Dedicated to Deposits: Deals, Data, and Discussion
Florida Central Credit Union3.25%-$5kUltimate Checking with qualified loan
Accounts mentioned in this post. Rates as of August 26, 2014

Unique Reward Checking Account with a Long History in Florida


Florida Central Credit Union

While reviewing some of the old reward checking accounts, I came across a few interesting ones that still offer competitive rates. One is the Ultimate Checking Account at Florida Central Credit Union. I first reviewed this account in November 2007 when the rate was 6.01% APY on balances up to $25K. The rate has fallen, but not by that much. The top rate is now 4.50% APY as of 4/8/2011. However, there have been two significant changes that hurt this deal. First, a change that has been common with reward checking is the reduction in the balance cap. The Ultimate Checking's top rate now only applies to balances up to $15K.

The other change is unique. The credit union added the requirement of maintaining a $5,000 loan balance to qualify for the 4.50% APY. If the other typical reward checking requirements are met except for this loan requirement, the rate falls to 3.51% APY. This loan requirement excludes credit cards and secondary market mortgages so it won't be easy to meet for the typical saver.

In addition to the top rate, the Ultimate Checking offers refunds of ATM surcharges. The other monthly requirements besides the loan balance include:

  • 12 debit card purchases
  • One direct deposit or ACH auto debit
  • eStatements

One nice thing about this credit union is that its field of membership includes a large area of Florida. Membership is open to anyone who lives or works in Pasco, Hillsborough, Pinellas, Polk, Manatee, Sarasota, DeSoto, Charlotte, Orange, or Lake County. Please refer to the credit union's membership page for more details.

Florida Central Credit Union branches are located in several West Central Florida cities including Tampa, Clearwater, Saint Petersburg, Bradenton, Largo, Lakeland and Port Charlotte.

The credit union has an overall health score at of 5 stars (out of 5) with a Texas Ratio of 5.88% (excellent) based on December 2010 data. Please refer to our financial overview of Florida Central Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 67668).

Other High-Yield Reward Checking Accounts

To find reward checking accounts in your state or to find those available nationwide, please refer to the reward checking section of

  Tags: Florida Central Credit Union, reward checking account, checking account, Florida

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Comment #1 by Anonymous posted on
Ken, Thanks for posting this.  I was the one that commented on the changes at FCCU reward checking earlier today.  FCCU did not communicate these changes to its membership but rather let us find out about them when our statements came out in February.  You really need to change the interest rate for the Ultimate reward checking to 3.51%APY on the page for their rates, since most are not interested or able to take out a minimum of $5K loan from FCCU.  Thanks.

Comment #2 by 51hh posted on
Let's see: If I take out a $5,000 loan even at the lowest of 4.5% interest rate, that would cancel the RCA balance of $5,000, making the balance cap to be $10K, ignoring a lot of factors such as tax, monthly payment, need for a loan, complications, labor.  Not to mention the typical loan rate may far exceed the 4.5% rate. 

I am not smart to know the exact trade-offs, but it seems to be a no-brainer to me ... hell no!!! 

Comment #3 by 51hh posted on
Addition: One can always put the loaned $5K into RCA that earns 4%...  But in general, it is way too complicated to make it worthwhile for me.