South Florida FCU is offering a very competitive rate of 2.52% APY on its money market account. Minimum balance of $2,500 is required to open the account and is required to avoid a $6 monthly fee. Limited check writing is available. The rate is listed at the credit union's rates page as of 9/10/09, and it's subject to change at anytime.
I'm always a little worried about money market accounts with very high rates and no rate-guarantee period. There's always a question about how long it'll remain competitive. According to the credit union representative, this rate has remained the same for about 2 years. They've also been advertising this rate so it's likely that it'll remain the same at least in the short-term.
The credit union also has a history of offering competitive rates on CDs. My last post was in July when it was offering a 2.36% 3- and 6-month CD.
Membership is primarily based on Select Employee Groups. Several churches and schools are also included. Please refer to the credit union's Who Can Join page for the full details.
The credit union is located in Miami, Florida.
South Florida FCU's ratings for safety and soundness are a little mixed: 4 stars (excellent) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 23041).
Other Competitive Money Market Accounts