Mountain America Credit Union Lowering Rates Tomorrow

POSTED ON BY

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:

Youth Term Deposit

Youth Term Deposits (YTD) are for members aged 27 and younger. The YTDs have historically had higher APYs than their TD counterparts, and currently offer an additional 24-25 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.”

Term Deposit Plus

About 18 months 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.

Funds can be added at any time, in any amount but,

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 more than 12 months and less than 48 months, the penalty may equal 180 days dividends on the full amount of the term deposit.

The bolded “on the full amount” is an edit on my part to ensure it’s not ignored. The penalty is not based on the amount being withdrawn, but on the full amount of the term deposit.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.

Availability

Headquartered in West Jordan, Utah, Mountain America Credit Union's field of membership (FOM) provides 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 97 full-service branches located in Arizona (5), Idaho (15), New Mexico (2), Nevada (4) and Utah (71).

Credit Union Overview

Mountain America Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.30% (excellent) based on December 31, 2018 data. In the past year, MACU has increased its total non-brokered deposits by $984.61 million, an excellent annual growth rate of 17.518%. Please refer to our financial overview of Mountain America Credit Union (NCUA Charter #24692) for more details.

Founded in 19934, 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 17th largest credit union in the country, with more than 796,000 members and assets in excess of $8.2 billion.

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
Daniel2000
Daniel2000   |     |   Comment #1
For any money transfered today I was told they can lock in the rate even if the money has not hit the account yet (such as a wire/etc.)
anonymous
anonymous   |     |   Comment #3
Daniel2000 -- How does that work? If I ACH money to MACU today (through MACU's website or through an external institution's website) how do I lock in the rate? Do I call them today? Thanks.
Daniel2000
Daniel2000   |     |   Comment #6
I was told wire that posts today works if for regular account and if you have IRA account then ACH or shared deposit can lock in the rate too.

I wired something earlier but it hasn't posted and I was told due to the amount it can have a 72 hr hold so I'm escalating it on their side to recognize it since it's already left the originating account. Mountain should have a record of it...
Jennifer
Jennifer   |     |   Comment #5
I would call back and double check the answer. Never hurts to get two opinions from different people.
Bowman
Bowman   |     |   Comment #2
Thanks for the heads up. I was debating whether to lock in the 2yr. Live Oak just dropped their rates as well, so it looks like now is the time.
deplorable 1
deplorable 1   |     |   Comment #4
Holy smokes! I just got my second one open and funded yesterday. Do we still have time to open a youth term deposit?
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boston02116
boston02116   |     |   Comment #12
Ally will probably lower their rates instantly. They're like the oil companies who raise prices overnight. but take 6 months to go down a nickle when oil prices go down.
LinusP
LinusP   |     |   Comment #13
My previous comment was removed, presumably because it was in response to another comment that violated policy. Current MACU members with $5 in savings can open new accounts via the website (including Term Deposit Plus, which had to be done via chat/telephone before) - took me less than 5 minutes. The EWP is harsh if you transfer a lot in, but if you stick to the minimum ($5 to open, $10/mo after that), these accounts could be considered almost-free rate insurance.
Newbie1
Newbie1   |     |   Comment #14
Don’t forget to set up the monthly transfer. I just opened another TD+ as my original is now a few months old .... kicking the insurance can down the road. The newly launched online banking interface did not prompt me to set up the transfers when I opened this TD+. Click on the Transfers tab.
Luvcd
Luvcd   |     |   Comment #112
LinusP...for some reason I'm unable to post on your forum thread. I'll try here. I suggest you all look at your financial picture from the end, i.e. how much Fed pension, Fed savings, and Soc Sec. you all will draw (best/worst case scenario). Then working backward decide what will be your expenses then...we paid our house off 30 years ago and have minimal expenses. Pay off that mortgage and all debt!!! Then use the cash flow to fund other things, e.g. children education BTW they could also be responsible for it especially for state schools with lower expenses in your resident state!!! Surprise! You all have the shortage lifespan and must come first, then the children, they have more time than you to fund their expectations/expenditures. Where to put your money? Most conservative insured...save as much as you can with any raises going to savings. My non-IRA is in CDs...why? I don't really need the money for current expenses and I'm not the mercy of interest rates...you have NO control over the economy!!! I do not invest in the market...don't need an inflation aspect...just need preservation of capital! A start
Thanks
Thanks   |     |   Comment #15
Does anyone know if I can still sign up / become a member and open and lock TDs at today's rates?
SYC
SYC   |     |   Comment #16
Best for you to call ?Mountain America at (801) 619-7349 to get this done.
Never Trump Republican
Never Trump Republican   |     |   Comment #17
I'm a member there already. Got 2 year, 3 year and 5 year "Term Deposit Plus". I started with $5 each, and I'll fund these later on.
Never Trump Republican
Never Trump Republican   |     |   Comment #18
There is something odd. Always there used to an entry in the application to indicate "monthly transfer". I did not see it this time around. Winder if they are going to let me add more later on or $5 is all I get   ~       Ha ha     !
Never Trump Republican
Never Trump Republican   |     |   Comment #40
Thanks Ken for the alert.
deplorable 1
deplorable 1   |     |   Comment #19
I am waiting for a call back but the CSR said that since I called today I should be able to get the 3.75% rate for the youth account. If anyone still wants this deal I would suggest calling in now and asking if you can lock in the rate. Tomorrow will be too late. Thanks for the heads up Ken!
Nothing
Nothing   |     |   Comment #20
Deplore you're too old for a youth account! :-)
Never Trump Republican
Never Trump Republican   |     |   Comment #21
By the descriptions you gave earlier about yourself I thought that you are ... errr ... mature (at least by age),

