If any reader out there can explain what’s going on with Utah’s credit unions, please — clue us in.
In February, an onslaught of Utah institutions virtually simultaneously unveiled 5-year certificate promotions that outpaid the leading national banks with a 2.30% APY return.
Since then, additional Utah credit unions have joined the 60-month party, with seven of them now appearing in our roundup of the nation’s best-paying credit union and community bank CDs.
All of those 5-year CDs are paying between 2.27% and 2.35% APY.
For savers in Salt Lake County, the best yield among these comes from Granite Credit Union.
It’s paying 2.32% APY for a 5-year term, which offers a slight edge over the top nationally available return of 2.27% APY from the banks on our CD Rates Leaderboard.
Of course, it’s always wise to check Bankrate’s extensive database of the day’s best CD rates before locking in any certificate. But with the buffeting that 5-year CD rates have suffered in the last half year, Granite’s return will be tough to beat.
Membership in the credit union is open to anyone who lives or works in Salt Lake County, but joining requires visiting one of its eight branches in the Salt Lake valley.
Opening a CD can also be done at that time or online after membership has been established.
Granite’s 5-year certificate of deposit requires a $500 minimum investment and carries an early-withdrawal penalty of 1 year’s interest, should you cash it in early.