Earlier this week, Mountain America Credit Union (MACU) raised the rate on its 5-year Term Deposit (2.30% APY). The minimum deposit is $500, with no maximum balance cap.
In the past 18 months, the 5-year Term Deposit (CD) has had 8 rates changes, fluctuating between 1.90% APY (February 2014) and today’s 2.30% APY.
|2.30%||$500||-||Mountain America Credit Union||60 Month CD|
|2.30%||$500||-||Mountain America Credit Union||60 Month IRA (Traditional, Roth)|
|2.30%||$25||-||Mountain America Credit Union||60 Month Youth CD|
The 5-year CD is also being offered as an IRA (Traditional and Roth) at the same APY and with the same funding requirements.
As stated in MACU’s Membership Agreement, the Early Withdrawal Penalty reads as follows:
For term deposit accounts that are new or renewed on or after August 1, 2014:
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.
Mountain Climber Term Deposit
MACU has a unique variation of the 5-year CD for investors 27 years and younger: the 60-month Mountain Climber Term Deposit (CD). While earning the same 2.30% APY, the minimum opening deposit for the 60-month Mountain Climber CD is only $25. Mountain Climber CDs permit additional deposits throughout the CD's term, up to $3K per calendar year.
Headquartered in West Jordan, Utah, Mountain America Credit Union's membership eligibility is based on residency, family relationships, or a relationship with an SEG or Affiliated Association:
Easy Membership: As one of MACU’s Affiliated Associations, the American Credit Council can be joined by anyone with a $5 membership fee;
Residency: Salt Lake County, Suchesne County, Wasatch County (census tract 940300), or Unitah County (census tract 940100 or 940200);
Relationship: Family member of an existing member;
Affiliation: Employee or volunteer of a MACU SEG or Affiliated Association.
Credit Union Overview
Mountain America Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.40% (excellent) based on March 31, 2015 data. In the past year, Mountain America Credit Union has increased its total deposits by $490.17 Million, an excellent annual growth rate of 14.07%. Please refer to our financial overview of Mountain America Credit Union for more details.
Mountain America Credit Union (NCUA Charter # 24692) 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. In 1988, MACU merged with the Utah State Credit Union, and became the second largest credit union in Utah. Mountain America Credit Union currently has over 538,000 members, with assets in excess of $4.4 Billion.
How the CD Compares
When compared to 105 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Mountain America Credit Union's 5-year Term Deposit currently tops the list.
The above rates are accurate as of 8/20/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.