I could never have imagined that you *should* be able to get "youth" account. Are you really a youth, or this is some some sort of "joint" account with a real youth or some such thing where you are not the "owner" as in your social security number won't appear on the 1099?
deplorable 1
deplorable 1   |     |   Comment #24
lol I'm too old but this is for my kid. Actually I think this will be considered a joint account.
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deplorable 1
deplorable 1   |     |   Comment #29
Well who else are they going to talk to about it my kid is a minor. For some reason a whole new account needs to be open with them rather than just a custodial account based off of mine. They do things a bit differently over at MACU.
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111
111   |     |   Comment #37
C'mon, man. He (and spouse) are the kid's legal guardian(s) till the kid is of age. Can't you give it a rest?
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snooze u lose
snooze u lose   |     |   Comment #22
better hurry. they are on mountain time
snooze u lose
snooze u lose   |     |   Comment #23
Most branches are open Monday through Friday 9 a.m.-6 p.m.
Southern Girl
Southern Girl   |     |   Comment #25
I applied for membership online and received an application number. I called 1-800-748-4302 and gave MACU the application number. Everything was verified and docusign was sent immediately by email. I did not have to send DL or SS. I opened savings account and 4 term deposit 24, 36, 48, and 60. I will call back to set up the automatic transfer within 30 days. If you have any problems call 1-855-808-3839 ext. 84970 goes directly to the loan team. You have about 2 hours to get this done today, if you live on the east coast. They close at 7:00 p.m, Mountain Time. Good Luck!
Southern Girl
Southern Girl   |     |   Comment #27
Just to clarify, I opened 4 term plus deposit cds and funded each for $5.00.
24mth 3.20%, 3.25%
36mth 3.30%, 3.35%
48mth 3.20%, 3.25%
60mth 3.45% 3.51%
Milty
Milty   |     |   Comment #28
Just spoke to my CSR, MACU will honor the current rates advertised when I opened on my initial savings account last week with the intent of opening CDs next week.
deplorable 1
deplorable 1   |     |   Comment #30
Nice job Southern girl you got in just under the wire. Instant add-on CD ladder just add $5.
SMT1
SMT1   |     |   Comment #53
D1 #30. “...Instant add-on CD ladder...”. Okay, now I get Southern Girls strategy.
SMT1
SMT1   |     |   Comment #43
Southern Girl #27 I'm not clear on the strategy with so many term plus accounts. The max on all term plus accounts combined is 100k. Are you trying to maximize flexibility depending on where rates go? Each account requires the $10/mos deposit. I guess it makes a nice monthly savings vehicle, but I'm not sure I get it. I funded a regular 5yr CD and a 5yr term plus for the minimum $5 deposit for 100k insurance if rates drop. I did this for myself and my wife in separate accounts so we have 200k rate insurance. Newbie Southerners.
???
???   |     |   Comment #32
Utah closes 8 pm EDT
?
?   |     |   Comment #33
you got 8 min.
???
???   |     |   Comment #39
just now left MACU no sign of opening PLUS accounts unless you can just get in for 1 as i did through an Active account CDT
willy12
willy12   |     |   Comment #34
I just called & asked for an exception and said I could fund it at a shared branch tomorrow. They could not do it at today's rates.
I was at the dentist earlier today and did not check in until just now.

