Mountain America Credit Union Certificates
APY Range
Minimum Deposit
Terms
Our Rating
Certificates Options, Rates And Conditions
Mountain America provides highly competitive rates and a diverse range of certificates that offer intriguing options for investors.
These options include a rate bump option and growth certificates, which allow investors to conveniently add more funds after the initial opening. The terms available for these certificates span from 6 months – 5 years, providing flexibility to suit different investment preferences.
Additionally, Mountain America requires a remarkably low minimum deposit for these certificates. It's important to note that these certificates are insured by the NCUA, providing a safety net for investors with coverage of at least $250,000.
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Standard Certificatess
Mountain America offers a standard certificate with attractive features. One notable aspect is its competitive rates, which are among the highest credit union CD rates and overall in the country for all available terms. To open an account, a minimum deposit of $500 is required.
An interesting feature of the standard certificate is the rate bump option. This means that if a higher interest rate becomes available during the term of the certificate, holders of the standard certificate have the opportunity to “bump up” to that higher rate. This allows investors to take advantage of potential rate increases and maximize their earnings.
When adding a bump option to an eligible certificate during account opening, the dividend rate is reduced by 0.25%.
Standard Certificate Term | APY |
|---|---|
6 Months | 4.65% |
12 Months | 4.50% |
18 Months | 4.15% |
24 Months | 4.15% |
30 Months | 4.00% |
36 Months | 4.00% |
48 Months | 4.00% |
60 Months | 4.00% |
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Growth Certificatess
The Growth certificates offered by Mountain America provide a convenient and flexible way to save with long-term CDs. These certificates have the following features:
Minimum deposit: You can open a Growth CD account with just $5, making it accessible to a wide range of savers.
Additional funds: Unlike standard certificates, you have the flexibility to add money to your Growth CD account at any time. However, there is a cumulative cap of $100,000 for the total amount you can deposit.
Monthly deposit requirement: To maintain the Growth CD, you are required to set up an automated monthly deposit of at least $10. This helps you consistently contribute to your savings over time.
No rate bump option: Unlike some other certificate options, the Growth CD does not offer a rate bump option. The interest rate remains constant throughout the term of the certificate.
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Youth Certificates
Youth Certificates are specialized certificates designed for individuals aged 27 and younger. Here are the key features:
Flexible Deposits: Account holders can add funds to their deposit balance at any time throughout the year. This provides the convenience of contributing additional money whenever desired.
Automatic Renewal: Once the account holder reaches the age of 28 (on their 28th birthday), the youth Certificateautomatically renews as a standard certificate. This ensures continued investment opportunities beyond the youth Certificate program.
Grace Period: At the maturity of the youth Certificate, there is a 10-day grace period during which the account can be closed without incurring any penalties. This provides flexibility for account holders to evaluate their options and make decisions without any immediate consequences.
Mountain America Certificates Early Withdrawal Penalty
The penalties for early withdrawal from a certificate depend on the term length and the amount being withdrawn. Here's a summary:
- For terms of 12 months or less, there is a penalty of 90 days' worth of dividends.
- For terms greater than 12 months and less than 48 months, the penalty is 180 days' worth of dividends.
- For terms of 48 months or longer, the penalty increases to 365 days' worth of dividends.
It's important to note that the penalty is only applied to the amount being withdrawn from the certificate.
Does Mountain America Certificate Rates Competitive?
Indeed, Mountain America Credit Union offers some of the most competitive certificate rates available in the market. There are very good short-term CD rates like 6 months and 12 months, their rates stand out as exceptionally high.
It's rare to find other financial institutions offering such elevated rates across various terms. The inclusion of features like the rate bump option and the ability to add funds to Certificates after opening makes it an appealing choice for opening a Certificate account.
Additionally, Mountain America Credit Union sets a remarkably low minimum deposit requirement, making it accessible for a wide range of investors. Furthermore, their early withdrawal fees are reasonable, ensuring a fair balance between flexibility and accountability.
