Mountain America Credit Union Ups 5-Year Term Deposit (3.25% APY)

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Deal Summary: 5-year Term Deposit, 3.25% APY, $500 minimum deposit. 5-year Term Deposit Plus, 3.25% APY, $5 min/$100k max, minimum $10 automatic monthly deposit.

Availability: Easy membership requirement

Over the weekend, Mountain America Credit Union (MACU) raised the rate on its 5-year Term Deposit (3.25% APY). The latest 10 bps increase has put the 5-year Term Deposit’s APY near the top, once again. The minimum deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.25%$500-Mountain America Credit Union5 Year Term Deposit
Rates as of July 21, 2018.

Thanks to DA reader, alan1, for his Forum post about MACU.

Term Deposit Plus

Last August, MACU introduced Term Deposit Plus (TDP) accounts, which are essentially an add-on version of their Term Deposit accounts. The TDPs earn the same APYs as the Term Deposits, but "make saving for long-term goals easy." The TDP promo page outlines how these new accounts work.

  • Only $5 to open account
  • Higher dividends earnings than a traditional savings account
  • Funds can be added at any time
  • Terms from 6 months to 5 years
  • Automated monthly deposit of at least $10 required
  • The minimum $10 automatic monthly deposit can come from another MACU account or from an outside source, such as a direct deposit or a transfer from another financial institution. The operative phrase is “automatic monthly deposit,” with the source of the deposit not important.

    APYMINMAXINSTITUTIONPRODUCTDETAILS
    3.25%-$100kMountain America Credit Union5 Year Term Deposit Plus
    Rates as of July 21, 2018.

    Funds, in any amount, can be added at any time, but,

    Each member is limited to $100,000 in any one or combination of Term Deposit Plus accounts.

    The TDPs are subject to the same Early Withdrawal Penalty (EWP) as the regular Term Deposits, but the potential severity of MACU's EWP should not be overlooked.

    If your term deposit has an original maturity of 48 months or greater, the
    penalty may equal 365 days dividends on the full amount of the term deposit.

    That's right - the penalty is not based on the amount being withdrawn, but on the full amount of the term deposit. It certainly makes a partial withdrawal, particularly a small one, rather expensive.

    Availability

    Headquartered in West Jordan, Utah, Mountain America Credit Union's field of membership (FOM) provides a way for almost anyone with a valid Social Security number to join.

    Easy Membership: The American Consumer Council, one of MACU’s Affiliated Associations, can be joined by anyone with a $5 membership fee, and qualifies for MACU membership.

    Residency: Residents of the Utah counties of Salt Lake, Suchesne, Wasatch (census tract 940300), or Unitah (census tract 940100 or 940200) are eligible to join. Since I last wrote about MACU, the FOM has expanded and the residents of Boise, Elmore, Gem, Owyhee, and Valley Counties in Idaho also qualify for membership.

    Relationship: Family members (parent, child, spouse, sibling, grandparent, grandchild, including step- and adopted) of an existing member are membership eligible. Individuals “living with or under the same roof” with current MACU membership are now also welcome to apply.

    Affiliation: Employees or volunteers of an MACU SEG or Affiliated Association also qualify.

    Joining Mountain American Credit Union and/or opening a Term Deposit can be done online, or at any of 93 full-service branches located in Arizona (4), Idaho (15), New Mexico (2), Nevada (4) and Utah (68).

    Opening a Term Deposit Plus account is a little more time consuming. DA reader, PeterLindstrom, noted in a comment on an earlier blog post,

    I remembered reading here on DepositAccounts that Term Deposit Plus accounts couldn't be opened online, so I called them (normal business hours during the week). It was fairly painless to open the account that way. Now that I'm a member with a login, I could use their online chat support to create the second account.

    Credit Union Overview

    Mountain America Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.35% (excellent) based on March 31, 2018 data. In the past year, MACU has increased its total non-brokered deposits by $828.08 million, an excellent annual growth rate of 15.8%. Please refer to our financial overview of Mountain America Credit Union (NCUA Charter #24692) for more details.

    Mountain America Credit Union was originally founded in 1934 as the Salt Lake Telephone Employees Credit Union. Following the 1984 merger with the Postal Workers Credit Union, the name was changed to Mountain America Credit Union. In 1988, MACU merged with the Utah State Credit Union and became the second largest credit union in Utah. In February 2015, Idaho-based Les Boise Credit Union joined forces with MACU, extending the Credit Union’s footprint into the Boise area. The latest merger occurred in April, when Dugway Federal Credit Union (Utah) became part of the MACU family. Mountain America Credit Union is currently the 18th largest credit union in the country, with more than 746,500 members and assets in excess of $7.5 billion.

    How the Term Deposit Compares

    When compared to the 174 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Mountain America Credit Union's 5-year Term Deposit APY currently ranks second.

    Interest RateAccount NameCredit Union/Bank
    3.30% APY60-Month CDCommunityWide Federal Credit Union
    3.25% APY5-Year Term Deposit Mountain America Credit Union
    3.20% APY60-Month CDCitizens State Bank (FL)

    How the Term Deposit Plus Compares

    The 5-year Term Deposit Plus (TDP) 3.25% APY is an excellent rate, although the $100k balance cap tempers its competitiveness. The TDP’s add-on option transforms this account into a savings account/CD hybrid, which offers a higher rate than any other traditional savings (or money market) account on one hand, but severely limits any withdrawals on the other.

