional contributions up to $10k per month.
- Each member limited to deposits of $100k in any one or combination of Dedicated Savings ac-counts.
- Automatic share transfer or payroll deduction (must be at least $10 per month).
A summary of rates, fees and details, including the Early Withdrawal Penalty, associated with America First CU's various Certificates is available on the Credit Union's website.
Certificate accounts that are new or renewed on or after June 1, 2011:
Terms of twelve (12) months or less–sixty (60) days of dividend;
terms over twelve (12) months–one hundred eighty (180) days of dividend.
Many thanks to DA reader, cumulus, for his Forum post about American First CU.
Headquartered in Riverdale, Utah, America First Credit Union is the largest credit union in the state. The field of membership is varied, with residency the primary determinant.
Residency: Individuals who live, work (or regularly conduct business), worship, attend school, or volunteer in the Utah counties of Salt Lake, Juab, or Utah, or Clark County and portions of Lincoln County, Nevada, or within a 12-mile radius of the Mesquite (Nevada) Post Office, are eligible for membership. The Credit Union provides an interactive map to help determine eligibility.
Employment: Owners, employees, suppliers and their employees, or associated companies and their employees 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 also qualify.
Complete eligibility requirements can be found on America First CU's Membership Application.
Joining America First CU and/or opening a Certificate can be done online or in person at any of 104 Utah branches located in the greater Salt Lake City metropolitan area or 14 Nevada branches located in the southeastern portion of the state. America First CU’s Membership Application is available as a download to expedite an in-person branch visit.
Credit Union Overview
America First Credit Union (NCUA Charter # 24694) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.96% (excellent) based on December 31, 2015 data. In the past year, America First CU has increased its total deposits by $687.52 Million, an excellent annual growth rate of 12.29%. Please refer to our financial overview of America First Credit Union 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 about three miles east of Salt Lake City 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, membership and total assets were 79 and $788, respectively; more than 75 years later, the membership has grown to over 734,700, with assets in excess of $7.1 Billion
How the Certificate Compares
When compared to the 168 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the greater Salt Lake City area, America First Credit Union’s various 60-Month Certificates currently rank fourth.
The above rates are accurate as of 3/12/2016.