bank rates

Credit Union Treats Savers To Sweet National Deal On 5-Year Bump-Up CDs

Mountain America Credit Union is once again offering savers across the country a 60-month bump-up CD with an initial rate of 2.30% APY.

That’s a little lower than the top nationally available return from the banks on our CD Rates Leaderboard.

But the step-up feature allows owners to increase their yield once over the course of the next five years to Mountain America’s standard 60-month rate, which is also at 2.30% APY right now.

With the Federal Reserve poised to start pushing interest rates higher, perhaps as early as next month, that’s a feature you’re almost surely going to use.

If all of this sounds a little familiar, that’s because Mountain West offered a similar deal last winter.

Just remember that you must refer to the promo code TD15A when applying to qualify for the bump-up feature.

You have to make a minimum deposit of $500 and be a member of the credit union to buy its certificates of deposit (which it calls “Term Deposits”).

Membership requires that you live in one of four specified counties in Utah, be a family member of an existing member, or be an employee or volunteer for one of a long list of businesses and organizations.

One eligible organization listed on Mountain America’s website is the American Consumer Council, which anyone nationwide can join for a $5 fee.

Earlier this year, Mountain America confirmed to me by email that ACC membership “is still a legitimate and valid way of qualifying members inside and outside of the state if all other means of eligibility are exhausted. That may change in the future.”

Members can open CD and other accounts online, over the phone or in person at one of many branch locations in Arizona, Idaho, Nevada, New Mexico and Utah.

Those sensitive about joining a credit union because of possible “hard” credit pulls should be aware that Mountain America did one on me when I joined.

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