4.25% 12-Month CD at Cyprus Credit Union in Utah

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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 months and under. For terms over 12 months, the penalty is 3 months.

Membership is open to any Utah resident who is willing to make a $3 donation to the Community Recreation Association (CRA). Please see the credit union's membership page for more details. Membership requires a minimum $25 deposit into your savings account.

Branches are located in the Utah cities of South Jordan, West Valley City, Salt Lake City, Centerville, Herriman, Magna, Riverton, Sandy and Saratoga Springs. According to the service rep, Utah residents can join and open accounts by mail. It will require a notarized signature card and copies of your driver's licences and social security card. Please contact the credit union for more details.

Cyprus Credit Union's ratings for soundness are mixed: 4 stars (excellent) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/08 data. The credit union is federally insured by the NCUA (Charter # 24688).
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