MIDFLORIDA Credit Union continues to have some good deals for savers. First, the credit union has competitive long-term certificate and IRA certificate rates. The best ones are a 2.00% APY CD with terms of 37 to 48 months and a 2.50% APY for terms of 49 to 60 months. The IRA CD rates are 25 basis points higher. Minimum deposit is $1,000, and the early withdrawal penalty for terms over 1 year is up to 180 days of interest (see credit union’s QA). These rates are listed at the credit union's CD rates page as of 5/18/2011. Note, you have to enter a local zip code to see these rates. I used the zip code 33830.
Checking Account Bonus
The credit union is offering a $50 bonus for opening a checking account. It’s part of their Triple Pay promotion. The bonus will be paid as a credit to your MIDFLORIDA Visa Platinum credit card. So if you don’t have one, you’ll need to apply for it. There is also a $50 bonus for applying for a MIDFLORIDA credit card (new credit card accounts only). Below is the small print for the checking account bonus:
To qualify for the incentive, this must be a new Free Checking account on a base savings account that does not already have a checking account. Minimum to open is $50. For the account to qualify for incentive you must accept and open online banking, online bill payment, eStatement, eNotice, direct deposit and a debit card.
MIDFLORIDA offers a free checking account with no monthly service charge. The checking account bonus is not that much, but if you're going to open the CD, the checking bonus may be worthwhile.
Membership is open to anyone who lives, works, worships or attends school in any of the following areas: Polk, Highlands, Okeechobee, Hardee, DeSoto, Glades and Sumter counties or portions of Martin, Hillsborough and Pasco counties. Membership requires a $5 minimum balance in the share savings account. Please refer to the credit union’s Q&A page for more details.
Credit Union Overview
MIDFLORIDA began in 1954 as Polk County Teachers Credit Union. Since then it has expanded its charter to include residents of several counties. It’s a large credit union with $1.52 billion in assets. The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 11.79% (above average) based on December 2010 data. Please refer to our financial overview of MIDFLORIDA Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68600).
How It Compares to the Best Nationally Available CD Rates
One thing that makes the MIDFLORIDA CD rates more competitive is that they allow for a range of terms. For example, it allows you to get the 60-month CD rate for a 49-month term. The 2.50% APY for a 5-year term isn’t that great, but a 2.50% APY for a 49-month term (roughly a 4-year term), makes it much more competitive. The best nationally available CD rate for a 4-year term is 2.45% APY at Fort Knox Federal Credit Union (as of 5/18/2011).
To search for the best CD rates nationwide and in your state, please refer to our CD rates table.