So, it looks like my money will sit at Northern's 2.50% for now.

Maybe look into that bank in Florida that starts with an S that pays 3% but requires a $100k minimum and has withdrawal limits.
Southern Girl
Southern Girl   |     |   Comment #41
willy12 you can try to call 1-855-808-3839 ext.84970. This phone will be answered until 9:00 p.m. Eastern Time. If you already have a savings account, you have enough to fund one term deposit plus certificate today for $5.00 and add to it at a later date. You might get lucky to have someone open membership, fund the savings account and the term deposit plus certificate. Worth a try.
cdperson
cdperson   |     |   Comment #66
Thank you, Southern Girl. I tried the number and had a 3-year cd opened. The agent honored the old rate. Previously, I dialed the number listed on their site, but my request was rejected.
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Mak
Mak   |     |   Comment #35
If you are rushing to open the term plus accounts and are opening more than one expecting to put a $100k in each eventually just remember the max you can put in is $100k in a member account number so if you are opening 2 accounts under the same share account you will be able to put $50k in each one max, as an example.
interested
interested   |     |   Comment #36
Ken, Thank you for the heads-up on this one!
Robb
Robb   |     |   Comment #42
Got in this one just in time last week. Thanks to D1 for providing his insights which helped me to simplify the process of getting this deal done as rate insurance in short order.
Cash Flow
Cash Flow   |     |   Comment #44
Same here......this board is a god send to us and helps me very efficently get the best rates nationwide. We are very fortunate to have this site and all the great work Ken and team do for us.
Thank you
Daniel2000
Daniel2000   |     |   Comment #45
One question for you guys (and ladies) since I just got by the skin on my teeth on this one...right down to the *wire* (pun intended).

If you have some fixed term CDs can you also have a term plus account up to $100K? I had wired in $257, split $125 x 2 5-year term CDs, and another $7 was in a 5-year term plus CD. The lady (they are all so nice and polite and helpful at this CU :-) said I can grow the $7 to $100 and maintain the today's rate?

I just went with the defaults for now, I put myself for one of the fixed CDs, myself with kid beneficiary for the second one and myself with wife beneficiary for the term plus so that they are all in separate silos...Does this sound reasonable?
Mak
Mak   |     |   Comment #46
The fixed term CDs are independent of the term deposit plus CDs.... if you have 2 term deposits and 1 term deposit plus you are fine. If you had 3 term deposit plus CDs they would not be considered different member accounts so $100k max total if that was the case..... hope this helps.
Daniel2000
Daniel2000   |     |   Comment #47
Hi yes it does thank you! So in a sense I just locked in the ability to add $93 to the $7 (up to a total member level of $100) term deposit plus CD and keep the 3.51% rate...
larry
larry   |     |   Comment #49
Comment #47 Not going to speak for Mak, but it's not $100, but $100k($100,000) per member. If you do it the way d1 did and open up three different accounts it could be $300k($300,000) which would be P1, P2 and Y3.
Daniel2000
Daniel2000   |     |   Comment #50
Yes my figures are in 000s (thousands).

One issue is my wife and son are not members, I signed up as individual member so for them to be separate members they would have had to sign on individually right?

