The original subject of this blog post was going to be Cyprus Credit Union’s (Cyprus CU) longer-term Dream CDs, which are essentially add-on CDs (with a $100k balance cap). I abruptly changed course when I opened Cyprus CU’s website and saw three new Special Rate Certificates: 13-month (3.05% APY), 36-month (3.50% APY), and 60-month (3.65% APY). The Special Rate Certificates require a minimum $1k opening deposit of new money, and as an added bonus,
if you invest at least $10,000 of new money, you will qualify
for a one-time bump if rates increase during your term.
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.
As I mentioned above, Cyprus CU’s Dream CDs are add-on CDs with a $100k balance cap. Earlier this month, the rates on the 24-, 30-, 36-, and 48-month Dream CDs were raised. The minimum opening deposit and minimum balance for a Dream CD is $1 (yes, one dollar).
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 quite 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 can be done online, or in person at any of 19 Utah branches located in Centerville, Magna, Midvale, Riverton (2), Salt Lake City (5), Sandy, Saratoga Springs, South Jordan (2), Tooele, 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.
While Cyprus CU does have an online application for the vast majority of its product line, the Special Rate Certificate landing page has a “Contact Me” form.
Fill out this form and a Contact Center representative will call you!
Credit Union Overview
Cyprus Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.19% (excellent), based on December 31, 2018 data. In the past year, Cyprus CU has increased its total non-brokered deposits by $94.23 million, an excellent annual growth rate of 12.55%. Please refer to our financial overview of Cyprus Credit Union (NCUA Charter #24688) for more details.
Cyprus Credit Union is Utah’s oldest credit union, 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 110,600 members and assets in excess of $976 million.
How the Special Rate CDs Compare
When compared to 247 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum deposit and available to Utah residents, Cyprus Credit Union’s 13-month Special Rate Certificate APY currently shares first place with Granite Federal Credit Union’s 11-month CD APY.
When compared to 236 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum deposit and available to Utah residents, Cyprus Credit Union’s 35-month Special Rate Certificate APY currently ranks first.
When compared to 211 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 Special Rate Certificate APY currently ranks first.
The above rates are accurate as of 3/29/2019.
Looking for the best CD rates, either nationwide or in your state? Please refer to our CD Rates Table page.