Utah Community Credit Union Adds Competitive 15-Month Jump Up CD

Utah Community Credit Union (UCCU) recently added a 15-Month Jump Up CD Special earning 4.00% APY. This limited-time offer can be opened with a $500 minimum deposit, with no stated balance cap. The “Jump Up” feature allows the account owner to “increase the rate one time to the rate currently in effect for accounts of this type with the same term.”

The 15-Month Jump Up CD Special is also available as an IRA Jump Up CD Special (Traditional and Roth), earning the same APY with the same funding requirements and one-time rate increase option.

There are six other Jump Up CDs in the UCCU product line, but the 15-month is the most competitive by far.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:

Terms of 13 to 48 Months – 180 days’ dividends

The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.

According to CSR,

• Funding – ACH, internal transfer, or check (if opening in-branch)
• Maturing Funds – distributed by check to address on file or through internal transfer
• Grace Period – ten days before automatic renewal
• Beneficiaries – unlimited, percentages available, Social Security number required
• Dividends – compounded and credited monthly; can be distributed by check to the address on file
• Credit Check – Soft pull

Availability

Headquartered in Provo, Utah Community Credit Union has expanded its field of membership (FOM) since my last Utah CCU blog post in 2019, adding three Utah counties. Individuals who live, work, worship, attend school, or regularly conduct business in the Utah counties of Box Elder, Davis, Juab, Morgan, Salt Lake, Sanpete, Summit, Tooele, Utah, Wasatch, or Weber are eligible for membership.

Immediate family members (spouse, child, sibling, parent, grandparent, grandchild – adoptive or step) of a membership-eligible individual also qualify.

Joining Utah CCU and/or opening a Jump Up CD Special can be done online, or in person at any of 20 full-service Utah branches located in American Fork, Draper, Heber City, Herriman, Highland, Lehi, Nephi, Orem (3), Payson, Pleasant Grove, Provo (3), Salem, Santaquin, Saratoga Springs, Spanish Fort, and Springville.

Every member of UCCU is required to maintain a Share Savings Account with a minimum deposit and balance of $5.

UCCU participates in the CO-OP ATM network, but not the Shared Branch network.

Credit Union Overview

Utah Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.92% (excellent) based on June 30, 2022 data. In the past year, UCCU has increased its total non-brokered deposits by $97.34 million, an excellent annual growth rate of 4.47%. Please refer to our financial overview of Utah Community Credit Union (NCUA Charter # 10709) for more details.

Utah Community Credit Union was established in 1955 as the BYU (Brigham Young University) Employees’ Federal Credit Union, with seven members, $35 in assets, and a “branch” located on a staircase landing in a BYU building.

And because they couldn’t afford to purchase a vault, cash was kept in a locked room
and placed in a cast iron bathtub, covered with a sheet of asbestos to protect it from fire.

With the expansion of the FOM and new off-campus branches being opened, the name was changed twice to better reflect the membership, with the Utah Community Credit Union rebrand occurring in 2000. Utah CCU is currently Utah’s fourth largest credit union, with more than 227,000 members and assets in excess of $2.5 billion.

How the 15-Month Jump Up CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions currently have higher rates than offered on the Utah Community Credit Union 15-Month Jump Up CD Special. The following table compares the 15-Month Jump Up CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 10/17/2022.

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