University Federal Credit Union (UT) Offers 48-Month CD, 3.30% APY

University Federal Credit Union (University FCU) is currently offering competitive long-term CDs, including a 48-month CD (3.30% APY) and 60-month CD (3.51% APY). The minimum opening deposit is $500, with no stated balance cap.

Both CDs have been part of the product line for nearly eight years. In the past year, each CD has had seven rate increases, with the 60-month CD adding 66 bps and the 48-month CD gaining 100 bps.

One-Time Bump Certificates

University FCU added One-Time Bump Certificates to the product line three years ago.

Bump option can be applied only once during the term. Bump option pertains to the
prevailing UFCU term deposit rate and will be in effect for the remainder of the term only.

DA guest-commentator, Charles Rechlin, wrote a comprehensive blog post that addresses the “who, what, where, when” of Step-Up CDs. If you’re wondering if the bump-up option is worth the 10-11 bps difference between the regular CD and the One-Time Bump Certificate, reading Charles’ post may be helpful.

U Save Certificates

Two years ago, University FCU introduced the U Save Certificate, which “earns dividends like a certificate account, but gives you the flexibility of a high-yield savings account,” albeit with very limited withdrawal options. A U Save Certificate can be opened with as little as a $10 deposit. An automatic monthly deposit (in any amount) must be set up when the account is opened and maintained throughout the term.

As stated in University FCU’s Disclosures page, the Early Withdrawal Penalty, which applies to all three types of CDs, reads as follows:

If there are withdrawals from a certificate prior to the maturity date, the account holder
shall forfeit one hundred and eighty (180) days dividend on certificate maturities of more
than 12 months (or such lesser amount as may hereafter be required by applicable laws
or regulations) on the amount withdrawn at the rate being paid in the account, regardless
of the length of time the funds withdrawn have remained in the account.

IRAs

University FCU’s regular CDs and One-Time Bump Certificates are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements. The U Save Certificate is not offered as an IRA.

Availability

Headquartered in Salt Lake City, University Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, attend school, or volunteer in Salt Lake County, Utah, eligible to join.

Immediate family members of current University FCU members or membership-eligible individuals also qualify for membership. "Immediate family member" in this instance is defined as "spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships."

Joining University FCU and/or opening a CD can be done online, or at any of 17 Utah branches located in Bountiful (2), Cottonwood Heights, Draper, Holladay, Riverton, Salt Lake City (7), Sandy, West Jordan (2), and West Valley City.

Opening a Primary Savings account with a $10 minimum deposit establishes your University FCU membership.

University FCU also participates in the CO-OP Share Branching program.

University Credit Union is part of the CO-OP ATM network so you have access to nearly 30,000 surcharge-free ATMs in all 50 states!

CO-OP's 5,000+ shared branches means you have more direct access to your money than most traditional bank customers do.

Credit Union Overview

University Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.57% (excellent) based on December 31, 2018 data. In the past year, University FCU has increased its total non-brokered deposits by $68.16 million, an excellent annual growth rate of 8.03%. Please refer to our financial overview of University Federal Credit Union (NCUA Charter # 24710) for more details.

University Federal Credit Union was established in July 1956 by a small group of professors at the University of Utah. The original FOM covered all University of Utah employees, but was later expanded to include the University’s alumni and students. In 2004, the charter was changed to a community charter. Today, University FCU is the fifth largest credit union in Utah, with more than 96,00 members and assets in excess of $1 billion.

How the CDs Compare

When compared to 206 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, University Federal Credit Union's 48-month Certificate APY currently ranks second.

When compared to 221 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, University Federal Credit Union's 60-month Certificate APY currently ranks third.

The above rates are accurate as of 4/11/2017.

Looking for the best CD rates, either nationwide and in your state? Please refer to our CD Rates Table page.