Cyprus Credit Union (UT) Adds 60-Month CD Special


Deal Summary: 60-month Certificate Special, 3.10% APY, $1k minimum deposit, new money

Availability: Easy membership for all Utah residents by joining the Community Recreation Association; residents of Salt Lake County; employees of 40+ SEGS.

The 3 for 5 Club has a new member: Cyprus Credit Union’s (Cyprus CU) 60-month Certificate Special, which earns 3.10% APY. This limited-time Certificate requires a minimum deposit of $1k of new money, with no stated balance cap.

As of this writing, there are a total of seven CDs in the 3 for 5 Club, all earning 3.00%, with the exception of Cyprus CU’s new Certificate Special.

  • Connexus Credit Union, 60-month Certificate
  • Cyprus Credit Union, 60-month Certificate Special
  • Idaho Central Credit Union, 60-month Promo CD
  • Mountain America Credit Union, 5-year Term Deposit
  • Pinnacle Bank (AZ), 5-year CD
  • Prairieland Federal Credit Union (IL), 60-month Share CD
  • RCB Bank (OK), 60-month Fixed CD

As stated in the Truth in Savings document, Early Withdrawal Penalty reads as follows:

If the maturity of the Share Certificate is more than one year, the forfeiture of dividends is equal to the smaller of the following two amounts:

dividends since the date of issuance or renewal, OR 180 days of dividends.

60-month CD and Dream CD

About a year ago, I wrote about Cyprus CU’s 60-month CD, which had risen to 2.60% APY; that rate is still in effect today. The 60-month is also offered as a Dream CD, which is essentially an add-on CD with a $100k balance cap. The minimum opening deposit and minimum balance for a Dream CD is $1 (yes, one dollar). Unfortunately, the 60-month Certificate Special isn’t offered as a Dream CD.

3.25%-$100kCyprus Credit Union60 Month Dream CD
Rates as of July 15, 2018.

The Truth in Savings document also provides complete details for a Dream CD, including,

Dream Certificate Maximum Balance

    There is a $100,000.00 maximum per member allowed in all Dream Certificates owned by a member.

    The credit union reserves the right to limit deposits to the Dream Certificate at any time.

Dream Certificate Transaction Limitations

    Dream CD deposits must be set up on automatic deposits that occur at least monthly.

    There is a $10 minimum monthly deposit.

    If a monthly or periodic payment into the Dream CD is skipped there is no penalty, however if three (3) such occurrences are missed the automatic payment will be cancelled, the Dream CD will be closed with a penalty and the proceeds transferred to the member’s Regular Share Savings Account (S1).

    Additional in-person deposits to the Dream CD are allowed with a $10 minimum.

    Any member may establish a Dream CD.


Headquartered in West Jordan, Utah, Cyprus Credit Union’s field of membership (FOM) is varied, with a way for almost any Utah resident to join:

Easy Membership - Any Utah resident who joins the Community Recreation Association (one-time $5 fee) qualifies for membership.

Residency - Individuals who live in Salt Lake County are eligible to join.

Employment - Individuals who work for any of 40+ SEGs (including several State of Utah governmental agencies) qualify for membership, regardless of residency.

Family Relationship - Family members of current Cyprus CU members also qualify for membership. "Family member" is defined as, “parent, child, spouse, sibling, grandparent, grandchild, stepparent, stepchild, stepsibling, and adoptive relationship.”

Joining Cyprus CU and opening a CD/Dream CD can be done online, or in person at any of 18 Utah branches located in Centerville, Magna, Midvale, Riverton (2), Salt Lake City (4), Sandy, Saratoga Springs, South Jordan (2), West Jordan (2), West Valley, and West Valley City (2).

Cyprus CU is a member of the Co-Op Shared Branch network, providing members with more than 4,500 shared locations nationwide.

Credit Union Overview

Cyprus Credit Union has an overall health grade of "A+" at, with a Texas Ratio of 1.09% (excellent), based on September 30, 2017 data. In the past year, Cyprus Credit Union has increased its total non-brokered deposits by $51.16 million, an excellent annual growth rate of 7.32%. Please refer to our financial overview of Cyprus Credit Union (NCUA Charter #24688) for more details.

As Utah’s oldest credit union, Cyprus Credit Union was founded in 1928 by 22 Kennecott Copper Company employees, with assets totaling less than $100. For more than 30 years, the Credit Union’s operations were housed in Kennecott Copper offices and board members’ homes. Cyprus Credit Union is currently Utah’s sixth largest credit union, with more than 104,300 members and assets in excess of $850 million.

How the CD Compares

When compared to the 225 similar length-of-term CDs tracked by, requiring a similar minimum deposit and available to Utah residents, Cyprus Credit Union’s 60-month Certificate Special APY currently ranks first.

The above rates are accurate as of 2/20/2018.

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

Related Pages: Salt Lake City CD rates, 5-year CD rates

Cyprus CU (UT) Ups Rate On 60-Month CD and 48-Month CD

Deal Summary: 60-month CD, 2.60% APY; 48-month CD, 2.10% APY; $1k minimum deposit.
Also available as Dream CDs with add-on feature, $1 minimum/$100k maximum deposit.

Availability: Easy membership for all Utah residents by joining the Community Recreation Association; residents of Salt Lake County; employees of 40+ SEGS.

At the end of last week, Cyprus Credit Union (Cyprus CU) raised the rates on its 60-month CD (2.60% APY) and 48-month CD (2.10% APY) by 10 basis points. The minimum deposit for either CD is $1k, with no stated balance...

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Cyprus CU (UT) Offers 60-Month CD and Dream CD
Availability: Residents of Salt Lake County; employees of 40+ SEGS; any Utah resident who joins the Community Recreation Association.

Cyprus Credit Union’s (Cyprus CU) 60-month CD has maintained its 2.30% APY for almost a year. The minimum deposit is $1k, with no stated balance cap.

The 60-month CD is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.

Cyprus CU also has a “Dream CD” category, which is essentially an add-on CD with a $100k balance cap. The...

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4.25% 12-Month CD at Cyprus Credit Union in Utah
Cyprus Credit Union has a certificate promotion with two competitive rates: 4.25% APY for a one-year term and 3.75% APY for a half-year term. Minimum deposit is $1,000, and these are also available in an IRA. New money is required. This special is listed on the credit union's home page as of 12/09/08.

When I wrote my last post on this credit union in October 2007, I contacted the credit union about their certificates. According to the service rep, the early withdrawal penalty is 1-month of interest for terms of 12...

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5.65% 60-Month / 5.50% 36-Month CD at a Utah CU (Cyprus)
Cyprus Credit Union has some competitive rates on its certificates. The yields range from 5.65% APY for a 60-month term to 5.30% APY for a 12-month term. The minimum deposit is $1,000. These are available for both regular and IRA certificates. Since the rate table had a July date, I called yesterday and was told that these rates are correct. According to the service rep, the early withdrawal penalty is 1-month of interest for terms of 12 months and under. For terms over 12 months, the penalty is 3 months.


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5.85% 12-Month / 6.15% 60-Month CD at a Utah CU (Pacific Rails)
Pacific Rails Credit Union continues to offer several high yield certificates. The rates range from 5.20% APY for a 6-month term to 5.65% APY for a 60-month term. These have a minimum deposit of $1,000. Higher rates are available with higher minimum deposits of $25K, $50K, $75K and $95K. At the highest deposit level, the rates range from about 5.70% APY 6-month term to 6.15% APY 60-month term. The penalty for early withdrawal is 3 months of interest for terms under 2 years and 6 months for terms of 2...
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