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.

2.55%$500-Utah First Federal Credit Union60 Month CD
2.55%$500-Utah First Federal Credit Union60 Month IRA (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of December 13, 2017.

Utah First’s CDs are also available as IRAs (Traditional, Roth, CESA), earning the same 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:

  • 1.69% APY, closed at 18 months
  • 1.90% APY, closed at 2 years
  • 2.11% APY, closed at 3 years
  • 2.21% APY, closed at 4 years

It’s no secret that 5-year rates have not kept pace with the rising rates of short-term CDs. This doesn’t seem to be the case in Utah, with fifteen 5-year CDs with APYs of at least 2.50% offered by Utah banks and credit unions.


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.

Membership requires a minimum initial deposit of $50 into the share savings account, and $50 is the required minimum balance.

Credit Union Overview

Utah First Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.36% (excellent) based on June 30, 2017 data. In the past year, Utah First has increased its total non-brokered deposits by $23.45 million, an excellent annual growth rate of 9.59%. Please refer to our financial overview of Utah First Credit Union (NCUA Certificate # 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, as the Credit Union began to expand its field of membership. Utah First Credit Union is currently Utah’s tenth largest credit union, with nearly 21,000 members and assets in excess of $332 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 third.

The above rates are accurate as of 9/28/2017.

To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com or our Rates Map page.

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

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