Many banks and credit unions provide little or no rewards for large deposits. For the banks that do offer a little more on their Jumbo CDs, it’s rarely more than 5 or 10 basis points. That’s not the case for Coastline Federal Credit Union in Jacksonville, Florida. It offers three rates tiers with minimum deposit of $1K, $40K and $100K. For the 5-year CD, the Jumbo CD rate is 2.75% APY which is 50 basis points higher than the CD with a $40K minimum and 100 basis points higher than the CD with the $1K minimum deposit. The IRA CD has the same rate as the Jumbo CD with a minimum deposit of only $1K. These rates are listed at the credit union’s rates page as of 5/24/2011.
One change since I reported on this credit union in 2009 is an increase in the early withdrawal penalty. However, the penalty remains reasonable. From the credit union’s account disclosure:
If your account has an original maturity of more than one year: The penalty we may impose will equal six months' dividends on the amount withdrawn subject to penalty.
Credit union membership is open to anyone who lives, works, worships or attends school in Baker, Clay, Duval, Nassau or St. John's County. Please refer to the credit union’s Membership page for more details. Membership requires a minimum balance of $5 in the regular share savings account.
Coastline Federal Credit Union branches are located in Jacksonville, Florida.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 5.93% (excellent) based on December 2010 data. Please refer to our financial overview of Coastline Federal Credit Union for more details. It’s federally insured by the NCUA (Charter # 1115).
How It Compares to the Best Nationally Available CD Rates
As of 5/24/2011 the highest 5-year CD rate available nationwide is 3.00% APY at Connexus Credit Union. This requires an active checking account. The second best is still Melrose Credit Union which is offering a 2.93% APY 5-year CD. One thing to note about these two CDs is that both have harsh early withdrawal penalties. That’s one advantage of Coastline FCU.
To search for the best CD rates in your state or in the nation, please refer to the CD rates section of DepositAccounts.com. Be sure to use the "Filter Accounts" button above the table to compare accounts in your state.