Cyprus Credit Union (UT) Adds 18-Month Anniversary CD


Deal Summary: 18-month 90th Anniversary Certificate Special, 2.90% APY, $1k minimum deposit, new money.

Availability: Easy membership for all Utah residents by joining the Community Recreation Association; residents of Salt Lake County; employees of 40+ SEGS.

Happy 90th Anniversary, Cyprus Credit Union!

To mark the occasion, Cyprus Credit Union is offering several limited-time products with some variation of “90” in the rate, including an 18-month Certificate Special, which earns 2.90% APY. The minimum deposit is $1k of new money, with no stated balance cap.

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.

Anniversary Dream CD

The Anniversary Certificate is also available as a Dream CD, which is essentially add-on CD with a $100k balance cap. The minimum opening deposit and minimum balance for a Dream CD is only $1. An 18-month Dream CD is more like a Savings or Money Market Account with an 18-month rate guarantee, but really a restrictive withdrawal policy.

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) offers 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 Credit Union membership.

Residency - Individuals who live in Salt Lake County are eligible to join.

Employment - Individuals who work for any of more than 40 SEGs (including several State of Utah governmental agencies) qualify for membership.

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 an Anniversary 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, with a Texas Ratio of 1.17% (excellent), based on June 30, 2018 data. In the past year, Cyprus Credit Union has increased its total non-brokered deposits by $70 million, an excellent annual growth rate of 9.44%. 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, the Credit Union’s initial assets totaled 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 108,300 members and assets in excess of $921 million.

How the Anniversary Certificate Special Compares

When compared to the 204 similar length-of-term CDs tracked by, requiring a similar minimum deposit and available to Utah residents, Cyprus Credit Union’s 18-month Anniversary Certificate Special APY currently ranks second.

The above rates are accurate as of 10/4/2018.

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

Related Pages: Salt Lake City CD rates, 1-year CD rates

Cyprus Credit Union (UT) Adds 36-Month Bump CD
Deal Summary: 36-month Bump Certificate, 3.00% APY, $1k minimum deposit, new money.

Availability: Easy membership for all Utah residents by joining the Community Recreation Association; residents of Salt Lake County; employees of 40+ SEGS.

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...

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Cyprus Credit Union (UT) Adds 60-Month CD Special
Deal Summary: 60-month Certificate Special, 3.10% APY, $1k minimum deposit, new money

Availability: Easy membership for all Utah residents by joining the Community Recreation Association; residents of Salt Lake County; employees of 40+ SEGS.

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As of this writing, there are a total of seven CDs...

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Cyprus CU (UT) Ups Rate On 60-Month CD and 48-Month CD

Deal Summary: 60-month CD, 2.60% APY; 48-month CD, 2.10% APY; $1k minimum deposit.
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Availability: Easy membership for all Utah residents by joining the Community Recreation Association; residents of Salt Lake County; employees of 40+ SEGS.

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Cyprus CU (UT) Offers 60-Month CD and Dream CD
Availability: Residents of Salt Lake County; employees of 40+ SEGS; any Utah resident who joins the Community Recreation Association.

Cyprus Credit Union’s (Cyprus CU) 60-month CD has maintained its 2.30% APY for almost a year. The minimum deposit is $1k, with no stated balance cap.

The 60-month CD is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.

Cyprus CU also has a “Dream CD” category, which is essentially an add-on CD with a $100k balance cap. The...

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4.25% 12-Month CD at Cyprus Credit Union in Utah
Cyprus Credit Union has a certificate promotion with two competitive rates: 4.25% APY for a one-year term and 3.75% APY for a half-year term. Minimum deposit is $1,000, and these are also available in an IRA. New money is required. This special is listed on the credit union's home page as of 12/09/08.

When I wrote my last post on this credit union in October 2007, I contacted the credit union about their certificates. According to the service rep, the early withdrawal penalty is 1-month of interest for terms of 12...

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