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.
|5.50%||$500||-||Mountain America Credit Union||6 Month Certificate|
|5.50%||$500||-||Mountain America Credit Union||6 Month IRA (Traditional, Roth)|
The 6-month Certificate is also available as an IRA Certificate (Traditional and Roth), earning the same APY with the same deposit requirements.
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.
|5.50%||$5||$100k||Mountain America Credit Union||6 Month Growth CD|
|5.25%||$5||$100k||Mountain America Credit Union||12 Month Growth CD|
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.
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.
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.