In other words would MACU allow $100K accounts for each combination of member/beneficiary as if they were considered for insurance? I doubt it...it would mean for 1 member owner and 2 beneficiaries you could have $300K (like you said) in term deposit PLUS and then up to 750K (insurance limit) - 300K = 450K in term deposits?
anonymous
anonymous   |     |   Comment #51
Daniel2000: Despite what Larry writes (#49), you're limited to $100,000 in your combined Term Deposit Plus accounts. According to MACU's disclosure for the Term Deposit Plus: "After the term deposit is opened, additional deposits can be made to the term deposit at any time with the maximum of $100,000 on deposit in any one or combination of, Dedicated Savings Accounts per primary account holder."
larry
larry   |     |   Comment #52
Comment #50 NoT from my understanding. P1 and P2 need separate memberships, but the P3(youth) does not. The(youth) can be opened by either P1 or P2. Remember, it's $100k max per membership and beneficiaries has nothing to do with it except if primary dies then it goes to the beneficiaries. From what I understand the youth is not a separate membership it's just opened under P1 or P2.
deplorable 1
deplorable 1   |     |   Comment #54
I'm still waiting on a call back but I think the youth account has to be a separate account. If the youth is a minor the CSR said it needs to be a joint account with another member. So basically with 3 people you can have up to $300,000 in add-on CD's. The youth account has various restrictions like a $10,000 a year add-on cap so you would need to open it with $50,000 initially in order to max it out. $5 would get you $50,000 in coverage at $10,000/yr.
deplorable 1
deplorable 1   |     |   Comment #55
I don't think you can get $200,000 worth of coverage for term deposit plus accounts unless you have 2 separate members. The cap is $100,000 per member. You could still have a regular term deposit without that restriction though.
Mak
Mak   |     |   Comment #56
I opened 4 term plus accounts... one in my share account, one in my son's share account, one in my wife's share account and one in our trust's share account.
Get Real
Get Real   |     |   Comment #57
I wouldn't want to put much more that 100k at any one institution anyways. You are limiting yourself if rates do go up next year or any special CDs that may come along. The CU could also fail and you would have a large amount of funds to invest in a time that rates may be going down. I have a CD coming due next month and most of those funds will be placed in my 5 year Mountain CD. I've been taking advantage of many of the 1 to 2 year 3% plus rates. Also, put a large sum in Connexus at 4% last year.
Daniel2000
Daniel2000   |     |   Comment #58
Why not more than 100K, the funds are always relative...my $5K is equivalent to your $50K and somebody else's $500K. I think if funds are not needed one should seek out the longest reasonable term with the highest APY?
Mak
Mak   |     |   Comment #60
It is nice to have 1 and 2 year rates when interest rates are rising but not when they are going down.. so if you have all your money in 1 and 2 year CDs and the rate drops you are stuck.....I do a 5 year ladder and I grab the highest rate on a 5 year and just keep laddering them.... plus I do not see the problem with having more than $100k at any institution as long as it is insured.... I'll take my chances.
Get Real
Get Real   |     |   Comment #63
Mak I do a combination of long term and short term CDs and Muni bonds for my cash investments. My Munis are paying from 3.5% to 5%. Some of my 5% munis have been called the last couple of years which hurt. When a great deal comes along like the Penfed 10 year 5% or the Connexus 4% last year I'll put in more than 100k which I did. I opened the 5 year Mountain CD and will have it up to 100k (less the $10 monthly contribution) by May. To each their own according to their circumstances or philosophies.

Also, who knows what rates will be in the next couple of years.
Mak
Mak   |     |   Comment #65
GR..I've had my 5 year ladder going for quite a while so I have CDs coming due all the time but when one comes due I grab the highest 5year rate unless I have an opening in my ladder.... I'm referring to people that save up their CDs when they are maturing because they hope they will get a higher one or people that just stay short term, I don't do that.
The Goldenn Years
The Goldenn Years   |     |   Comment #61
Mountain America has the new rates on their site. All the financial institutions now look fairly similar. So I won't stress out trying to find the *best* one.

Saving is a very responsible and wise thing to do. But I hope everyone also sets aside some funds to spend & enjoy. Have some fun with that hard-earned money.

Take it from an old guy. Be sure to enjoy it. Time flies by.
dollarsncents
dollarsncents   |     |   Comment #62
You got that right for sure, Goldenn Years!

