Certificates of Deposit (CDs)
My Utah is spur-of-the-moment adventures
and predictable returns on my investments.
You like to live life on your own terms, but the one thing you don't want
to be spontaneous with is saving for your future. And for that,
you want peace of mind.
Invest in a CD, a secure and simple way to meet your savings goals.
We have a variety of options.
Open the 1 Year CD or our Promo CD — two of our most popular CDs —
in as little as 5 minutes.
Benefits
Choose What's Best for You
With a variety of available terms and amounts to match your short- and long-term goals
Boost Your Earnings and Confidence
With a low-risk savings option that also earns interest (view rates)
Pick Your Statement Method
With options that include our eStatement Promise or paper statements, and access to online banking, where you can view your account anytime
Features
- Set aside funds to withdraw on a specified date – good for when you won’t need immediate access to your funds during the term length.
- Open your account with a minimum deposit (amount varies depending on CD).
- Interest will be compounded, and credited to your account, every quarter on accounts with terms of one year or more.
- You may not make any deposits into your account before maturity.
- You can withdraw interest credited in the term before maturity without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account. You may not make withdrawals of principal from your account before maturity.
- This account will automatically renew at maturity unless you provide the bank with written notice of your intent not to renew. The written notice must be provided either before the maturity date or within a grace period of 10 calendar days after maturity, which also allows you to withdraw the funds without penalty.
What CD is Right For You?
Based on your savings goals, we have a number of CD options. Some must be opened in a branch.
Two of our most popular — the 1 Year CD and 1 Year Jumbo CD — can be opened online.
- The 1 Year CD is available on investments between $1,000-$99,999 (must maintain a daily balance of $1,000 to obtain the annual percentage yield for a standard CD).
- The 1 Year Jumbo CD is available on investments over $100,000 (must maintain a daily balance of $100,000 to obtain the annual percentage yield for a Jumbo CD).
Opening an account is quick and easy and can be done in as little as 5 minutes.
Here's a short glimpse of the process:
- Provide your personal information; just a few basics – no documentation needed.
- Make your initial deposit into the account. Using a combination of either an account number and routing number OR username and password from another institution, transfer funds easily within the digital application.
- Read and agree to the disclosures associated with the account.
- Order any extras that may come with the account, such as a debit card, checks or overdraft protection.
- Check your email for confirmation or next steps.
A Little More About Our CDs
The interest rate on your account will be paid until first maturity.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity):
If your account has an original maturity of less than one year, the fee we may impose will equal 91 days interest on the amount withdrawn subject to penalty.
If your account has an original maturity of one year or more, the fee we may impose will equal 182 days interest on the amount withdrawn subject to penalty.
If your account is a 30-day short-term CD, the fee we may impose is the greater of:
7 days interest on the amount withdrawn subject to penalty if the withdrawal is made within the first 6 days after the deposit
all interest on the amount withdrawn subject to penalty
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
If you prevent renewal, interest will not accrue after final maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. You will have 10 calendars days after maturity to withdraw the funds without a penalty on CDs of 31 days or greater. On our 30-day short-term CD you will have one business day to withdraw funds without a penalty.
