Eastern Financial Florida Credit Union is offering a special 13-month certificate with a 3.40% APY. Minimum deposit is $500. It's available as both a regular and IRA certificate. The rate is listed on the credit union's home page and in this promotion page as of 1/19/2009.
The credit union also has a reward checking account that pays 4.05% APY on balances up to $25,000 (see post).
Membership is open to those who live or work in Miami-Dade, Broward, Palm Beach, Hillsborough or Pinellas County. You can also be eligible via select employer groups, associations and immediate family. Refer to the credit union's Membership Page for details. Membership requires a minimum $5 deposit into your primary credit union account.
Branches are located throughout South Florida. Some of the cities include Miami, Ft. Lauderdale, Hollywood, Boca Raton, Tampa, Clearwater and St. Petersburg.
Unlike most credit unions, this one has some weak ratings for soundness: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/08 data.
As with any bank or credit union, it's best to stay under the FDIC/NCUA limits. The credit union is federally insured by the NCUA (Charter # 68486). It's a large credit union with $1.8 billion in assets and 205,660 members. Refer to my review of 2008 credit union liquidations to see how the NCUA handles problem credit uions.