Don't spend like there is no tomorrow, but also don't save everything for tomorrow.
Time and health can be very fleeting in retirement.  And take time to make the most of life and enjoy it while you can.
deplorable 1
deplorable 1   |     |   Comment #68
He doesn't have to add more than $10/mo. per account. I would love to have $400,000 worth of rate insurance! You can wait a year and see how things shake out and then max it out later.
LinusP
LinusP   |     |   Comment #59
Looks like Ken's source was correct about both the timing of the decrease in rates and their new APYs. As others have said, THANK YOU for the heads-up - this site is a great resource!
AnnO
AnnO   |     |   Comment #64
Ouch, I managed to miss this post yesterday, had been considering opening one of these but too late now. Huge rate cut. Definitely a foreboding sign.
Southern Girl
Southern Girl   |     |   Comment #67
Ann O, you can try to call 1-855-808-3839 ext, 84970. This phone number will be answered until 9:00 p,m. Eastern Time. You might get lucky and have someone open membership, savings account and term deposit plus. I believe they will honor the higher rate at this time. Worth a try.
Daniel2000
Daniel2000   |     |   Comment #69
Who is the magical person at this extension and who can bend the rules?
Southern Girl
Southern Girl   |     |   Comment #70
There is no particular person at this extension. It is a department referred to as the "loan team" that opens primary savings account and term deposit accounts and handles ongoing maintenance and transactions. They communicate directly with the processors to email docusign documents immediately. I was given this number by the CSR. Basically you will always get a person in the Servicing Area and not an overflow representative with incorrect information. I was told today that if an application had been started by Thursday, March 21, 2019 or if a person had called prior that management would honor the rates for 10 days.
Phone Rep Cynic
Phone Rep Cynic   |     |   Comment #71
That's startling, I was told by someone at the Manager level (no less) that there were no extensions allowed for the prior rates under any circumstances, - that if you didn't have funds in the CD(s) by close on the 21st you were out of luck,

Curious to know if anyone here funded a CD even today (the 22nd) and received
the higher rate(s)?

Like reps everywhere, Mountain America's have been all over the map with conflicting and contradictory info, disseminated as if they had no doubt whatsoever about what they were saying, It's confounding,
curious george
curious george   |     |   Comment #72
do you think to push the issue for acceptance?
NYCDoug
NYCDoug   |     |   Comment #75
Memberships in process prior to March 22nd were promised the previous rates. I helped a friend fund his new account(s) yesterday by transferring $10 over from my account (a member-to-member transfer): $5 for the Savings, and $5 for the 60-month Term Deposit Plus.

We were told that, even though the "Account Info" tab currently shows a rate of 3.06%, MACU will adjust his account to 3.45% (3.51% APY) midweek next week, along with making similar adjustments to many other accounts, en masse, up to the previously posted & promised rates.

This was all made possible by speaking directly with the Loan team guys, who even pre-noted a $3,000 transfer into my friend's CD (first made into his Savings account). By the way, we were told that $3k was the daily limit that they could pull into his account (not $25k, as others here noted elsewhere).

Perhaps my $10 transfer to jump start him was unnecessary. In so doing I closed my earlier 3.25% APY CD (I had two: that "old" one from nine months ago, at 3.25%, and a newer 3.51%, which I just opened last week.) At least now I'll have only one minimum monthly deposit of $10 (rather than $10 into each) to keep feeding into, and keep alive, the higher-rate CD.

Take note: the penalty for prematurely closing my 3.25% CD, although minimal, was more than I expected. Over nine months I had received interest of 96 cents; the penalty came to $2.74, eating $1.78 into my principal.

Nonetheless, at the end of the day, a worthwhile, win-win endeavor. And my friend even has an email from the original rep who helped set up his membership stating that the higher rates would be in effect for him for 30 days . . . and that if he needed more time to fund his CD, he could call to ask for an extension!

By the way, setting up his account was not a piece of cake. Due to a mis-answered (Chex?) verification question he had to mail MACU a notarized form, which set him back almost a week in the membership / account opening process. But persistence paid off, and the guys on the Loan team were super-helpful -- and super-friendly -- in making this dream come true.

Now we just wait until the end of next week to confirm that the higher 3.51% APY posts to his Account Info online, as promised. They also promised that they would credit his account with the lost interest (pennies) from those few days at the lower 3.25% APY.

In sum, a great credit union to work with; they really work with you . . . as long as you reach the Loan team (and not the "overflow" crew). Which we never would have been able to accomplish without their direct number, provided here at Deposit Accounts. So hats off, everyone! Sometimes it really does take a village :-)
NYCDoug
NYCDoug   |     |   Comment #111
Update: My 60-month Term Deposit Plus rate was not adjusted upward midweek (as forecast) and so today, one week later, I called them [the loan guys, at 1-855-808-3839 ext. 84970], forwarded them an email from the rep who opened my account and who promised the 3.51% APY, and within minutes my rate was increased from 3.05% to 3.45%, viewable online.

I figured that since this was the end not just of the month, but of the quarter, I'd like to sort this out before beginning my weekend. It worked.