    In 2016, DA contributor, Charles Rechlin described the ideal features of an add-on CD in his article, Searching for the Elusive Add-On CD. MACU’s TDP has three out of the four features of an ideal add-on CD. If the TDP didn't have a maximum deposit of $100k per member, it would be a perfect add-on CD.

    The above rates are accurate as of 7/2/2018.

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

    Related Pages: Phoenix CD rates, Boise CD rates, Idaho Falls CD rates, Twin Falls CD rates, Salt Lake City CD rates, Albuquerque CD rates, Reno CD rates, Las Vegas CD rates, 5-year CD rates, nationwide deals

    Comments
    LinusP
    LinusP   |     |   Comment #1
    I had created minimally-funded Term Deposit Plus accounts at the 3.0% and 3.15% APYs. In a 10-minute support chat, I had them close those (EWPs were minimal because the funds were so low) and create a new Term Deposit Plus account with the new 3.25% APY. I like these accounts as 'insurance' in case rates drop.
    Anon1234
    Anon1234   |     |   Comment #2
    These accounts are definitely great insurance, but since I only need one, did the same and closed the other two this morning.
    decades
    decades   |     |   Comment #3
    Its looks like mountain America is going to be a player in the rate chasing game . They have had rates near the top for some time now . The term deposit plus has me a little confused regarding ewp. Is it 365 days interest on the current account balance ?
    LinusP
    LinusP   |     |   Comment #4
    Ken's text above matches that from my most recent Mountain America account agreement. So yes, I believe it's a year's interest on the entire balance of the Term Deposit Plus account, regardless of the amount withdrawn. Definitely a reason for caution as I add funds to it after rates drop (someday).
    aaa
    aaa   |     |   Comment #5
    At each step they raise rate I open "Term Deposit Plus" with $5 starting and $10 deposit per month. I don't bother closing earlier, but will let it run the full 60 month term.This sort if Insurance is too hard to resist.

    Concern here is what if Mountain America take the route taken by the "Coward" CU (aka Valor CU aka Tobyhanna CU) and they start refusing additional deposits later on or put "3% fees for the transferred amount"? .... As before will get in touch with CFPB - if its still around under "the Donald" administration.
    Anon1234
    Anon1234   |     |   Comment #6
    I understand your concern, but Valor's add-on was uncapped. Mountain America limits exposure by stating one cannot have more than 100K total across all Term Deposit Plus accounts.
    anon
    anon   |     |   Comment #7
    did you get anywhere with the CPFB on valor?
    Mountain America Credit Union Pushes Up 5-Year Term Deposit Rate
    Deal Summary: 5-year Term Deposit, 3.15% APY, $500 minimum deposit. 5-year Term Deposit Plus, 3.15% APY, $5 min/$100k max, minimum $10 automatic monthly deposit.

    Availability: Easy membership requirement

    For more than two years, Mountain America Credit Union’s (MACU) 5-year Term Deposit has been at or near the top of the 5-year Nationally Available CDs category of DA's bi-weekly CD Rates Summary. While MACU was one of the first members of the 3 For 5 Club, the 5-year Term Deposit lost a little of its luster when...

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    Mountain America Credit Union Ups 5-Year Term Deposit
    Deal Summary: 5-year Term Deposit, 3.00% APY, $500 minimum deposit. 5-year Term Deposit Plus, 3.00% APY, $5 min/$100k max, minimum $10 automatic monthly deposit.

    Availability: Easy membership requirement

    DA reader, jamesstewart, posted some important news in the Forum today: Utah-based Mountain America Credit Union (MACU) is the latest financial institution to join the “3 For 5 Club,” by raising the rate on its 5-year Term Deposit to 3.00% APY. The minimum deposit is $500, with no stated balance cap.

    The Term Deposit is also...

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    Mountain America Hikes 5-Year Term Deposit

    UPDATE 12/16/17: The rates for the 5-year Term Deposit and Term Deposit Plus have fallen to 2.60% APY. All other features are the same. This is according to a MACU representative.

    Deal Summary: 5-year Term Deposit, 2.80% APY, $500 minimum deposit. 5-year Term Deposit Plus, 2.80% APY, $5 min/$100k max, minimum $10 automatic monthly deposit.

    Availability: Easy membership requirement

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    Mountain America CU Unveils Term Deposit Plus With Add-On Feature
    Deal Summary: Term Deposit Plus Accounts (an add-on version of the regular Term Deposits earning the same APYs), $5 min/$100k max, minimum $10 automatic monthly deposit.

    Availability: Easy membership requirement.

    Utah-based Mountain America Credit Union (MACU) has expanded their product line to include Term Deposit Plus accounts (TDP), which are essentially an add-on version of their Term Deposit accounts.

    The TDPs earn the same APYs as the Term Deposits, but "makes saving for long-term goals easy." The TDP promo page outlines how these new accounts work.

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    Mountain America Credit Union Raises 5-Year CD Rate

    Deal Summary: 5-year CD, 2.60% APY, $500 minimum deposit.

    Availability: Easy membership requirement.

    Yesterday, Mountain America Credit Union (MACU) increased its 5-year Term Deposit by 10 bps to 2.60% APY. The minimum deposit is $500, with no stated balance cap. The 5-year Term Deposit is also being offered as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.

    MACU is one of the few institutions which has increased its long-term CD rates. Most banks and credit unions that have raised their deposit rates...

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