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

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Tuesday, September 1, 2020

Utah First Federal Credit Union’s checking account options

Dividend Checking

Dividend Checking is the only Utah First Federal Credit Union checking account that pays interest.
APYMinimum Balance Amount
0.05%$0 - $999.99
0.10%$1,000 - $24,999.99
0.25%$25,000 - $49,999.99
0.25%$50,000+
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $4
  • ATM fee: $0
  • ATM fee refund: $0
  • Overdraft fee: $34.95; $17.95, up to five times per day, with free Courtesy Pay service

The main attraction of Utah First Federal Credit Union’s Dividend Checking account is the APY. However, rates are not high. The account has a higher minimum opening deposit than the credit union’s other checking accounts, but it also provides additional services. On top of the E-Checking account’s benefits, Dividend Checking customers enjoy the following:

  • Always free checks
  • Free printed statements

One drawback of the Dividend Checking account is that the Courtesy Pay fee for overdrafts jumps back to the $17.95 level of the Free Checking account, rather than the lower $14.95 fee for the Personal E-Checking account. Customers will also face a $4 fee if their balance falls below $500.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

Free Checking

Utah First Federal Credit Union’s Free Checking account offers a host of free features in a package with low costs.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $34.95; $17.95, up to five times per day, with free Courtesy Pay service

Utah First Federal Credit Union’s Free Checking account is simple and straightforward, with no minimum opening deposit requirement, no fees and no monthly maintaining balance. Yet, the account still comes with a number of features and benefits, including the following:

  • Free debit card
  • Free ATM & shared branching transactions
  • 1 free box of checks per year (shipping costs of approximately $11 apply)
  • Complimentary enrollment in Courtesy Pay
  • Free online and mobile banking features
  • Free online check images
  • Free online bill pay
  • Free online statements
  • Free mobile remote deposit
  • Free ATM alerts

Unfortunately, the account pays no interest on balances of any size. Paper statements are available for a $3 charge.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

Personal E-Checking

The Personal E-Checking account offers additional services as compared to the Free Checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $34.95; $14.95, up to five times per day, with free Courtesy Pay service

Utah First Federal Credit Union’s Personal E-Checking account is designed to appeal to heavy online and mobile users. In addition to the basic freebies provided with the Free Checking account, Personal E-Checking customers enjoy the following:

  • Debit rewards
  • Unlimited checks per year, for just the estimated $11 cost of shipping
  • Free cashier’s checks
  • Free credit union checks
  • Free domestic outgoing wires
  • A reduced Courtesy Pay fee of $14.95 for overdrafts

As with the Free Checking account, however, no interest is paid on Personal E-Checking account balances, and paper statements are still $3.

How to open Utah First Federal Credit Union’s checking accounts

As noted earlier, Utah First Federal Credit Union has one online application for all account types.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

magnifying glass

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

Simply Savings

The Simply Savings account is Utah First Federal Credit Union’s traditional savings account.
APYMinimum Balance Amount
0.05%
$50 - $9,999.99
0.05%
$10,000+
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $34.95; $17.95, up to five times per day, with free Courtesy Pay service

The Simply Savings account (also referred to as Base Savings on the credit union’s website) is a requirement for membership at Utah First Federal Credit Union. Without depositing $50 into this account during the account-opening process, you can’t open any other type of account at the credit union.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

Dedicated Savings

The Dedicated Savings account is no longer being offered to new customers.
APYMinimum Opening Deposit
2.25%
$50
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $34.95; $17.95, up to five times per day, with free Courtesy Pay service

The Dedicated Savings account was similar to the credit union’s Simply Savings account, but it required monthly contributions of at least $25. In exchange, the account paid a much higher interest rate. Unfortunately, this account is no longer being offered

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

Youth Savings

Utah First Federal Credit Union offers an option for minors that can be managed with adult representatives.
APYMinimum Balance Amount
0.10%$50
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: $34.95; $17.95, up to five times per day, with free Courtesy Pay service

The Utah First Federal Credit Union Youth Savings account is a way to help teach minors about savings. The account is opened in the child’s name, with an adult listed as a joint account holder. The account has no monthly fee but carries a dormancy fee of $10 if it has not been used within 12 months.

A $50 minimum balance is required to remain in the account to keep it open and that amount must be maintained to earn the interest. There is no ATM access with this account, but it can be linked to a checking account. The overdraft policy is similar to the credit union’s other savings accounts, if it is linked to a backup checking account. However, with no ATM access, it can hard to overdraw the account.

How to open Utah First Federal Credit Union’s savings accounts

As noted earlier, Utah First Federal Credit Union has one online application for all account types.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

magnifying glass

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.

Utah First Federal Credit Union’s CD rates

Utah FirstFederal Credit Union offers a two-tier structure — at minimum deposts of $500 or $50,000 — for its CD rates.
TermAPYMinimum Balance Amount
6 months0.35%
$500 - $49,999.99
6 months0.35%
$50,000+
12 months0.40%
$500 - $49,999.99
12 months0.40%
$50,000+
18 months2.50%
$500 - $49,999.99
18 months2.50%
$50,000+
24 months0.60%
$500 - $49,999.99
24 months0.60%
$50,000+
36 months0.70%
$500 - $49,999.99
36 months0.70%
$50,000+
48 months0.80%
$500 - $49,999.99
48 months0.80%
$50,000+
60 months0.90%
$500 - $49,999.99
60 months0.90%
$50,000+
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $500/$50,000
  • Early withdrawal penalty: For maturities up to 12 months, 90 days’ interest; for maturities greater than 12 months, 180 days’ interest

Utah First Federal Credit Union offers a tiered structure with its CD rates, like many other financial institutions. However, the range in the deposit required between the two tiers is enormous. Although the minimum required to earn interest is a comparatively modest $500, the next interest tier doesn’t start until $50,000, and at 10 basis points, the jump in APY is minimal. Early withdrawal penalties do apply, at the cost of a few months’ interest.

