Five months ago, Cyprus Credit Union (Cyprus CU) became the sixth member in the 3 for 5 Club, with a 60-month Certificate Special that earned 3.10% APY. The 3 for 5 Club is no longer an exclusive group: there are currently more than 185 5-year CDs available that earn 3.00% APY or above.
Cyprus CU has recently added a “3 for 3” 3-year Bump Certificate, which earns 3.00% APY. This limited-time Certificate requires a minimum deposit of $1k of new money, with no stated balance cap. The Bump is not what I expect, as there is no option for a rate increase during the term length. According to CSR, the “Bump” refers “to bringing in new money to bump up the rate up to 3.00% APY.” (The regular 36-month CD earns 2.60% APY.)
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.
12-month to 60-month Add-On CDs (Dream CDs)
Earlier this year, I wrote about Cyprus CU’s Dream CDs, which are essentially add-on CDs with a $100k balance cap. While the “3 for 3” 36-month Bump Certificate is not available as a Dream CD, Cyprus CU’s 12-month CD (2.25% APY) and 60-month CD (3.25% APY) are. The minimum opening deposit and minimum balance for a Dream CD is $1 (yes, one dollar). These add-on Dream CDs can provide a useful hedge against falling interest rates.
|3.25%||$1||$100k||Cyprus Credit Union||60 Month Dream CD|
|2.25%||$1||$100k||Cyprus Credit Union||12 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 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 and/or opening a Bump Certificate can be done online, or in person at any of 19 Utah branches located in Centerville, Magna, Midvale, Riverton (2), Salt Lake City (4), 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.
Credit Union Overview
Cyprus Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.69% (excellent), based on March 31, 2018 data. In the past year, Cyprus Credit Union has increased its total non-brokered deposits by $73.8 million, an excellent annual growth rate of 10.05%. 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 106,600 members and assets in excess of $915 million.
How the CD Compares
When compared to the 258 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Utah residents, Cyprus Credit Union’s 36-month Bump Certificate APY currently shares first place with CD APYs offered by six other banks/credit unions.
The above rates are accurate as of 7/16/2018.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.