Mountain America Credit Union Hikes 5-Year CD, 3.51% APY

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Deal Summary: Term Deposit – 5-year (3.51% APY) and 3-year (3.35% APY), $500 min. Term Deposit Plus – 5-year (3.51% APY) and 3-year (3.35% APY), $5 min/$100k max, minimum $10 automatic monthly deposit.

Availability: Easy membership requirement

It’s a new month, which always translates into new rates and new deals. Mountain America Credit Union (MACU) is following the new rates path by increasing the APYs on several of its Term Deposits (MACU’s version of a CD). In early October, MACU boosted the rate on its 3-year Term Deposit (TD) by 50 bps, giving it an APY that equaled that of the 5-year TD. This month, it’s the 5-year TD’s turn to shine with a new 3.51% APY. Yesterday’s increase of 16 bps makes the 5-year TD a rate leader, once again. Any TD can be opened with a $500 minimum deposit, and there is no balance cap specified.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.51%$500-Mountain America Credit Union5 Year Term Deposit
3.35%$500-Mountain America Credit Union3 Year Term Deposit
Rates as of November 16, 2018.

Youth Term Deposit

MACU also offers Youth Term Deposits (YTD) for members aged 27 and younger. The YTDs have historically had higher APYs than their TD counterparts, and currently offer an additional 25-26 bps. The YTDs only require a $5 (yes, five) minimum opening deposit and additional deposits up to $10k per year are allowed. On the account owner’s 28th birthday, the YTD “automatically renews as a normal term deposit.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.75%$5-Mountain America Credit Union60 Month Youth Term Deposit
3.60%$5-Mountain America Credit Union36 Month Youth Term Deposit
3.51%$5-Mountain America Credit Union48 Month Youth Term Deposit
3.00%$5-Mountain America Credit Union24 Month Youth Term Deposit
2.85%$5-Mountain America Credit Union12 Month Youth Term Deposit
Rates as of November 16, 2018.

Term Deposit Plus

More than a year ago, MACU unveiled its 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 a determinant.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.51%$5$100kMountain America Credit Union5 Year Term Deposit Plus
3.35%$5$100kMountain America Credit Union3 Year Term Deposit Plus
Rates as of November 16, 2018.

Funds, in any amount, can be added at any time, but there is a major add-on deposit limitation:

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

Early Withdrawal Penalty

The TDPs and YTDs 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.

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

Availability

Headquartered in West Jordan, Utah, Mountain America Credit Union's field of membership (FOM) includes 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. In the past year, the FOM has expanded, with the residents of Boise, Elmore, Gem, Owyhee, and Valley Counties in Idaho also qualifying 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 95 full-service branches located in Arizona (5), Idaho (15), New Mexico (2), Nevada (4) and Utah (69).

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 4.72% (excellent) based on June 30, 2018 data. In the past year, MACU has increased its total non-brokered deposits by $802.43 million, an excellent annual growth rate of 14.85%. 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. 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, when Dugway Federal Credit Union (Utah) became part of the MACU family. Mountain America Credit Union is currently the 17th largest credit union in the country, with more than 754,400 members and assets in excess of $7.7 billion.

How the Term Deposits Compare

When compared to 191 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Mountain America Credit Union's 5-year Term Deposit APY currently shares the top spot with United States Senate Federal Credit Union’s 60-month Share Certificate.

Interest RateAccount NameCredit Union/Bank
3.51% APY5-Year Term Deposit Mountain America Credit Union
3.50% APY60-Month CD PromoMcGraw-Hill Federal Credit Union
3.49% APY5-Year CDKS StateBank

When compared to 215 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Mountain America Credit Union's 3-year Term Deposit APY currently ranks first.

Interest RateAccount NameCredit Union/Bank
3.35% APY3-Year Term Deposit Mountain America Credit Union
3.33% APY33-Month CD SpecialGreat Lakes Credit Union
3.25% APY41-Month Bump-Up CD SpecialVeridian Credit Union

How the Term Deposit Plus Compares

Although limited by the $100k balance cap, the 5-year (3.51% APY) and 3-year (3.35% APY) TDP accounts still offer excellent rates. The TDP’s add-on option transforms it 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 withdrawals on the other.

In Searching for the Elusive Add-On CD, DA contributor, Charles Rechlin described the ideal features of an add-on CD, and MACU’s TDP possesses three out of the four features. If the TDP wasn't limited by the $100k maximum deposit, it would be a perfect add-on CD.

The above rates are accurate as of 11/2/2018.

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
Duck
Duck   |     |   Comment #1
Just a Great place to deal with really can not say enough good things about MACU personally been banking @MACU for over 10 years. Had a family emergency last year during a renewal an let the CD renew ouchy!. I normally do not an to track I made up a 10yr planner set up with everything laid out so know what is coming an when.
Called up not long ago an opened another of their +CD an instead of getting penalized breaking 3%5yr asked CS to change that CD from divy reinvest an arrange the monthly int divy to transfer out an into new CD every month did without a hitch ladies there are on the ball and a pleasure to deal with anytime I call.
Anon1
Anon1   |     |   Comment #2
The add on feature makes this much more flexible, but there are currently brokered 5 year CDs at Fidelity paying 3.55% (I know not everyone likes brokered CDs).

