Mountain America Credit Union 6-Month CD Has A Near Rate-Leading APY

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Deal Summary: 6-month Certificate, 5.50% APY, $500 minimum deposit. 12-month Growth Certificate, 5.25% APY, $5 min/$100k max, additional deposits up to $100k max allowed throughout the term, minimum $10 automatic monthly deposit required.

Availability: Easy membership requirement.

Earlier in the month, Utah-based Mountain America Credit Union (MACU) added 50 bps to its 6-month Certificate. Currently earning 5.50% APY, the 6-month Certificate has the most competitive rate in the MACU CD product line. The 6-month Certificate can be opened with a $500 minimum deposit, with no stated balance cap.

The 6-month Certificate is also available as an IRA Certificate (Traditional and Roth), earning the same APY with the same deposit requirements.

Growth Certificates

About six years ago, MACU began offering add-on CDs, originally known as Term Deposit Plus accounts. MACU changed the names of several of its products “to better align with industry standards,” with the Term Deposit Plus accounts becoming the current Growth CDs. With terms available from six to 60 months, the 6-month Growth CD (5.50% APY) and 12-month Growth CD (5.25% APY) have the most competitive rates. Both CDs had rate increases in June. The 6-month Growth CD offers an additional 25 bps, but the 12-month Growth CD’s longer term increases its intrinsic value.

While the Growth Certificates earn the same APYs, the rate and the term-length are the only features the Certificates and the Growth Certificates have in common. The Certificates page outlines how the Growth CDs function.

  • Only $5 to open account
  • Funds can be added at any time – up to a cumulative cap of $100,000
  • Requires automated monthly deposit of at least $10
  • No rate bump option

Funds, in any amount, can be added at any time, but an individual member is limited to an aggregate $100k in any one or combination of Growth CDs. 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 restricted to an external financial institution.

Although the rate didn't change in June, MACU's 36-month Grow CD remains competitive as an add-on CD. The add-on deposit feature is most useful for long-term CDs when there is a possibility that rates may fall.

Early Withdrawal Penalty

As stated in the Truth-in-Savings disclosure (page 25), the Early Withdrawal Penalty (EWP) reads as follows:

If all or part of the principal balance is withdrawn before the maturity date, the Credit Union may charge you a penalty. Penalties for early withdrawal will be provided to you in the certificate agreement given at the initiation of the certificate and are as follows:

  • If your certificate has an original maturity of 12 months or less, the penalty may equal 90 days’ dividends on the amount withdrawn.

The principal is not protected from the EWP: if necessary, the penalty will reduce the principal amount of the certificate.

Availability

Headquartered in West Jordan, Utah, Mountain America Credit Union's field of membership (FOM) is open to almost every U.S. citizen/resident alien who has a valid Social Security number.

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 Duchesne, Salt Lake, Wasatch (census tract 940300), or Unitah (census tract 940100 or 940200) are eligible to join, as are the residents of Maricopa County, Arizona, and the residents of the Idaho counties of Ada, Boise, Canyon, Elmore, Gem, Owyhee, or Valley Counties.

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 can be done online, or at any of 103 full-service branches located in Arizona (8), Idaho (12), Montana (2), New Mexico (2), Nevada (5) and Utah (74).

The way you can open a Certificate or a Growth Certificate depends on your member status. As stated on the Certificates landing page,

New members – Visit your nearest branch or call 1-800-748-4302 to open an account.

Current members – Simply log in at macu.com or on the mobile app, select Loans/New Account and then click Open Savings Account or Certificate.

A minimum $1 deposit in a Primary Savings account establishes a MACU membership.

MACU no longer participates in the CO-OP Shared Branch network, but is still a member of the CO-OP ATM network.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire ($10 fee), internal transfer.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded/credited monthly. Dividends can remain in the Certificate or can be transferred to another MACU account.
  • Maturing Funds – Automatic transfer to MACU Share Account, then can be disbursed by ACH, wire ($15 fee), or cashier’s check.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
  • Grace Period –10 calendar days before automatic renewal.
  • Credit Check – Soft pull.

Credit Union Overview

Mountain America Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.28% (excellent) based on March 31, 2023 data. In the past year, MACU has increased its total non-brokered deposits by $1.74 billion, an excellent annual growth rate of 13.82%. Please refer to our financial overview of Mountain America Credit Union (NCUA Charter #24692) for more details.

Founded in 1934, Mountain America Credit Union was originally known 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. MACU merged with the Utah State Credit Union in 1988, becoming 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 2018, when Dugway Federal Credit Union (Utah) became part of the MACU family.

Mountain America Credit Union is currently the twelfth largest credit union in the country, with assets in excess of $15.8 billion and more than 1.14 million members. According to a May 2023 press release,

The Small Business Administration’s Utah District Office named Mountain America Credit Union the top 7(a) lender in the state and the top 7(a) rural lender in Utah.

In 2022, Mountain America provided 7(a) loans to 101 business owners in Utah totaling more than $53.9 million.

