Dedicated to Deposits: Deals, Data, and Discussion

2.25% 7-Month CD at Eastern Financial Florida/Space Coast CU - Local Only

POSTED ON BY

Eastern Financial Florida Credit Union
Eastern Financial Florida Credit Union (which is now a division of Space Coast CU) is offering a special 2.25% APY 7-month CD. Minimum deposit is $500, and new funds are required. This special is listed at the credit union's promotions page as of 7/23/09.

Eastern Financial Florida CU was placed into NCUA conservatorship in April due to problems with several large commercial loans and investments. The NCUA then arranged for Eastern Financial to be merged into a healthier credit union, Space Coast Credit Union, in June. So Eastern Financial is now officially a division of Space Coast CU.

Space Coast CU's 2.25% 5-Month CD

They both still have separate websites with different rates. Space Coast CU has its own short-term CD special. The rate is also 2.25% APY, but the term is only 5 months. One downside is that it requires an active checking account which is defined as having a minimum of 4 purchase transactions or checks per month or direct deposit of $500 or more per month. Offer is available through July 31, 2009. This special is listed at Space Coast's CD page as of 7/23/09.

Space Coast CU also has competitive standard CD and IRA CD rates. Some of the most competitive ones include a 3.50% APY 60-month CD and a 3.00% APY 48-month CD. These rates are listed at the credit union's CD Rates Page as of 7/23/09.

Integration Plans and Eastern Financial's Reward Checking

According to the credit union President/CEO full integration of the of the two credit unions will take approximately one year to complete. Eastern Financial continues to offer a high yield reward checking account (see post), and there were concerns that this may be discontinued. But I don't see any signs that this will be the case in the near term. If anyone has additional info, please leave a comment.

Membership Eligibility

Eastern Financial membership is open to those who live or work in Miami-Dade, Broward, Palm Beach, Hillsborough, Pinellas, Clay, Duval, Nassau or St. Johns County. You can also be eligible via select employer groups, associations and immediate family. Please refer to Eastern Financial's Membership Page for the full details. Membership requires a minimum $5 balance in the savings account.

Space Coast membership is open to those who live or work in Brevard, Volusia, Flagler, Indian River, Osceola, Orange, Seminole or St. Lucie County. Please refer to Space Coast's Membership Page for the full details. Membership requires a one-time $5 fee and a $5 minimum balance in the savings account.

Unlike the past condition of Eastern Financial, Space Coast Credit Union appears to be financially healthy. It has a 4-star rating (excellent) at BauerFinancial and a 3-star rating (performing) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 67297).

Other High Certificate of Deposit Rates

  Tags: CD rates, IRA rates, Florida, Eastern Financial Florida Credit Union

Related Posts

Comments
Comment #1 by Anonymous posted on
Anonymous
First!

1