To compare the rates in detail, please refer to the following table:
CD APY Range | Minimum Deposit | |
|---|---|---|
Mountain America Credit Union | 4.00% – 4.65% | $500 |
Marcus | 3.65% – 4.25% | $500 |
Barclays Bank | 0.10% – 4.15% | $0 |
Quontic Bank | 3.00% – 4.50% | $500 |
PenFed Credit Union | 2.00% – 4.35% | $1,000 |
Alliant Credit Union | 3.10% – 4.10% | $1,000 |
Sallie Mae | 3.40% – 4.05% | $2,500 |
Bread Financial | 4.25% – 4.75% | $1,500 |
Capital One | 3.50% – 4.00% | $0 |
Discover Bank | 2.00% – 4.00% | $0 |
CIT Bank | 0.50% – 3.50% | $1,000 |
Ally Bank | 2.90% – 4.05% | $0 |
Citi Bank | 0.05% – 4.10% | $500 |
Connexus Credit Union | 3.51% – 4.85% | $5,000 |
Merrick Bank | 3.90% – 4.35% | $25,000 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Synchrony Bank | Up to 4.25% | $0 |
Alliant Credit Union | 3.10% – 4.10% | $1,000 |
Lafayette Federal Credit Union | 3.70% – 4.16% | $500 |
TD Bank | 1.00% – 4.00% | $250 |
Navy Federal | 4.15% | $1,000 |
LendingClub | 3.40% – 4.25% | $2,500 |
How To Join Mountain America?
To join Mountain America Credit Union, you have various options to meet the eligibility criteria. You can qualify by residing in specific Utah counties (Residents of Salt Lake County, Duchesne County, Wasatch County, or Uintah County in Utah are eligible for membership.).
You can have a family relationship with an existing member, live with or under the same roof as an existing member, or be an employee or volunteer of a Select Employer Group (SEG) or affiliated association. These criteria ensure that membership is easily attainable and accessible.
You can choose to open your account at one of our branches or take advantage of our convenient online account opening process, which only takes a few minutes to complete.
What Other Financial Products Available?
Mountain America Credit Union provides customers with a comprehensive selection of financial products and services.
Their offerings encompass a wide range of banking and financial solutions, such as checking and savings accounts, certificates of deposit (CDs), credit cards, home loans, insurance options, and investment products.
This variety ensures that individuals can find the products that best suit their needs and financial goals. Customers can leverage automated account access at any time, day or night, through their user-friendly online and mobile banking platforms.
About Mountain America Credit Union
Established in the mid-1930s, Mountain America Credit Union is based in Sandy, Utah, and boasts an extensive network of over 90 branches across several states, including Utah, Arizona, Idaho, Montana, New Mexico, and Nevada.
As a credit union, Mountain America operates under a unique ownership structure where its members are the owners. This distinctive characteristic sets credit unions apart from traditional banks, as their primary focus is not on generating profits for shareholders.
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FAQs
Which accounts are eligible for a bump?
You can add a bump option to standard or IRA certificates either during the account opening process or within 10 days of renewal. However, please note that growth and youth certificates are not eligible for the bump option.
Can I open a standalone certificate?
Unfortunately, no. To open a certificate, you must first become a member with an active account at Mountain America. Once you meet the eligibility criteria and have an active account, you can proceed to open a certificate.
What happens if I forget to bump up my rate?
If you forget to bump up your rate, your certificate's rate will remain the same. Mountain America Credit Union will not make any changes to your certificate without your explicit instruction.
Who owns Mountain America Credit Union?
Like all credit unions, Mountain America is owned by its members. This means that the credit union has no shareholders. Instead, any profits generated through its operations are returned to its members in the form of lower loan rates and higher deposit rates.
What if rates never increase during the term?
Unfortunately, due to the unpredictable nature of the market, there may be situations where rates do not increase during the term of your certificate. In such cases, you may not have an opportunity to bump up your rate.
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How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
