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.
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 cap.
Both CDs are also available as IRAs (Traditional and Roth) earning the same APYs, with the same funding requirements.
|2.60%||$1k||-||Cyprus Credit Union||60 Month CD|
|2.60%||$1k||-||Cyprus Credit Union||60 Month IRA (Traditional, Roth)|
|2.10%||$1k||-||Cyprus Credit Union||48 Month CD|
|2.10%||$1k||-||Cyprus Credit Union||48 Month IRA (Traditional, Roth)|
These latest APYs are the highest rates that the 48- and 60-month CDs have experienced in the six years they have been part of the product line.
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.
Cyprus CU also offers a “Dream CD” version of all its CDs, 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).
|2.60%||-||$100k||Cyprus Credit Union||60 Month Dream CD|
|2.10%||-||$100k||Cyprus Credit Union||48 Month Dream CD|
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 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 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 DepositAccounts.com, with an excellent Texas ratio of 2.80%, based on December 31, 2016 data. In the past year, Cyprus Credit Union has increased its total non-brokered deposits by $59.5 million, an excellent annual growth rate of 9.3%. 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 6th largest credit union, with more than 90,000 members and assets in excess of $790 million.
How the CD Compares
When compared to the 202 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Utah residents, Cyprus Credit Union’s 48-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.10% APY||48-Month CD||Cyprus Credit Union|
|2.07% APY||4-Year Share Certificate||Melrose Credit Union*|
|2.00% APY||49-Month Share Certificate Special||NASA Federal Credit Union|
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
When compared to the 220 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 second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.75% APY||60-Month Term Deposit||Mountain America Credit Union|
|2.60% APY||60-Month CD||Cyprus Credit Union|
|2.55% APY||60-Month Bump-Rate Certificate||America First Federal Credit Union|
The above rates are accurate as of 3/22/2017.