The process of joining this credit union and getting a term deposit set up (which I just went through) is not very streamlined. You can apply online, but you still have to call on the phone to reconfirm every piece of information you inputted online. They also require you to email images of your driver's license and your SSN card. If you don't want to do the latter (I didn't) you have to wait for a hard copy application to be snail mailed and then have it notarized and send it back. There is no way to set up funding during the application process, so that requires more steps. You cannot open the term deposit until the money for it is your savings account, but it can be requested by phone or on chat (with additional signing step by email). They do have wonderful customer service (I was never even put on hold) so if you don't mind calling in a few times, it works fine.
Never Trump Republican
Never Trump Republican   |     |   Comment #10
I use Fidelity for Brokered CDs. They are very easy to deal with.

They even have "auto-roll" which allows me to roll over processed after CD matures into the "best" rate at the time of maturity. They also have CD-ladder offering.
Capper
Capper   |     |   Comment #3
As Anon1 mentions there is some work to join but once you are a member opening new accounts is very easy. I have three now with the most recent the 3 year term. And when you do call the service reps are very good.
alan1
alan1   |     |   Comment #4
According to the article: '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."

According to the American Consumer Council website, the fee is 8.00.
https://www.americanconsumercouncil.org/membership.asp?dname=Americanconsumercouncil.org

Hint: The ACC often allows free membership with a special code. Last I looked (long time ago), the code was:
consumer
Att
Att   |     |   Comment #5
I tried joining this CU a few years ago and just gave up because it was a hassle. I shouldn't have to jump through hoops to join an institution that I'm sending my money to. And like banks they are all different when it comes to meeting membership and/or verifying your identity per the Patriot act. Credit checks should not be required for opening CDs.
Anon1
Anon1   |     |   Comment #6
I felt the same way. But the time I realized what a hassle it was going to be, they had already performed the hard pull (which happens as soon as you fill out the online application) and my credit score had already taken the hit. So I kept on going, through a long succession of hoops. Yet I found them so pleasant to deal with on the phone that it counteracted my annoyance. I probably would have given it a miss had I known up front how hard it would be, but now I am glad I saw it through. But anyone who thinks about joining should know it is not an easy or seamless process!
Att
Att   |     |   Comment #7
I opened a NASA 3.25% 15 month CD recently. I won't go for a 5 year unless they are paying 4% and not to many hoops.
deplorable 1
deplorable 1   |     |   Comment #8
4% is just around the corner and most likely on a shorter term. We should see something good by Dec. just in time for Christmas.
Fan_of_website
Fan_of_website   |     |   Comment #9
I agree it would be prudent to wait for a 4% or higher rate. Despite the recent stock market turbulence, strong economic data, such as rising wages, continue to provide a near guarantee that the Fed will raise by 25 bps in December and will raise again next year, although no one knows if it might be 2, 3, or 4 hikes.
larry
larry   |     |   Comment #12
GS economist said today that they believe the Fed raises in Dec and 4 times next year. That would imply a 5% 60 month CD coming down the pike next year.
power handle
power handle   |     |   Comment #13
Thank YOU mr Larry!

You and DEPLORBLE forecast the handles 5 months ago!

You BEAT the BIG BANKS every time!
tck
tck   |     |   Comment #11
Awesome to see them continuing to offer competitive rates. I opened an account with them earlier this year, process was normal for a CU. When I did need to get on the phone with them, they were absolutely great to deal with. Now that I have an account open with them, it took just a few minutes to open the new Term Deposit/CD online. Awesome. Also it was a breeze to setup automatic transfer from my primary share to CD to meet the monthly $10 minimum.
111
111   |     |   Comment #14
The Term Deposit Plus offerings have a nasty Early Withdrawal Penalty, but still they'd be great insurance against lower rates were it not for that stingy 100K maximum limit. They've protected themselves well.
Mountain America Credit Union Boosts 3-Year CD, 3.35% APY
Deal Summary: 3-year Term Deposit, 3.35% APY, $500 minimum deposit. 3-year Term Deposit Plus, 3.35% APY, $5 min/$100k max, minimum $10 automatic monthly deposit.

Availability: Easy membership requirement

At the beginning of the month, Mountain America Credit Union (MACU) raised the rate on its 3-year Term Deposit (3.35% APY). Following a 50 bps increase, the 3-year’s APY now equals that of the 5-year Term Deposit APY. The minimum deposit is $500, with no stated balance cap.

Thanks to DA reader, alan1, for his Forum...

Continue Reading
Mountain America Credit Union Ups 5-Year Term Deposit
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.

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

Term...

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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

As DA reader, cumulus, noted in a recent Forum post, Utah-based Mountain America Credit Union (MACU) has raised the rate on its 5-year Term Deposit to 2.80% APY....

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