Utah First Credit Union Has Nationally Available Top-Rate 22-Month CD
As DA reader, rockies, announced in a Forum post yesterday, Utah First Credit Union (Utah First) has unveiled a 22-month CD earning 5.00% APY. This limited-time offer can be opened with a minimum deposit of $2k, with no stated balance cap.
The 22-month CD is also available as an IRA Certificate (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
The penalty will equal all dividends earned on the amount withdrawn that is
subject to the penalty, not to exceed one hundred eighty (180) days’ dividends.
DA reader, rockies, pointed out that an early withdrawal is not guaranteed.
Withdrawal Limitations – You may make withdrawals of principal from your
account before maturity only if we agree at the time you request the withdrawal.
Funding and Other Particulars
The following information is from a conversation with CSR.
- Funding – ACH, wire, or shared branch transfer.
- Interest – Compounded/credited quarterly but must remain on deposit in the CD.
- Maturing Funds – Wire ($10 fee), cashier’s check or internal transfer to a Utah First savings/checking account.
- Early Withdrawal Penalty – lesser of all earned dividends or 180 days, with partial withdrawals allowed.
- Grace Period – 10 calendar days before automatic renewal as a 24-month CD.
Availability and Account Opening
Headquartered in Salt Lake City, Utah First Credit Union provides a route to membership for almost any U.S. citizen/resident alien who has 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 first year's $5 Community Volunteers fee will be included in the initial deposit at Utah First.
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 (2), Sandy, South Jordan, and Woods Cross.
Base Savings – This is a required account for membership and requires a
$5 minimum deposit at opening and $5 is the required minimum balance.
Utah First participates in both the CO-OP Shared Branch network and ATM network.
Utah First is part of a nationwide network made up of nearly 6,000 shared branches across all 50 states. That means you can manage your financial needs even when you’re travelling far from branch.
Unlimited beneficiaries can be designated, with percentages available. Social Security numbers for beneficiaries are “preferrable,” but not required.
Utah First does a hard pull as part of the application process.
Credit Union Overview
Utah First Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.84% (excellent) based on September 30, 2022 data. In the past year, Utah First has increased its total non-brokered deposits by $41.53 million, an excellent annual growth rate of 7.49%. 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 of $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 FOM began to expand. Utah First Credit Union is currently Utah’s ninth largest credit union, with nearly 35,000 members and assets in excess of $764 million.
How the 22-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Utah First Federal Credit Union 22-month CD. The following table compares the 22-month CD 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 12/13/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
but I also like the $25 SkyOne gave me for doing absolutely nothing but joining. And certainly don't like the idea of their "judgement" on my possible withdrawal.
From Ken's article on 11/15:
"Join today using promo code JOIN and we’ll put $25 in your pocket!
To receive $25 account opening bonus, you must open account online using promo code JOIN, deposit your par share value of $5 into a Primary Savings Account, and deposit the minimum opening balance amount of $5. The $25 cash bonus will be deposited into SkyOne Primary Savings account within 10 business days of the referral criteria being met. Offer subject to change without notice and may end at any time."
Just to see if they were as bad as I expected they would be I called Sky One (during their business hours) and was appalled as expected. I reached some answering service with a person on the other end who wasn't an employee of the FI and didn't know any answers to the most basic questions and when I took her recommendation to have someone call me back and asked when I should expect a call she said within 3 business days. Are you kidding me?! On top of that she was barely even coherent and acted like she was doing me a favor. Wouldn't touch them with a 10 foot pole.
In fact, several credit unions formally characterize "interest," as "dividends from profits."
What happens when the credit union, does not have a profit?
Most Americans are unaware how lucky they are, to live in such a strong, dominant country. Where almost no one alive gives thought to currency stability, bank runs, etc. etc.
Of course, easy times, make people soft, so we see how America's dominance, has its downside. While most of us party on, glibly unaware, of how such greatness is being lost.
Although I haven't yet funded it, my required base savings account has been activated and I've been able to log in and look around. The user interface isn't as slick as some of the Big Bank UI's, but it seems to have the necessary functions and is easy enough to navigate. In Utah First's favor, it's a not-for-profit credit union (established in 1935 by German immigrants), and my articulate CSR has been prompt in responding to my emails. From my research, Utah First Fed CU appears to be a solid bank with friendly, responsive customer service. After the 30 day probationary period, funds deposited to your savings or MM account should be available (normally) within a couple days. CDs are available in a range of terms, but not all the current rates are competitive. In addition to the 22 month CD at 5%, the 60 month CD pays 4%, which is better than average.