Utah First Credit Union Has Nationally Available Top-Rate 22-Month CD


Update 1/4/23: The 22-Month CD Special has ended. The closest alternative is a 24-month CD that earns 4.50% APY.

Deal Summary: 22-month CD, 5.00% APY, $2k minimum deposit

Availability: Easy Membership Requirement

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The penalty will equal all dividends earned on the amount withdrawn that is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.

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

Previous Comments
  |     |   Comment #1
Heckuva deal - with no SaveBetter uncertainty - in light of today's events.
  |     |   Comment #2
Still not as good as Sky-One's 22-month deal...with the flexibility options.
  |     |   Comment #4
Yes, the Sky One deal is the better one because of the flexibllity, but it can't be used for an IRA, so if you want it for an IRA then this is the way to go.
  |     |   Comment #5
As long as you are OK with Utah First making the final determination if you are allowed access to your investment prior to maturity since Utah First must "agree at the time you request the withdrawal"
  |     |   Comment #11
Rockies: I agree. I would be reluctant to do business with a financial institution that has unclear account rules and regulations. Also, more than one customer has commented on this financial institution's use of non-secure email for some communications that contain private personal information (see reviews).
  |     |   Comment #6
@flygirl - That's true,...
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.
  |     |   Comment #8
RichReg, is the $25 bonus something everyone is eligible if they join or did you get an invitation or know of a special link that offered it? Thanks!
  |     |   Comment #9

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."
  |     |   Comment #10
Ok, thank you. I had seen that but didn't see anything on their website or on the application where a promo code code be used.
  |     |   Comment #13
A deal is only good if it comes with competent and trustworthy service otherwise the features mean nothing.

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.
  |     |   Comment #15
PD: In these difficult times, a 20 foot pole is always recommended; preferably one made in the USA.
  |     |   Comment #3
The only 5% CD at SaveBetter is a 27m Sallie Mae, now. The 23 month Sallie Mae with SaveBetter is now 4.85%.
  |     |   Comment #16
Doing the math, any CD generated from SaveBetter pays the middle man a percentage. Not my cup of tea!
  |     |   Comment #7
Comments about "being allowed" to make withdrawals, prompt me to wonder if more than a few people, bother to read credit union disclosure statements.

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.
  |     |   Comment #14
You make an interesting point about the source of contracted dividends of a credit union certificate being profits. But isn’t the source of contracted interest of a bank CD also profits? And if an accrued and determined dividend of a credit union isn’t paid, isn’t it insured by the NACU in the same way an accrued and determined interest payment of a bank would be insured by the FDIC? I don’t see a distinction with a difference, but maybe I’m flossing over something.
  |     |   Comment #17
You will be subjected to a hard credit check and ID verification, and will be required to open a savings account, which you'll need to fund prior to funding the CD. There's a 9-day hold on "the excess over $5,525" (??) after depositing funds into the savings account (new account policy), before you can open the CD. In my case, setting up an ACH transfer from my primary bank to Utah First has been tricky--still working on it. The CSR assigned to me has assured me that the 22 month 5% CD will still be available after I've funded the savings account and waited 9 more days.

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.
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...

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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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