While rates have fallen recently, American United Federal Credit Union’s (America United) 24-month Share Certificate (3.00% APY, $500 minimum) has become more competitive simply by maintaining a rate that has been in place for several months. An additional 15 bps are available with a $75k minimum deposit, boosting the APY to 3.15%.
|3.00%||$500||-||American United Federal Credit Union||24 Month Share Certificate|
|3.00%||$500||-||American United Federal Credit Union||24 Month IRA (Traditional, Roth, CESA, SEP)|
American United Share Certificates are available as IRAs (Traditional, Roth), earning the same APYs with the same funding requirements and options.
In May, I wrote about America United’s long-term Share Certificates, which offered a one-time Bump Option or an up-front 0.10% rate increase, in addition to competitive base rates. The long-term Share Certificates also earn an additional 15 bps with a minimum $75k deposit. While these long-term rates have decreased in the last month, a 60-month Share Certificate with a $75k deposit with the up-front rate increase will still earn 3.55% APY.
American United’s 36- and 48-month Share Certificates also offer competitive base rates, along with the Bump Option/0.10% rate increase and additional 15 bps for $75k+ deposits.
As stated on American United’s Our Rates page,
36 to 60 months regular certificates have a “Bump Option,” allowing a
one-time rate change (to current published rates) during the life of the certificate.
The bump can be waived up front in exchange for an additional 0.10% rate increase.
Bump Option? Up-front additional 0.10% rate increase? If you’re not sure which to choose, you may find DA guest contributor, Charles Rechlin’s blog post on Step-Up and Step Rates CDs helpful.
As stated in the Truth-In-Savings document, the Early Withdrawal Penalty reads as follows:
The penalty we may impose will equal 180 days
dividends on the amount withdrawn subject to penalty.
Headquartered in West Jordan, Utah, American United Federal Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in Tooele or Salt Lake Counties eligible to join.
Members, tribal administrators, and employees of the Morongo Band of Mission Indians and the Soboba Band of Luiseno Indians (California) also qualify for membership.
Joining American United and/or opening a CD can be done at any of nine Utah branches located in Draper, Grantsville, Kearns, Salt Lake City (4), Sandy, and West Jordan. There are also two California branches located in Cabazon and San Jancito that operate under the “First California” brand.
A minimum $5 deposit will open the Basic Savings account required to establish membership, but a minimum balance of $50 is required to earn dividends.
American United's website has been re-vamped and the online application has been replaced by a “Contact Me” form.
American United participates in the CO-OP Shared Branch network, giving members access to more than 5,000 credit union branches and nearly 30,000 fee-free ATMs.
You can access your accounts and conduct business nationwide at any of the participating credit union branch locations in Utah within the CO-OP Shared Branch network, just as if you were at an American United Federal Credit Union branch.
Credit Union Overview
American United Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.67% (excellent) based on March 31, 2019 data. In the past year, American United has increased its total non-brokered assets by $23.91 million, an excellent annual growth rate of 12.89%. Please refer to our financial overview of American United Federal Credit Union (NCUA Charter # 8187) for more details.
American United Federal Credit Union is currently Utah’s 13th largest credit union, with nearly 22,000 members and assets in excess of $245 million. Founded in 1952 as the Fort Douglas VA Hospital Federal Credit Union, American United has grown to become a “Family of Credit Unions” through ten mergers occurring between 2007 and 2018. The credit unions that have joined American United include Blues Plus FCU, First Californian, Big Valley FCU, VAF FCU, Credit Union One, Newspaper Employees CU, Deseret New Employees CU, Grantsville FCU, MidValley FCU, and First California-Soboba.
How the Share Certificate Compares
When compared to 250 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, American United Federal Credit Union's 24-month Jumbo Share and Shares Certificate APYs currently rank first and second, respectively.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.15% APY||24-Month Jumbo Share Certificate ($75k min)||American United Federal Credit Union|
|3.00% APY||24-Month Share Certificate ($5k min)||American United Federal Credit Union|
|2.95% APY||2-Year CD ($1k min)||Liberty Bank, Inc.|
The above rates are accurate as of 7/10/2019.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.