Mountain America Credit Union

[almost there]

Ok to delete

Ok to delete.

 

[jazz4cash]

Not sure what happened here....maybe original post was edited. I use www.depositaccounts.com to research these obscure financial institutions:

https://www.depositaccounts.com/banks/mountain-america-cu.html

 

[almost there]

After 100 folks looked at my post with no response I just wanted it deleted.
Went ahead and opened an account based on my own research. Was just looking for feedback. Still OK to delete.

 

[jazz4cash]

Well I think that's a lousy idea! You should report your experience with Mountain America back to us. I didn't realize your question was time sensitive. I will say that bump rate being equal to the fixed rate is attractive.

 

[almost there]

Nothing to report yet. So I cant say much. I Just wanted some info prior to opening an account. Will be a week or two before I have anything to report.

 

[almost there]

So far so good. Opened (4) 5 yr CD's in non IRA accounts. 2.75% with one bump.
IRA funds being sent from Vanguard by pack mule should be there tomorrow or Monday. Started on 3/9/17........... That's the hard part, waiting on check in the mail.

 

[jazz4cash]

Thanks for the update. How does the bump feature work?

 

[ShokWaveRider]

3% is my buy for 5 years. Interest rates are on the Rise. I still have 3 5 year CDs with PenFed at 3% due to expire in January 2019.

 

[almost there]

jazz4cash / You can bump to a higher rate one time during the term of the CD. Providing they offer a higher rate at that time. Its not automatic, you have to do it yourself. Had similar CD's yrs. ago with the one bump option.
That's what got me to pull the trigger on this. As I anticipate higher rates over the next 5 yrs. And 2.75% insured (250k per account) is nothing to sneeze at these days.... (Never imagined I would ever be saying that)
My plan is to have several smaller CD's so Its not just a one time "bump".
Have the 4 non IRA CD's and plan to open 9 IRA CD's maturing in 2021.
(If the check ever gets there)..............................
I will be 60 then, so it will work out nicely..........

 

[ShokWaveRider]

I think my next year we may be lucky enough to see 3% again..... Hopefully.

 

[almost there]

Looks like you did great. I had to wrap some up at 2% a yr ago.
All I can say is its better than nothing..... If it hits 3.5 I will pay the 6 mo. penalty.
1st time in 5000 years......... We got taken to the cleaners..........

 

[almost there]

Up date. Mountain America's 2.75% 5yr. (1) bump CD's are good to go.
Just opened my last (9) $25K cd's. Not a super fun process, but the folks there were helpful and easy to work with. 11 days for the IRA transfer from VG start to finish, only 3 days on the non IRA stuff transferred from Ally. Opened lots of small ones so I could raise the rate over time. Early withdrawal penalty is 12 months interest. Just so you know.......

https://www.macu.com/bump

 

[jazz4cash]

Thanks for the update. I'm hoping rates will go up on the 1st since I have one the matures next month. I'll probably go with Andrews FCU 3% for 7yrs w/ 6mo EWP.