When it can be found, a CD rate close to 2 percent is worth grabbing these days. Mountain America Credit Union did recently drop its CD rate just below 2 percent, but the current offering of 1.98 percent for a 5-year CD is still attractive compared to the rest of the market. These CDs only require a minimum of $500 to start a deposit, and they are protected by the standard $250,000 federal insurance limit. While there are CD terms offered by Mountain America for time periods as small as 6 months, the 1.98 percent rate is only offered for the longer-term, 5-year CD.
Mountain America Credit Union represents a not-for-profit, member-owned credit union that was established in 1934. The credit union was originally created just for Salt Lake Telephone Employees. Since that time, Mountain America has combined with two other credit unions to create the institution it is today. The institution has branches in Utah, Nevada, Idaho, New Mexico and Arizona.
The Credit Union offers the standard compliment of banking tools as well, including checking, savings and money market accounts. Those who establish a CD also have access to create additional accounts as well as to apply for loans from Mountain America as well. And being a community institution, Mountain America will often be able to offer more competitive rates on other products as well versus the same offered by national banks.
Mountain America term CDs can be established with the Credit Union by either becoming a credit union member online through the institution's website (www.macu.com), or by phone. Mountain America can be reached and a CD account established by calling toll-free at 1-800-748-4302.