Mountain America Credit Union Has Competitive 24-Month CD Rate

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Deal Summary: 24-month Certificate (4.50% APY), $500 minimum deposit. Growth Certificates – 24-month (4.50% APY) and 60-month (4.00% 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 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.50%$500-Mountain America Credit Union24 Month Certificate
4.50%$500-Mountain America Credit Union24 Month IRA (Traditional, Roth)
Rates as of December 4, 2022.

Unlike recent Certificate promotions that included a one-time bump option at no charge, the 24-month Certificate will have a rate that is discounted 25 bps below the stated APY if the one-time bump option is added. If you previously opened a 24-month Certificate with the bump option, this might be a good time to exercise the option. As stated in the fine print on the 24-month Certificate landing page,

Rate cannot be applied to previously opened certificates unless utilizing an existing one-time bump option.

The 24-month Youth Certificate earns a higher 4.60% APY, with $5 minimum/$100k maximum deposit limits.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.60%$5$100kMountain America Credit Union24 Month Youth Certificate
Rates as of December 4, 2022.

The Youth Certificate also has limited add-on capabilities.

After the certificate is opened, additional deposits of up to $10,000 can be made annually up through the age of 27 with a maximum of $100,000 on deposit in any one, or combination of, Youth certificates per primary account holder.

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If all or part of the principal balance is withdrawn before the maturity date, the Credit Union may charge you a penalty.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your certificate has an original maturity of 12 months or less, the penalty may equal 90 days’ dividends on the amount withdrawn.
  • If your certificate has an original maturity of more than 12 months and less than 48 months, the penalty may equal 180 days’ dividends on the amount withdrawn.
  • If your certificate has an original maturity of 48 months or greater, the penalty may equal 365 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.

There is a ten day grace period before any MACU Certificate automatically renews.

Thanks to DA reader, SYC, for the 24-month Certificate Forum post and to all the readers who commented on MACU's latest special offering.

Growth Certificates

MACU began offering add-on CDs about six years ago, which were originally known as Term Deposit Plus accounts. MACU changed the names of several of its products “to better align with industry standards” a few years ago, with the Term Deposit Plus accounts becoming the current Growth CDs. With terms available from six to 60 months, the 24-month Growth CD currently offers the most competitive rate – 4.50% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.50%$5$100kMountain America Credit Union24 Month Growth CD
4.00%$5$100kMountain America Credit Union60 Month Growth CD
Rates as of December 4, 2022.

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.

The Elusive Add-On CD

Long-timer DA reader and guest blogger, Charles Rechlin, authored a very informative blog post, “Searching for the Elusive Add-On CD” a few years ago. Charles stated that,

To my mind, an ideal add-on CD possesses the following features:

  • a multi-year term (three or more years)
  • a fixed or minimum rate that is reasonably competitive with rates offered on CDs of identical maturity that don’t carry add-on rights
  • a low opening balance requirement
  • an unlimited right to make additional deposits from time to time, with no maximum balance

It’s extremely difficult, if not impossible, to locate a CD combining all of these features. You’re fortunate if you can find one with a couple of them.

Anyone opening a MACU 24-month or 60-month Growth CD is definitely in the “fortunate” category, as it has three of the four features mentioned above, with only the $100k balance cap marring an otherwise perfect add-on CD. Opening a Growth CD with a $5 deposit could act as an inexpensive low-rate insurance policy, providing a competitive rate for any upcoming maturing CD funds.

A cautionary note – there’s always a possibility that a credit union might change the add-on terms on existing CDs. DA readers may remember that in the fall of 2019, GTE Financial made changes to the terms of existing promotional share certificates opened in 2018 and 2019. While GTE Financial quickly reversed its decision after a general outcry by its members, there’s no guarantee that another credit union would be as obliging.

Availability

Headquartered in West Jordan, Utah, Mountain America Credit Union's field of membership (FOM) provides a way for almost any U.S. citizen/resident alien 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 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 104 full-service branches located in Arizona (8), Idaho (13), Montana (2), New Mexico (2), Nevada (5) and Utah (74).

How 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.

Credit Union Overview

Mountain America Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.71% (excellent) based on June 30, 2022 data. In the past year, MACU has increased its total non-brokered deposits by $1.38 billion, an excellent annual growth rate of 12.23%. 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 $14.7 billion and nearly 1.1 million members. According to a September 2022 press release,

On Thursday, August 25, 2022, Utah Business Magazine recognized Mountain America Credit Union as the 45th fastest growing company in the state in its annual Fast 50 awards. The Fast 50 recognizes Utah's fastest growing companies based on a combination of their total five-year revenue growth and total revenue.

How the 24-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 bank has a higher rate than currently offered on the Mountain America Credit Union 24-month Certificate. The following table compares the 24-month Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.60%27-Month High Yield CD via SaveBetter (EWP=180 days)Sallie Mae Bank
4.50%24-Month Certificate (EWP=180 days)Mountain America Credit Union
4.50%24-Month CD Special (EWP=180 days)NASB
4.25%24-Month Certificate Special (EWP=360 days)USALLIANCE Financial
4.13%24-Month Share Certificate (EWP=180 days)GTE Financial

How the Growth Certificates Compare

Add-on CDs are rare, with long-term add-on CDs especially so. When compared to other nationally available long-term add-on CDs with small minimum deposit requirements, the MACU Growth Certificate APYs lead the add-on rates peloton. You can find a full list of nationally available add-on CDs in DA’s biweekly CD Rate Summary.

