Savers throughout Utah can beat the top national 5-year CD yield — while keeping a rate-bump option in their back pocket — with Cyprus Credit Union.
Based in suburban Salt Lake City, Cyprus is paying 2.30% APY on 60-month certificates with a $1,000 minimum investment. The early withdrawal penalty is a reasonable 180 days’ interest.
It’s enough to beat the top nationally available 5-year yield from the banks on our CD Rates Leaderboard, which stands at 2.27% APY and requires at least a $2,500 deposit.
Cyprus’ offer also includes the option to bump your rate once during the term, which could come in handy if we see several interest rate hikes from the Federal Reserve over the next few years.
A search through Bankrate’s extensive database of the day’s best CD rates — always smart before committing to any certificate of deposit — will likely confirm that 2.30% APY is hard to beat for 5-year returns these days.
It’s also enough to earn Cyprus a spot in our constantly updated roundup of the best-paying credit union and community bank CDs across the country.
Any resident of Salt Lake County is eligible to join Cyprus, as are those who work for one of several affiliated companies, including Goldman Sachs & Company, Abbott Laboratories, Macy’s and Morton Salt International. Members of any Catholic parish or mission in Utah are also eligible.
But residents anywhere in the state have an additional option for eligibility: donating $5 to the nonprofit Community Recreation Association, which can be done at the same time as applying for Cyprus membership.
Joining Cyprus and opening its CDs can be done online, by phone or at one of its 18 branches in and around Salt Lake County.