The 3 for 5 Club has a new member: Cyprus Credit Union’s (Cyprus CU) 60-month Certificate Special, which earns 3.10% APY. This limited-time Certificate requires a minimum deposit of $1k of new money, with no stated balance cap.
As of this writing, there are a total of seven CDs in the 3 for 5 Club, all earning 3.00%, with the exception of Cyprus CU’s new Certificate Special.
- Connexus Credit Union, 60-month Certificate
- Cyprus Credit Union, 60-month Certificate Special
- Idaho Central Credit Union, 60-month Promo CD
- Mountain America Credit Union, 5-year Term Deposit
- Pinnacle Bank (AZ), 5-year CD
- Prairieland Federal Credit Union (IL), 60-month Share CD
- RCB Bank (OK), 60-month Fixed CD
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.
60-month CD and Dream CD
About a year ago, I wrote about Cyprus CU’s 60-month CD, which had risen to 2.60% APY; that rate is still in effect today. The 60-month is also offered as a Dream CD, 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). Unfortunately, the 60-month Certificate Special isn’t offered as a 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 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 a Texas Ratio of 1.09% (excellent), based on September 30, 2017 data. In the past year, Cyprus Credit Union has increased its total non-brokered deposits by $51.16 million, an excellent annual growth rate of 7.32%. 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 sixth largest credit union, with more than 104,300 members and assets in excess of $850 million.
How the CD Compares
When compared to the 225 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 Certificate Special APY currently ranks first.
The above rates are accurate as of 2/20/2018.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.