Cyprus Credit Union (UT) Unveils Rate-Leading 18-Month CD Special

For a limited-time, Cyprus Credit Union (Cyprus CU) is offering an 18-month CD Special earning 5.15% APY. The minimum opening deposit is $10k, with no stated balance cap.

As stated in the fine print on the Savings Rates page,

Promotional rates are not eligible for bump rate increases.

The Truth in Savings disclosure has been removed from Cyprus CU’s website, but CSR provided the following Early Withdrawal Penalty information:

You can do a full early withdrawal or you may do a partial withdrawal.
The penalty is any interest that has accumulated within the last 180 days.

Availability

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.”

Account Opening

Joining Cyprus CU can be done online or in person at any of 18 Utah branches located in Centerville, Draper, Magna, Midvale, Riverton (2), Salt Lake City (3), Sandy, Saratoga Springs, South Jordan, Tooele, West Jordan (2), West Valley, and West Valley City (2).

According to CSR, Current Cyprus CU members can open an 18-month CD Special by calling “our contact center at 801.260.7600 ext. 5000 and open the CD over the phone with a representative” or by sending “a secure Home Banking message to Customer Service requesting it be opened.”

There is an “Open Now” button for the 18-month CD Special on the Savings Rates page, but according to CSR, new members must come into any of the above-mentioned branches to finalize the application and sign paperwork.

Funding and Other Details

Cyprus CU has removed its Truth-in-Savings disclosure from its website, so the following information is from a Live Chat.

• Funding – Wire, check, shared branch transaction, or debit card ($10k max).
• CO-OP Shared Branch Participant – Yes.
• Dividends – Compounded/credited monthly; transfer of dividends to a share account is possible.
• Maturing Funds – Cashier’s check to address on file or internal transfer to a share account.
• Beneficiaries – Unlimited, equal shares, Social Security numbers not required.
• Grace Period – 10 calendar days before automatic renewal.
• Credit Check – ChexSystems.

Credit Union Overview

Cyprus Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.06% (excellent), based on September 30, 2022 data. In the past year, Cyprus CU has increased its total non-brokered deposits by $66.58 million, an excellent annual growth rate of 5.03%. 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 131,000 members and assets in excess of $1.7 billion.

How the 18-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Cyprus Credit Union 18-month CD Special. The following table compares the 18-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 1/9/2023.

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