South Florida FCU continues to offer 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. Rate is subject to change. The rate is listed at the credit union's rates page as of 11/20/09.
My last post on this money market account was in September. When I spoke with a credit union rep in September I was told that this rate has remained the same for about 2 years, and they expected to keep it competitive even though they couldn't guarantee it won't drop. I'm glad to see it's still holding.
The credit union also has a history of offering competitive rates on CDs. My post in July highlighted their 2.36% 3- and 6-month CDs. Unfortunately, these have ended, and there's nothing to note with their current CD rates.
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 above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com (an improvement from September). Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 23041).
Other Competitive Money Market Accounts