But it seems they may still have some cleaning up to do, with others . . .
Milty
Milty   |     |   Comment #76
Was told the same.
Milty
Milty   |     |   Comment #77
Responding to comment# 70: Was told the same by the CSR that opened my account (not the overflow crew), did not need to call the Load dept.
willy12
willy12   |     |   Comment #78
Some guy from the "loan team" was the one who absolutely told me there was no way for me to join and get the top rates given it was after 6 here and all shared branches close around 4 on weekdays. I could join the next day but not get the old rates.
Mak
Mak   |     |   Comment #79
If you have been a member for a long time they might be willing to work with you but if you're just a new member joining for the first time for the special rate I don't think you'll have a chance...imo
deplorable 1
deplorable 1   |     |   Comment #80
I never got my call back so I called them on Friday. I keep getting the call center folks who say I need to wait for a call back but there is a note on my account that I should get the 3.75% rate for the youth account. What is the best time to call these guys(in Eastern time) to get connected to the actual credit union? It seems to be hit or miss for me. I'm going to try and call at 11:00 AM Monday Eastern time assuming they open at 9:00 AM Mountain time. Hopefully that will work.
ddbrege
ddbrege   |     |   Comment #81
I've had great luck getting knowledgeable CSR's between noon and 1PM eastern and my experience with getting a call back is that they seldom call. I've pretty much given up on that after waiting a few years ago to transfer IRA and missing the call back, but have had great luck with online messaging, which I actually like because you get a written response as well as a CSR's name. Food for thought! Good luck!
deplorable 1
deplorable 1   |     |   Comment #82
Thanks ddbrege. I wish I would have done that before the rate drop. I thought calling was the way to go. I'm going to message them now and see what they say.
NYCDoug
NYCDoug   |     |   Comment #83
Dial the Loan team directly: 1-855-808-3839 [press 1] ext = 84970
gregk
gregk   |     |   Comment #84
Somehow I'd overlooked Utah First CU as an alternative to MACU for a 5 year term, - still apparently yielding 3.50%APY. Might have even preferred it given the only 6 month EWP, versus 1 year at MACU. MACU's penalty is even more draconian than most in that it will invade your initial deposit if you withdraw before 1 year has elapsed (most CUs will only assess accumulated interest thus far earned under that circumstance). In addition, MACU disallows penalty free withdrawals from interest you've accumulated in the Certificate (again unlike most CU's in my experience).

I rushed to get in on MACU's 5 year 3.51%APY rate without even considering the Utah First option, and while not at all distressed over the decision, it might not have been optimal.
deplorable 1
deplorable 1   |     |   Comment #85
I think most of us were getting these for the add-on capability not the rate itself. I can't even max them out until a few more CD's mature. This will probably be a 3-4 Year CD before I max it out. If that Utah First CD is still available next month I might look into it though because of that 6 month EWP. If rates go up it wouldn't be that painful to break it.
gregk
gregk   |     |   Comment #86
The add-on appealed to me also, and of course I established one (though will have no substantial investable funds from maturing CD's for well over 2 years). Quite a lapse, though, (as I see it now) to have rushed my just available Keesler monies into Mountain America last week believing no other comparative alternative was available for the (non add-on) 5 year term. Utah First looks now like it would have been much the better choice, for reasons I elaborated. Is deplorable1 right? Was everyone indeed only biting on MACU's add-on option with minimal initial deposit for potential use down the road? It might be true given the complete lack of reference to Utah First's equal rate offer (for the non add-on 5 year) by any posters here before me.
SMT1
SMT1   |     |   Comment #91
Gregk #86. I posted regarding Utah First on the "Fed Pause" thread a couple of days ago, a Saturday, so probably not much help to you.

"Seaview #71
Lock up any longer-term Add-on CDs that you can. MACU, Freedom CU, Rising Bank, and GTE Financial. Grab regular CDs at Utah First [email protected]% and Unitus [email protected]% before they're gone."

I was surprised Utah First had not been talked about much in the threads. Perhaps since Ken has not posted about Utah First since January 2018. When I go on this site, I check the CD tab as well as the blog, and the community forum to scout out any deals. I only came across Utah First because it was always near the top of the list for 5 year CDs. The CU was quite easy to join and the CSR's are very friendly and efficient.
SMT1
SMT1   |     |   Comment #92
Gregk #86. "Was everyone indeed only biting on MACU's add-on option with minimal initial deposit for potential use down the road?"

