Saturday, 28 November 2020

Utah First Credit Union Review of Checking, Savings, CD, Money Market and IRA Rates

Utah First Credit Union Review of Checking, Savings, CD, Money Market and IRA Rates
28 Aug
12:26

Utah First Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Utah First Federal Credit Union Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.00%

CD Rates

Utah First Federal Credit Union 12 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.50%

CD Rates

Utah First Federal Credit Union 36 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.15%

CD Rates

Utah First Federal Credit Union 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Utah First Federal Credit Union’s checking account options

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How Utah First Federal Credit Union’s checking accounts compare

Utah First Federal Credit Union offers a three-account lineup that serves the needs of most customers. Those seeking a basic, fee-free account might prefer the Free Checking account, as it still provides an extensive list of free services. The reduced overdraft fee for the Personal E-Checking account — when enrolled in the credit union’s complimentary Courtesy Pay service — can be a benefit to those who have occasional overdrafts. Free additional services, such as domestic wire transfers, are also a nice benefit not always offered by other credit unions.

Those seeking an interest-bearing checking account have only the Dividend Checking account as an option, and although it offers a few additional freebies, the interest rate it pays is low. Even for deposits of $50,000 or more, the rate offered on Dividend Checking is below the national average, and far below the best national checking rates offered by competitors.

Utah First Federal Credit Union’s savings account options

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How Utah First Federal Credit Union’s savings accounts compare

Utah First Federal Credit Union’s Simply Savings account is primarily a membership account, so it doesn’t offer the institution’s best rates. The Dedicated Savings account, however, pays an exceptional rate, and on deposits as small as $50. When compared with national rates, the Dedicated Savings rate is outstanding, paying about six times the national average. Even when compared with the highest online savings rates available, Utah First Federal Credit Union’s Dedicated Savings rate shines, currently topping the charts when it comes to savings rates.

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How Utah First Federal Credit Union’s CD rates compare

There is no ultra-short term CD in Utah First Federal Credit Union’s lineup, with the shortest maturity coming in at six months. Maturities also don’t extend beyond 60 months. Rates overall, however, are high. For every maturity, rates exceed the national average, in some cases significantly. This is true even for the base $500 deposit level. Even on a national basis, Utah First Federal Credit Union’s CD rates hold up well, in some cases coming very close to the the best CD rates available.

With its tiered earning structure, you can get better rates at Utah First Federal Credit Union by depositing $50,000 or more into your CD account. However, the APY increase is minimal.

Utah First Federal Credit Union’s money market account options

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How Utah First Federal Credit Union’s money market accounts compare

Utah First Federal Credit Union’s basic money market account pays more than some savings accounts, and at most balance levels, rates are above the national money market account average. Befitting its name, the High Rate Money Market account pays considerably higher interest rates, also above the national averages for every deposit level. Yet, both accounts fall short of the highest available money market rates at other banks. Even deposits of $1M or more in the High Rate Money Market are far below the best rates on offer at competitors.

Utah First Federal Credit Union’s IRA rates

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How Utah First Federal Credit Union’s IRA CD rates compare

There is no ultra-short term CD in Utah First Federal Credit Union’s IRA CD lineup, with the shortest maturity coming in at six months. Maturities also don’t extend beyond 60 months. Rates overall, however, are high. For every maturity, rates exceed the national average, in some cases significantly. This is true even for the base $500 deposit level. Even on a national basis, Utah First Federal Credit Union’s IRA CD rates hold up well, in some cases equalling the best IRA CD rates available.

With its tiered earning structure, you can get better rates at Utah First Federal Credit Union by depositing $50,000 or more into your IRA CD account. However, the APY increase is minimal.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/utah-first-federal-credit-union/

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