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.
|2.30%||$1k||-||Cyprus Credit Union||60 Month CD|
|2.30%||$1k||-||Cyprus Credit Union||60 Month IRA (Traditional, Roth)|
|2.30%||-||$100k||Cyprus Credit Union||60 Month Dream CD|
Cyprus CU also has a “Dream CD” category, 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). The Membership and Account Agreement (page 14) 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.
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.
Headquartered in West Jordan, Utah, Cyprus Credit Union’s field of membership (FOM) is varied, with ways for almost all Utah residents 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 qualify for membership, regardless of residency.
Family Relationship - Family members of current Cyprus CU members also qualify for membership. "Family member" is defined in this instance as “parent, child, spouse, sibling, grandparent, grandchild, stepparent, stepchild, stepsibling, and adoptive relationship.”
Joining Cyprus CU and opening a Share Certificate 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 (NCUA Charter #24688) has an overall health grade of "A" at DepositAccounts.com, with an excellent Texas ratio of 4.17%, based on June 30, 2016 data. In the past year, Cyprus Credit Union has increased its total deposits by $55 million, an excellent annual growth rate of 8.67%. Please refer to our financial overview of Cyprus Credit Union 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 6th largest credit union, with more than 97,000 members and assets in excess of $775 million.
How the CD Compares
When compared to the 193 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Utah residents, Cyprus Credit Union’s 60-month CD APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.35% APY||60-Month CD VIP Rate||Weber State Federal Credit Union|
|2.32% APY||60-Month Certificate||Granite Federal Credit Union|
|2.00% APY||60-Month CD||Cyprus Credit Union|
The above rates are accurate as of 9/30/2016.