No, I opened the 2 add-on accounts for my wife and myself for rate insurance, and also 2 non-add-on CDs because 3.51% was best in class.
An2
An2   |     |   Comment #87
You should know that early withdrawal from Utah First requires the bank consent. The disclosures when you apply for membership don't state this. Only after you have already opened the cd do they provide you with disclosures that bank consent is required for early withdrawal.
gregk
gregk   |     |   Comment #88
Interesting, An2. Maybe I did right after all, though suppose any EW request to Utah First would be denied only under the most extraordinary circumstances, like to prevent a "run on the bank (CU)" when sufficient liquidity might not be in place to meet the demand.

Offer me additional negative features of this FI if you can, to comfort my mind over its MACU decision even more.
DAJunkie
DAJunkie   |     |   Comment #89
Not sure I'd be too concerned with the EWP consent requirement unless there's
a run on the bank! Many other institutions include this sometimes obscure verbiage
but in practice, I've never encountered issues.

However, the "Account Disclosure Rate Supplement and Schedule of Fees and
Charges", provided with membership, might be more worrisome.
It indicates "Certificate Accounts are Variable Rate". And there's a footnote:
"These Dividend Rate(s) and Annual Percentage Yield(s) shown above may
change at any time as determined by Our Board of Directors. "

Hopefully, it appears this information is several years out of date.

Have you received additional superseding documents, with a recent
certificate opening affirming it's now truly a "fixed rate" investment?
An2
An2   |     |   Comment #90
The disclosures after opening the CD state:

"
Rate Information – The dividend rate on this account is _3.455____% with annual percentage yield of __3.50___%. You will be paid this rate until next
maturity.

Nature of Dividends – Dividends are paid from current income and available earnings, after required transfers to reserves at the end of each
dividend period.

Fixed Rate Information. These Accounts are subject to a Fixed Rate.

Effect of Closing an Account – If you close your account before dividends are paid, you will not receive the accrued dividends.

Withdrawal Limitations – You may make withdrawals of principal from your account before maturity only if we agree at the time you request the
withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can withdraw dividends anytime
during the term after they are credited to your account.

Early Withdrawal Penalties – We may impose a penalty if you withdraw any of the funds in your account before the maturity date. The penalty will
equal all dividends earned on the amount withdrawn that is subject to the penalty, not to exceed one hundred eighty (180) days’ dividends.
However, the penalty will equal seven days’ dividends on the amount withdrawn that is subject to penalty if the withdrawal is made within the first
six (6) days after the day of deposit. In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in
some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA, Keogh or other tax
qualified plan.
"

My comments:
Since accrued but not credited interest is lost if you do an early withdrawal, and interest is credited quarterly, the early withdrawal penalty can be as much as 9 months if you do not time your withdrawal optimally.
cdperson
cdperson   |     |   Comment #96
I applied for membership at Utah First last Friday (3/22). According to the manager, the rates won't be changed anytime soon. I have an MACU 5-year Term Deposit Plus account, but put only a small amount in it due to its 365 day EWP. If the rates keep going down, I'll add more money in that account.
cdperson
cdperson   |     |   Comment #97
I think I'd better modify my previous comment: According to the online chat and the manager, they don't anticipate the rate change anytime soon.
Anonymous
Anonymous   |     |   Comment #98
I've been told "these rates won't change any time soon", and they dropped the next day! This has happened to me twice now, at a different bank and CU (not those mentioned above). Moral: Don't trust them, open now if you want the rate.
gregk
gregk   |     |   Comment #99
MACU reps told me the same to me in regards to their own rates. I called many times from the beginning of March while waiting for my Keesler CD to mature on the 22nd, trying to gauge whether the 5 year 3.51%APY offer might change before then, and was assured without exception "no" - that rates only ever move at the beginning of a month. One rep even calmed me by saying that in her 7 years with the CU deposit rates had never shifted in the middle of the month even a single time. I was still wary, knowing the Powell Fed press conference was to occur on the 21st, and that depending on what was said might create the impulse for MACU to break protocol and immediately send their rates downward, - which is exactly what happened. I never trust reps, and typically call FI's repeatedly until I at least sense the one I'm talking with SEEMS to "know the ropes" (one gets good at this, but complete confidence is always a dangerous presumption).
deplorable 1
deplorable 1   |     |   Comment #109
@Gregk: You are right I almost missed out on this deal after reading other comments saying that they only change rates at the beginning of the month. Lesson learned nothing is a sure thing. Past behavior is no guarantee of future events.
Mak
Mak   |     |   Comment #100
#98.... sometimes they don't know themselves, not their fault.
SMT1
SMT1   |     |   Comment #101
Mak #100. “Not their fault”. Exactly, the CSRs are most certainly not the decision makers. They can only let you know, in their experience, what usually happens.