APYCD Term (Min/Max Deposit)Credit Union/Bank
4.50%24-Month Growth Certificate ($5 min/$100k max)Mountain America Credit Union
4.00%60-Month Growth Certificate ($5 min/$100k max)Mountain America Credit Union
3.80%48-month Growth Certificate ($5 min/$100k max)Mountain America Credit Union
3.80%26-Month Rising CD ($10k min/$1M max)Rising Bank
3.70%36-month Growth Certificate ($5 min/$100k max)Mountain America Credit Union
3.30%24-Month Investment CD ($500 min/no max)Bank5 Connect

The above information and rates are accurate as of 11/7/2022.

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

Related Pages: 5-year CD rates, nationwide deals

Comments
Duck
  |     |   Comment #1
Really was hoping MACU would up the longer end by now I opened a 24m there the other day and couple of these high savings in mean time as Dec-Feb are big maturity months for me. I did see these people offering 4.5% on the 5 and .10 deduction for pretty much every year less only thing is their reviews here really leave something to be desired. https://www.bmoharris.com/main/personal/savings-and-cds/certificates-of-deposit/?zipcode=75002#certificate-of-deposit-rates
Robb
  |     |   Comment #2
I’ve been with MACU 4 years and have had no issues whatsoever. Many of us have the 3.51% 5 year which will mature in early 2024. The 2 year 4.5% deal will provide a bridge if rates are not higher at that time. I agree would be nice if the 5 year bumps up further in coming months!
Duck
  |     |   Comment #3
Yes that is why it was added other day been with them for over 10yrs now and yes I have that 1 it actually comes due 2/24. And the last time I said $#^* was hitting the fan I took a JFCU for 3% at 5yrs that comes due 11/24 just before the bottom fell out because of big C
deplorable_1
  |     |   Comment #4
They will and you can easily close out any old add-on CD for pennies in most cases since they can be opened with only $5(plus a $10 monthly ACH deposit). I just closed out my old 3.75% 5 year CD to upgrade to their 4% 5 yr. CD and it costs me a whopping .55 cents. When they bump up the rate I'll do it again. Very cost effective rate insurance IMO. By comparison NFCU rate insurance was expensive I regret opening the 3.3% add-on with $1,000 now as it's obsolete.
AndrewMorning
  |     |   Comment #5
Just added the new 4% 5 year growth certificate for $5, as I am still under their $100,000 max deposit limit. Hoping for more increases on the 5 year as they tend to keep increasing add on rates as interest rates go up. Did not add the 4.5% 2 year cert as I suspect that maturity date will not be a good time to reinvest.

Always had good service at this bank starting 5 years ago, and service is no longer an issue because you can add new growth certs easily online with no rep needed. This new 4% cert is good insurance for my 3.45% cert maturing in December 2023. Might be a good rate by then, depending on the Fed, recessions, etc, etc.
AndrewMorning
  |     |   Comment #7
Rethought the 2 year cert at 4.5%, and added it to my "internal ladder " at MACU. Maturing funds can go here as it is their highest rate currently. Then when the 2 years runs out, just switch to the 5 years at 4%. Maybe MACU will add some even higher rates in the interim on growth certs.
Both moves contingent on possible higher rates elsewhere of course. Starting to look poor for long term CD rates at or near 5%, given the likely upcoming recession.
Mak
  |     |   Comment #6
I have a 2.8% CD at Mountain America that matures 12/03, only one I have left under 3% so should get a nice increase in that one.
Mountain America Credit Union Adds 18-Month Bump CD Promo
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....

Continue Reading
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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Mountain America Credit Union Lowering Rates Tomorrow
Deal Summary: Some Term Deposit rates will be lowered on March 22, 2019.

Availability: Easy membership requirement

I was notified this morning that Mountain America Credit Union (MACU) will be lowering the rates on some of its Term Deposits (MACU’s version of CDs) tomorrow. The Term Deposits affected by the rate changes are:

Lowered APYCurrent APYTerm Deposit Length
2.75% APY3.25% APY24-Month Term (Regular, IRA, Roth, Plus)
3.00% APY3.51% APY24-Month Term (Youth)
2.80% APY3.00% APY30-Month Term (Regular, IRA, Roth, Plus)
2.90% APY3.51% APY30-Month Term (Youth)
2.90% APY3.35% APY36-Month Term (Regular, IRA, Roth, Plus)
3.15%...
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Mountain America Credit Union Ups 24-Month CD To 3.25% APY
Deal Summary: 24-month Term Deposit, 3.25% APY, $500 minimum deposit. 24-month Term Deposit Plus, 3.25% APY, $5 minimum/$100k maximum deposit, minimum $10 automatic monthly deposit.

Availability: Easy membership requirement

For quite some time, Mountain America Credit Union (MACU) 3-year and 5-year Term Deposits (MACU’s version of CDs) have been at or near the top of their respective CD term category, with the shorter-term TDs lagging in the rates race. While the 3- and 5-year TD rates are still competitive, the APYs have remained static since last fall.

Continue Reading

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