Goldenwest Credit Union Adds Competitive 13-month CD Special

Goldenwest Credit Union (Goldenwest) has added four “Money Doesn’t Grow On Tree” CD Specials, with the 13-month offering the best rate – 5.00% APY. The minimum opening deposit is $500, with no stated balance cap. The 13-month CD Special has a free one-time bump, which will only be applied when requested by the account owner. Goldenwest offers a bump option on all its CDs, but with a 15 bps discount at account opening. The “free one-time bump” means no discount is required to exercise the bump option.

The CD Special is also available as an IRA CD Special (Traditional, Roth, CESA), earning the same 5.00% APY with the same deposit requirement and bump option.

Goldenwest President’s Club members earn an additional 0.25% on CDs. The only requirement to join the President’s Club is an aggregate balance of at least $50k. As stated in the President’s Club Agreement disclosure,

Full rate bumps on CDs will be available on eligible CDs defined as new consumer CDs opened on or after August 1, 2022 and CDs renewing at maturity on or after August 1, 2022. Members with $50,000 or more in consumer deposits in Goldenwest CDs, Insured Money Market Accounts, IRAs and/or Share Savings Accounts are eligible for President’s Club benefits and will receive a 0.25% APY increase on eligible CDs.

As stated on the Certificates Rates page, the Early Withdrawal Penalty reads as follows:

The penalty is calculated as a forfeiture of part of the dividend that has been or would be earned on the account and may reduce principal.

The penalty is as follows:

Certificate Term of 13-35 months, a penalty equal to 180 days dividends.

Availability

Headquartered in Ogden, Utah, Goldenwest Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live, work, worship, attend school, or volunteer in Salt Lake County or Weber County eligible to join.

In addition, residents of portions of Cache, Davis, Utah, and Washington Counties also qualify for membership.

Employees, volunteers, students, and alumni of many SEGs companies (including Schreiber Foods, Utah State University, Intermountain Healthcare, and SelectHealth) are eligible for membership.

Individuals (or their children or grandchildren) who attend school, or work or volunteer in any of seven Utah school districts or the Madison School District in Idaho qualify for membership. In addition, current or prospective members of a Utah or Idaho Parent Teacher Association (PTA) are also eligible to join.

Immediate family members (defined as parent, child, sibling, spouse, grandparent, step- and adoptive relationship) of current Goldenwest, USU Credit Union (operating as a division of Goldenwest), and/or Healthcare Credit Union members are membership eligible.

Complete details are listed on the Membership Eligibility Requirements page.

Account Opening

Joining Goldenwest can be done online or at any of 40 Utah branches located in Bluffdale, Bountiful, Brigham City, Centerville, Clearfield, Clinton, Eden, Farmington, Farr West, Herriman, Kaysville, Layton, Lehi, Logan (4), Marriott Slaterville, Morgan, Murray, North Salt Lake, Ogden (6), Orem, Providence, Roy, Saint George (4), Salt Lake City, Sandy, Smithfield, South Jordan, Springville, West Jordan. There are also three Idaho branches, located in Boise, Eagle, and Rexburg.

A Savings Account comes with your Goldenwest membership. There are no monthly service fees and you only need to maintain a $5 minimum balance to keep the account open.

Existing members can open a CD Special at any of the above-mentioned branches, or by logging into Goldenwest’s online banking platform or mobile app.

Those joining Goldenwest can open a CD Special online or in-branch.

Funding and Other Details

The following information is from a conversation with CSR.

• Funding – ACH, wire ($10 fee), debit card ($500 maximum), or internal transfer.
• CO-OP Shared Branch Participant – Yes.
• Dividends – Compounded/credited monthly and can be withdrawn fee free.
• Maturing Funds – Distributed by ACH, wire ($15 fee), cashier’s check to address on file, or internal transfer.
• Beneficiaries – Unlimited, percentages can be assigned, and Social Security numbers are required.
• Grace Period – 10 calendar days before automatic renewal as a 12-month regular CD.
• Credit Check – Hard pull.

Credit Union Overview

Goldenwest Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.70% (excellent) based on September 30, 2022 data. In the past year, Goldenwest CU has increased its total non-brokered deposits by $195.29 million, an excellent annual growth rate of 944%. Please refer to our financial overview of Goldenwest Credit Union (NCUA Certificate # 24693) for more details.

Goldenwest Credit Union is currently Utah’s third largest credit union, with nearly 174,00 members and assets in excess of $2.7 billion. Founded in 1936 as the Ogden Railway and Depot Company Employees Federal Credit Union, the Credit Union was organized by eight individuals, including Karl S. Little, who was known as Utah’s “Mr. Credit Union.” Mr. Little also served as the president of the Utah State Credit Union League and was active in the National Credit Union movement.

Goldenwest CU has been paying annual bonus dividends since 2004, with more than $25 million in earnings returned to its members. As stated in the Winter 2023 Newsline,

The one-time dividend of 4.40% APY will be paid on top of the stated monthly dividend of 0.05% APY. Members will earn 4.45% APY for the month of December on primary shares, secondary shares, Christmas Club shares, and IRA shares.

How the 13-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Goldenwest Credit Union 13-month CD Special. The following table compares the 13-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 2/27/2023.

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