Now that more folks are talking about Utah First on this site and they are the rate leader, funds are going to move their way, so don’t expect their 3.5% to last too much longer.
max funding
max funding   |     |   Comment #93
so getting back to Mountain America Credit Union?
interest only will not count toward 100K limit?
but the $10 monthly requirement would ?
if for some reason you get the 5yr add on and only make the $10 deposit
the most you could originally max it with would be $99,400?
NYCDoug
NYCDoug   |     |   Comment #94
My understanding, Max:

interest only will not count toward 100K limit?
--Correct

but the $10 monthly requirement would ?
-- Correct

if for some reason you get the 5yr add on and only make the $10 deposit
the most you could originally max it with would be $99,400?
-- You can add to the balance of your Term Plus CD any time, and multiple times, during the 60 months until maturity
-- You cannot bring the total of your new contribution + past contributions + all your $10 contributions + your original ($5?) seed money to more than $100,000
-- Once the total of those contributions reaches $100,000 you will not be able to make any additional deposits to your CD; this includes your $10/month contributions, which MACU will cease withdrawing

Anyway, that's the theory . . .
:)
:)   |     |   Comment #95
i appreciate that NYCDoug
Edward
Edward   |     |   Comment #102
No thanks. Utah First CU does not allow monthly or any interest checks to be given out. Your interest must be re-invested into the CD. I live off of the monthly divi checks. Not waiting for 5 years.
SMT1
SMT1   |     |   Comment #103
Edward #102. I don't believe interest must be re-invested into the CD at Utah First, although the verbiage on the disclosures seems to be a bit unclear/contradictory.

An2 #90 posted a disclosure that read:

"...Withdrawal Limitations – You may make withdrawals of principal from your account before maturity only if we agree at the time you request the
withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can withdraw dividends anytime
during the term after they are credited to your account.

Early Withdrawal Penalties – We may impose a penalty if you withdraw any of the funds in your account before the maturity date. ..."

"You can withdraw dividends anytime
during the term after they are credited to your account." seems to conflict with "...We may impose a penalty if you withdraw ANY of the funds in your account before the maturity date. ..."
I am going to contact Utah First to clarify whether dividends can be withdrawn penalty-free and will post on this thread when I find out.
An2
An2   |     |   Comment #104
"Effect of Closing an Account – If you close your account before dividends are paid, you will not receive the accrued dividends"

Reading this again it may apply to closing your entire account and not doing a partial withdrawal.
SMT1
SMT1   |     |   Comment #105
An2 #104. "Effect of Closing Account– If you close your account before dividends are paid, you will not receive the accrued dividends".

I take the above statement to be in regards to closing the entire account. So, if you close the account 1 day prior to crediting of the Quarterly dividends, you will forfeit that Quarters dividend.

I sent an email to my CSR specifically with the question "Are dividends allowed to be withdrawn penalty-free?" I am expecting the answer will be "Yes, but only dividends that have been credited to the account."
SMT1
SMT1   |     |   Comment #106
An2 #104. I suspect a partial withdraw of PRINCIPAL may also forfeit non-credited dividends. I guess that would need to be clarified with a CSR.
SMT1
SMT1   |     |   Comment #107
Edward #102. I verified with CSR today. Dividends can be withdrawn penalty free. All mention on EWP is in regards to principal only.
deplorable 1
deplorable 1   |     |   Comment #108
I was finally able to get the youth term deposit opened today for the 3.75% rate. Thank you NYCDoug for posting the direct number to the loan department that worked like a charm!
gregk
gregk   |     |   Comment #110
Curious if any posters here have gotten established 3.51%APY 5 year MACU Certificates this week?
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.

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Mountain America Credit Union Hikes 5-Year CD Rate
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...

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Mountain America Credit Union Boosts 3-Year CD 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...

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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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