How to get Utah First Federal Credit Union’s CD rates

As noted earlier, Utah First Federal Credit Union has one online application for all account types.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

magnifying glass

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 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

Money Market

This account is Utah First Federal Credit Union’s traditional money market, with modest minimums and a tiered interest-rate structure.
APYMinimum Balance Amount
0.15%
$3,000 - $4,999.99
0.15%
$5,000 - $19,999.99
0.15%
$20,000 - $49,999.99
0.15%
$50,000 - $99,999.99
0.15%
$100,000 - $249,999.99
0.25%
$250,000 +
  • Minimum opening deposit: $3,000
  • Minimum balance to earn APY: $3,000
  • Monthly account maintenance fee: $15, waivable with balance above $3,000
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: $34.95; $17.95, up to five time per month, with free Courtesy Pay service

Utah First Federal Credit Union’s Money Market account fits the traditional niche between a traditional savings account and a certificate of deposit. The account pays higher interest than the credit union’s standard savings account, but it provides greater access than with a certificate of deposit. As with all savings and money market accounts under Federal Reserve Regulation D, withdrawals are limited to six per month. No excess withdrawals are allowed. There is no ATM access with this account either.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

High Rate Money Market

APYMinimum Balance Amount
0.65%
$25,000 - $49,999.99
0.80%
$50,000 - $74,999.99
0.80%
$75,000 - $24,999.99
0.90%
$100,000 - $49,999.99
1.00%
$250,000 - $74,999.99
1.30%
$1,000,000 +
  • Minimum opening deposit: $25,000
  • Minimum balance to earn APY: $25,000
  • Early withdrawal penalty: $0, but account auto-converts to Regular Money Market if balance falls below $25,000
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: $34.95; $17.95, up to five times per day, with free CourtesyPay service

Utah First Federal Credit Union’s High Rate Money Market account is geared towards customers with larger deposits. Interest only kicks in for deposits of $25,000 or higher. However, rates are higher across the board compared to the credit union’s standard money market account. The account’s APY jumps significantly on deposits of $1,000,000 or more. The account carries the same six-withdrawal-per-month limit, and no excess withdrawals are allowed. There is no ATM access with this account either.

How to get Utah First Federal Credit Union’s money market accounts

As noted earlier, Utah First Federal Credit Union has one online application for all account types.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

magnifying glass

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

IRA CDs

IRA CD rates are the same as in its non-IRA accounts.
TermAPYMinimum Balance Amount
6 months0.35%
$500 - $49,999.99
6 months0.35%
$50,000+
12 months0.40%
$500 - $49,999.99
12 months0.40%
$50,000+
18 months2.50%
$500 - $49,999.99
18 months2.50%
$50,000+
24 months0.60%
$500 - $49,999.99
24 months0.60%
$50,000+
36 months0.70%
$500 - $49,999.99
36 months0.70%
$50,000+
48 months0.80%
$500 - $49,999.99
48 months0.80%
$50,000+
60 months0.90%
$500 - $49,999.99
60 months0.90%
$50,000+
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $500/$50,000
  • Early withdrawal penalty: For maturities up to 12 months, 90 days’ interest; for maturities greater than 12 months, 180 days’ interest

Utah First Federal Credit Union’s IRA CD rates come in two tiers, one for deposits of at least $500 and the other for deposits of $50,000 or more. At 10 basis points, the rate jump is not significant considering the larger deposit requirement; however, IRA CD customers used to purchasing jumbo CDs of $100,000 are rewarded with the increased APY at the $50,000+ level. Early withdrawal penalties do apply in terms of lost interest.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

magnifying glass

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.

IRA Share

The IRA Share account pays interest on all balances.
APYMinimum Balance Amount
0.10%
$0+

The IRA Share account at Utah First Federal Credit Union is where uninvested balances collect and earn interest. There’s no minimum balance requirement or fees, so money can accumulate until it’s deployed into another investment, such as a CD.

The credit union’s IRA Share account pays a modest amount of interest but is more of a parking place for funds until they can be invested in higher-rate options. The credit union’s IRA CDs, for example, pay roughly five to 12 times the rate of the IRA Share account.

How to get Utah First Federal Credit Union’s IRA rates

As noted earlier, Utah First Federal Credit Union has one online application for all account types.

SEE DETAILS Secured

on Utah First Federal Credit Union’s secure website

NCUA Insured

Overall review of Utah First Federal Credit Union products

Utah First Federal Credit Union has a fairly broad stable of products, ranging from checking and savings accounts to money markets and CDs. Customers can likely find a product suiting their needs in any category, although the money market offerings are the weak link. Savers willing to make regular contributions are amply rewarded with the high rate on the Dedicated Savings account, the standout offering in the Utah First Federal Credit Union lineup. However, CD rates are also competitive, in some cases reaching the realm of the best available rates in the nation. Overall, fees are low, nonexistent or easily avoidable, another plus for the credit union. Wrap it all up, and Utah First Federal Credit Union offers an attractive package, particularly for its Utah-based customers.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Do you have a question?