According to Forbes, over the past decade Utah has regularly ranked as one of the best states for business. Utah’s friendly regulatory climate and large growth prospects contributed to more than 313,500 small business owners in the state.

How the 6-Month Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Mountain America Credit Union 6-month Certificate. The following table compares the 6-month Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 12-month Growth Certificate Compares

When compared to other nationally available add-on CDs with terms of at least 11 months and small minimum deposit requirements, the MACU 12-month Growth Certificate APY is currently at the top of the add-on rates peloton. You can find a full list of nationally available add-on CDs in DA’s biweekly CD Rate Summary.

The above information and rates are accurate as of 6/12/2023.

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

Related Pages: 1-year CD rates

Comments
111
  |     |   Comment #1
I've found these folks to be easy to work with - competent CSRs. Biggest issue is the low collective cap on their add-on CDs, but that's how they hedge their bets in this crazy rate environment. Navy CU sometimes does similar hedging, but usually with individual CDs.
DMP
  |     |   Comment #2
And you can open in a Trust. It took awhile to set up. But so glad as I want everything in a Trust now that we are getting older. Had to keep looking when other bigger CU's wouldn't allow Trusts. So glad they did it here, as it is getting harder to find CU or banks that will open in a Trust.
P_D
  |     |   Comment #3
Most CUs that do allow trust accounts have trickier requirements than banks. Some of them I have encountered, for example require every beneficiary to be a member. That is absurd. In most cases I have encountered they require at least the grantor(s) to be members. Even that can be an issue. I manage some trusts that have dozens of beneficiaries and some of them aren't even individuals. And in many cases you don't even want at least some of the beneficiaries to know that they are beneficiaries. It is private. And I have found very few CUs that accept irrevocable trust accounts at all. So, in general, I don't use CUs for the trusts I manage, they tend to be too restrictive.
222
  |     |   Comment #4
I had a horrid experience with Mountain American. They advertise that banking is available nationwide. If you have a handicap and are unable to take clear cell phone pictures, I was told that you cannot open an account unless you go to a branch. There are no accommodations for veterans or others with special needs who do not live near a branch.
Mountain America Credit Union 12-Month Certificate Leads Rates Peloton
Deal Summary: 12-month Certificate, 5.25% APY, $500 minimum deposit. 12-month Growth Certificate, 5.250% APY, $5 min/$100k max, additional deposits up to $100k max allowed throughout the term, minimum $10 automatic monthly deposit required.

Availability: Easy membership requirement.

The latest institution to raise its short-term CD rates and lower its long-term CD rates is Utah-based Mountain America Credit Union (MACU). Over the weekend, MACU increased its 12-month Certificate rate by 100 bps to a rate-leading 5.25% APY. Unfortunately, it lowered its 24-month Certificate rate by 50 bps to 4.25%...

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Mountain America Credit Union Has Competitive 24-Month CD Rate
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Availability: Easy membership requirement.

For a limited time, Utah-based Mountain America Credit Union (MACU) is offering 4.50% APY on its 24-month Certificate and 24-month Growth Certificate. The regular Certificate can be opened with a $500 minimum deposit, with no stated balance cap.

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Deal Summary: Bump Certificates – 18-month (4.00% APY) and 60-month (3.75% APY), $500 minimum deposit, one-time bump-up option. Growth Certificates – 18-month (4.00% APY) and 60-month (3.75% APY), $5 min/$100k max, additional deposits up to $100k max allowed throughout the term, minimum $10 automatic monthly deposit required.

Availability: Easy membership requirement.

Based on the success of last month’s 60-month Bump Certificate promotion, Utah-based Mountain America Credit Union (MACU) has raised the rate to 3.75% APY and added a limited time 18-month Bump Certificate promotion earning 4.00% APY....

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Mountain America Credit Union Ups 60-Month CD/Growth CD Rates
Deal Summary: 60-month Certificate, 3.25% APY $500 minimum deposit, one-time bump-up option. 60-month Growth Certificate, 3.25% APY $5 min/$100k max, additional deposits up to $100k max allowed throughout the term, minimum $10 automatic monthly deposit required.

Availability: Easy membership requirement.

For a limited time, Utah-based Mountain America Credit Union (MACU) is offering a 60-month Certificate earning 3.25% APY with a one-time bump-option at no charge. Normally, a MACU rate bump option is offered on a Certificate with a rate that is discounted 25 bps below the...

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Mountain America Credit Union's Competitive Growth (Add-On) CDs
Deal Summary: Growth CDs (terms between 6-60 months), $5 min/$100k max, additional deposits allowed throughout the term, minimum $10 automatic monthly deposit.

Availability: Easy membership requirement.

Five years ago, Utah-based Mountain America Credit Union (MACU) unveiled its Term Deposit Plus accounts, a slightly ambiguous name for an add-on CD. About two years ago, MACU changed the names of several of its products “to better align with industry standards,” with the Term Deposit Plus accounts becoming known as Growth CDs.

Those who opened these Growth CDs before 2020 are...

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