Utah-based Granite Credit Union (Granite CU) has just added an 11-month CD, which earns 3.05% APY. The minimum deposit is $500, with no stated balance cap.
|3.05%||$500||-||Granite Federal Credit Union||11 Month CD|
|3.05%||$500||-||Granite Federal Credit Union||11 Month IRA (Traditional, Roth, SEP)|
The 11-month CD is also available as an IRA (Traditional, Roth, and SEP), earning the same APY with the same funding requirements.
When I wrote about Granite CU a year ago, Utah credit unions had some of the highest long-term (5-year) CD rates in the country, with shorter-term rates not keeping pace. The situation has reversed, with several Utah credit unions offering very competitive short-term rates, as long-term rates stagnate.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Terms of twelve (12) months or less – ninety days (90) days of dividends.
Headquartered in Salt Lake City, Utah, Granite Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in Salt Lake County eligible to join.
Employees of the Granite, Murray, and Salt Lake school districts also qualify for membership.
Joining Granite CU and/or opening a CD can be done in-person at any of nine Utah branches, located in Midvale, Riverton, Salt Lake City (2), Sandy (2), South Jordan, Taylorsville, and West Jordan, or by calling 1.888.428.8326.
According to the Membership Application page,
We are developing a new online Membership and Account Application that will be available soon. Please call a member service representative to open an account now. For our online application, please check back in a few weeks.
Credit Union Overview
Granite Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.24% (excellent) based on December 31, 2018 data. In the past year, Granite CU has increased its total non-brokered deposits by $22.5 million, an excellent annual growth rate of 5.92%. Please refer to our financial overview of Granite Credit Union (NCUA Charter # 24726) for more details.
Granite Credit Union’s roots can be trace back to 1935 when several Granite School District employees met to form the Granite Teachers Credit Union. A NCUA Charter was granted in 1986 and the Credit Union was headed toward growth and expansion of the FOM. The Credit Union switched to a federal charter in 2004 and in 2009 merged with the Salt Lake Schools Credit Union. Granite CU is currently Utah’s ninth largest credit union, with nearly 30,000 members and assets in excess of $454 million.
How the CD Compares
When compared to 252 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Granite Credit Union’s 11-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.05% APY||11-Month CD||Granite Credit Union|
|2.85% APY||12-Month CD||Limelight Bank|
|2.84% APY||12-Month Online CD Special||NASB|
The above rates are accurate as of 3/12/2019.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.