Utah First Credit Union Ups 60-Month CD


Deal Summary: 60-month CD, 2.70% APY ($50k), 2.60% APY ($500)

Availability: Easy Membership Requirement

When I wrote about Utah First Credit Union’s (Utah First) 60-month CD in September, the CD had only one rate tier, requiring a minimum $500 deposit. In the past month or so, Utah First has re-structured its CDs and now offers two APYs based on either a $500 or a $50k deposit. Following two rate increases in the past three months, the 60-month CD now earns 2.70% APY ($50k) and 2.60% APY ($500).

4.00%$2k-Utah First Federal Credit Union60 Month CD
4.00%$2k-Utah First Federal Credit Union60 Month IRA (Traditional, Roth, CESA)
Rates as of November 25, 2022.

The 60-month CD has been offered for more than six years, with an APY of 2.00% or less for five years. Beginning in January 2017, there have been five rate increases, adding a total of 70 bps.

Utah First’s CDs are also available as IRAs (Traditional, Roth, CESA), earning the same tiered APYs with the same funding requirements.

According to CSR, the Early Withdrawal Penalty (EWP) is 180 days interest. The combination of a competitive rate and mild EWP increases the CD’s intrinsic value. Using DA’s EWP Calculator, you can determine what the effective yields (on a month-by-month basis) are. For example,

  • 1.83% APY, closed at 18 months
  • 2.05% APY, closed at 2 years
  • 2.28% APY, closed at 3 years
  • 2.39% APY, closed at 4 years


Headquartered in Salt Lake City, Utah First Credit Union provides a route to membership for almost any US resident with a valid Social Security number.

Easy Membership Requirement: Joining the Community Volunteers of Utah, qualifies for membership in Utah First. Joining Community Volunteers and the Credit Union can be done simultaneously, using the online application. The $5 first year Community Volunteers fee will be included in the initial deposit at Utah First.

Employment or Affiliation: Employees of more than 30 companies (listed on the online application) are eligible for membership.

Family Relationship: Immediate family members (defined as parent, child, sibling, spouse) of current Utah First members are membership eligible.

Applying for Utah First membership and/or opening a CD can be done online or at any of nine Utah branches located in American Fork, Farmington, Midvale, Provo, Salt Lake City (3), Sandy, and Woods Cross.

Credit Union Overview

Utah First Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.37% (excellent) based on September 30, 2017 data. In the past year, Utah First has increased its total non-brokered deposits by $16.8 million, an excellent annual growth rate of 6.7%. Please refer to our financial overview of Utah First Credit Union (NCUA Charter # 528) for more details.

In the depths of the Great Depression, a group of German immigrants in Salt Lake City formed the Utah German American Federal Credit Union, with 23 shares and deposits $115. The anti-German sentiment that gripped the country during WWI still lingered in 1935. The Credit Union was formed because these German immigrants “were having a difficult time finding anyone to help them with the loans they needed to bring their families to America.”

Two years after its founding, the Credit Union changed its name to the Utah C.V. Federal Credit Union. The “C.V.” was for Chemnitzer (a city in the eastern part of Germany) Vereinigung (German for unification). The updated name further underscored the founders’ commitment to fellowship and community.

The Utah First rebrand occurred in 1996, when the Credit Union began the expansion of its field of membership. Utah First Credit Union is currently Utah’s tenth largest credit union, with more than 21,300 members and assets in excess of $336 million.

How the CD Compares

When compared to 179 similar length-of-term CDs tracked by DepositAccounts.com that are require a similar minimum deposit and are nationally available, Utah First Credit Union's 60-month CD APY currently ranks second, regardless of minimum deposit.

The above rates are accurate as of 1/16/2018.

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

Related Pages: Salt Lake City CD rates, 5-year CD rates, nationwide deals

  |     |   Comment #1
I guess "Mountain America Credit Union" which is a competitor in Utah will bump-up the rates soon.
  |     |   Comment #3
Lousy rate for 5 years, since in 1 year it will be 3.5 percent for five!!
Anonymous Oracle
  |     |   Comment #4
If you are genuinely confident, your time and talents are wasted buying CDs. There are some derivatives which will provide much bigger returns for such prescience.
  |     |   Comment #5
Well sure there are - but ever since 2007 - 2008, one has to wonder about the quality of the ratings of such financial instruments (you know, Moody's, S&P, Fitch...), doesn't one?
Counterparty Risk
  |     |   Comment #6
The phrase you are looking for is "counterparty risk."

It is inconceivable that a half point increase in 5 year fixed income could destroy exchange based derivatives. (None of which require ratings by Moody's S&P Fitch.)

However, if you are confident exchanges will implode, there are ways to make money from such an unexpected event. Step up to the big times.
Utah First CU Has Nationally Available 60-Month CD
Deal Summary: 60-month CD, 2.50% APY, $500 minimum deposit

Availability: Easy Membership Requirement

Earlier this week, Utah First Credit Union (Utah First) added 10 bps to its 60-month CD (2.50% APY). The minimum deposit is $500, with no stated balance cap.

The 60-month CD has been offered for more than six years, with an APY of 2.00% or less for five years. Beginning in January 2017, there have been three rate increases, adding a total of 50 bps.

Utah First’s CDs are also available as IRAs...

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7.00% 7-Month CD at a Utah Credit Union - $7.7K Max (Utah First).
Utah First FCU is offering a special 7% APY 7-month certificate. The maximum deposit is $7,777. This doesn't seem to be listed at the credit union's website. A reader emailed me info on this, and I called for further details. I was told that this special was originally going to end last Saturday, but it has been extended to July 16th. It's available at all of their branches. The special CD requires their Nirvana checking account which requires direct deposit. The Nirvana checking account does have some nice features such...
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