Utah Community Credit Union (Utah CCU) started the week by introducing a 9-month CD, which earns 3.00% APY. The minimum opening deposit is $500, with no stated balance cap.
|3.00%||$500||-||Utah Community Credit Union||9 Month Regular CD|
|3.00%||$500||-||Utah Community Credit Union||9 Month Regular IRA (Traditional, Roth)|
The 9-month CD is also available as an IRA (Traditional and Roth), earning the same APY with the same minimum deposit requirements.
As stated in the Truth-in-Savings document, the Early Withdrawal Penalty (EWP) reads as follows:
For accounts with a term of 12 months or less, the amount of the
early withdrawal penalty for your account is 90 days’ dividends.
Utah CCU’s 60-month CD (3.50% APY) might appeal to those who feel the peak of the current rate cycle has been reached, and are looking for a long-term investment with a competitive rate. Like the 9-month CD, the 60-month CD can be opened with a $500 minimum deposit. The EWP is a substantial 365 days of dividends.
|3.50%||$500||-||Utah Community Credit Union||60 Month Regular CD|
|3.50%||$500||-||Utah Community Credit Union||60 Month Regular IRA (Traditional, Roth)|
Headquartered in Provo, Utah Community Credit Union’s field of membership (FOM) has expanded since I last wrote about Utah CCU in 2017. Individuals who live, work, worship, or attend school in the Utah counties of Davis, Juan, Salt Lake, Sanpete, Summit, Tooele, Utah, or Wasatch 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 CD can be done online, or in person at any of 18 Utah branches located in American Fork, Heber City, Highland, Lehi, Nephi, Orem (3) Payson, Pleasant Grove, Provo (3), Salem, Santaquin, Saratoga Springs, Spanish Fort, and Springville.
Credit Union Overview
Utah Community Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.75% (excellent) based on September 30, 2018 data. In the past year, Utah CCU has increased its total non-brokered deposits by $110.83 million, an excellent annual growth rate of 10.03%. 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 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 nearly 175,000 members and assets in excess of $1.3 billion.
How the CD Compares
When compared to 250 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Utah Community Credit Union's 9-month CD APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.25% APY||6-Month Military Save Week Certificate||Andrews Federal Credit Union|
|3.00% APY||9-Month CD||Utah Community Credit Union|
|2.55% APY||6-11 Month Regular Certificate||America First Federal Credit Union|
The above rates are accurate as of 2/27/2019.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.