Wasatch Peaks Credit Union (Wasatch Peaks CU) recently raised the rate on its 60-month Certificate (2.55% APY). The minimum opening deposit is $500, with no stated balance cap.
|2.55%||$500||-||Wasatch Peaks Credit Union||60 Month CD|
|2.55%||$500||-||Wasatch Peaks Credit Union||60 Month IRA (Traditional, Roth)|
The 60-month Certificate is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
All of Wasatch Peaks CU’s Certificates and IRA Certificates are offered with a bump option, with a rate “0.25% points less than the stated rate.” For example, a 60-month Certificate with a bump option has an APR of 2.27%.
As stated in the Truth in Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
For all Certificate accounts, the amount of the early withdrawal penalty is based on the term of your account.
The penalty schedule is as follows: Terms of 12 months or less, 60 days of dividends; terms over 12 months, 180 days of dividends.
When I read about the rate change and was looking at other long-term CDs offered in the Odgen area, I didn’t think the 60-month Certificate offered any advantages over Mountain America CU’s 5-year CD (2.60% APY). Then I saw the mild EWP.
DA’s Early Withdrawal Penalty Calculator, shows how the effective yields play out:
WPCU 60-month Certificate
MACU 5-year CD
Headquartered in Ogden, Utah, Wasatch Peaks Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Utah counties of Davis, Morgan, or Weber eligible to join.
Immediate family members (parent, child, sibling, spouse or surviving spouse) of current Wasatch Peaks CU membership also qualify for membership.
Opening a Certificate requires an in-person visit to any of the above mentioned branch locations.
Credit Union Overview
Wasatch Peaks Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.80% (excellent), based on March 31, 2017 data. In the past year, Wasatch Peaks CU has increased its total non-brokered deposits by $14.02 million, an excellent annual growth rate of 5.47%. Please refer to our financial overview of Wasatch Peaks Credit Union (NCUA Charter # 24780) for more details.
Wasatch Peaks Credit Union is technically a fairly young credit union, having just celebrated its sixth anniversary, but the established credit unions that merged to form Wasatch Peaks CU have more than 300 years of experience between them. The merging of the diverse and disparate FOMs of Alliance Federal Credit Union (government employees, realtors, dairy employees) and Weber Credit Union (school employees), and SummitOne Credit Union (hospitals employees) required a new and distinctive name. Wasatch Peaks refers to the Wasatch Mountains that extend from the Utah-Idaho border, south through central Utah. Wasatch Peaks CU is currently Utah’s 11th largest credit union, with more than 31,300 members and assets of nearly $300 million.
How the Certificate Compares
When compared to the 229 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Wasatch Peaks Credit Union’s 60-month Certificate APYs currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.60% APY||5-Year Term Deposit||Mountain America Credit Union|
|2.55% APY||60-Month Certificate||Wasatch Peaks Credit Union|
|2.50% APY||60-Month CD||University Federal Credit Union|
The above rates are accurate as of 8/7/2017.