UPDATE 41/5/2017: Bump Option is no longer available.
Deal Summary: 5-year Bump Term Deposit, 2.75% APY, one-time rate increase option.
For a limited-time, Mountain America Credit Union (MACU) is offering a 5-year Term Deposit (2.75% APY) “with a cherry on the top," with the cherry being a one-time bump option. The minimum deposit is $500, with no stated balance cap.
The 5-year Bump Term Deposit is also being offered as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
The fine print on the promotion page, details the bump option.
Rate increase (bump) must be initiated by the member during the term of the deposit. Mountain America will not automatically increase the rate on the account and is not responsible for notifying members of rate fluctuations. Bump option can be done only once during term. Bump option pertains to the prevailing Mountain America Term Deposit rate and will be in effect for the remainder of the term only. The new dividend rate will not be applied retroactively.
As stated on page 36 of the Membership Agreement document, the Early Withdrawal Penalty reads as follows,
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.
Thanks to DA reader, Carpline, for his Forum post about MACU’s 5-Year Bump Term Deposit.
Headquartered in West Jordan, Utah, Mountain America Credit Union's membership eligibility is based on residency, family relationships, or a relationship with an SEG or Affiliated Association:
Easy Membership: As one of MACU’s Affiliated Associations, the American Consumer Council can be joined by anyone with a $5 membership fee;
Residency: Salt Lake County, Suchesne County, Wasatch County (census tract 940300), or Unitah County (census tract 940100 or 940200).
Relationship: Family member of an existing member.
Affiliation: Employee or volunteer of an MACU SEG or Affiliated Association.
Joining Mountain American Credit Union and/or opening the 5-year Bump Term Deposit can be done online, or at any of 88 branches located in Arizona (2), Idaho (15), New Mexico (2), Nevada (4) and Utah (65).
Credit Union Overview
Mountain America Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.22% (excellent) based on September 30, 2016 data. In the past year, MACU has increased its total non-brokered deposits by $584.4 million, an excellent annual growth rate of 14.18%. 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. The most recent merger occurred in February 2015, when Idaho-based Les Boise Credit Union joined forces with MACU, extending the Credit Union’s footprint into the Boise area. Today, Mountain America Credit Union has over 645,900 members with assets in excess of $5.9 billion.
How the Bump Term Deposit Compares
When compared to the 167 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 Bump Term Deposit APY currently ranks first.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
The above rates are accurate as of 2/13/2017.