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Our SmartRate™ CD is a great option for saving in a potentially rising rate environment. While rates have been at historic lows, many anticipate rates rising as the economic outlook continues to improve. The SmartRate™ CD gives you the advantage of quarterly rate adjustment as the Wall Street Journal Prime Lending Rate changes. It’s a CD smart enough to help you maximize your earnings.
With multiple rates and terms, we have the SmartRate™ CD that is right for you. To open an account or learn more, contact one of our branch locations.
3 Year Term @ 40% of Prime Rate – 1.41% APY based on 1.40% Interest Rate
5 Year Term @ 50% of Prime Rate – 1.75% APY based on 1.76% Interest Rate
Rate Information: This Account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest rate and annual percentage yield may change. The interest rate on the account is based on the Wall Street Journal Prime Lending Rate . We may change the interest rate on the account calendar quarterly.
Interest Information: Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded quarterly and will be credited quarterly. We will mail the interest in a check to you or deposit the interest in an account that you designate. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $500.00 to open this account. Maximum CD amount $250,000.00. You may not make additional deposits into this account. You may not make withdrawals from your account until the maturity date.
Account Fees: There are no service charges associated with our certificates of deposit. Time Account Information: Your account will mature in 36 to 60 months. If you withdraw any of the principal before the maturity date, we may impose a penalty of whichever is greater, one half of the interest to be paid on the term of the Certificate of Deposit or all unpaid accrued interest.
Renewal: This account will automatically renew. You will have 10 days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term. If, at the time your CD matures, First Utah Bank no longer offers the SmartRate™ CD product, your CD will be converted to a fixed rate CD and the interest rate will be adjusted to the fixed rate offered based upon the renewal term.
