In November 2018, I wrote about the competitive rates offered on two First Florida Credit Union (First Florida) CD Specials (13- and 22-month). While those rates were lowered by 20 bps about six weeks ago, given the current rate climate, the APYs are still quite competitive: 13-month CD Special (2.69% APY) and 22-month CD Special (2.79% APY). The 13-month requires a $50k minimum opening deposit, while the 22-month can be opened with only $1k.
Both CD Specials are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows
If your account has an original maturity of 13–36 months: The penalty we may impose will equal all interest earned since the date of issuance or 180 days interest whichever is less.
Headquartered in Jacksonville, First Florida Credit Union’s field of membership (FOM) is primarily residency based with individuals who live or work in any of 38 Florida counties eligible to join. (Note: since I last wrote about First Florida, ten more counties had been added to the FOM.)
Florida Counties – Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Clay, Columbia, Duval, Flagler, Franklin, Gadsden, Gulf, Hillsborough, Indian River, Jackson, Jefferson, Leon, Liberty, Madison, Marion, Miami-Dade, Nassau, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Saint Johns, Seminole, Taylor, Union, Volusia, Wakulla, Walton, and Washington.
Membership is also open to employees of the State of Florida, CSX Transportation, Florida State University, and other area Select Employer Groups.
Opening a CD Special can be done in-branch or by phone (800.766.4328), but not online. CSR stated that once the online application is approved, a CD can be opened over the phone, provided the funds that will be used to open the CD are already in a First Florida savings or checking account. CSR emphasized that the funds must be in the possession of First Florida in order to open a CD over the phone.
A minimum deposit of $5.00 to a Savings Prime Share Account is required to join.
Credit Union Overview
First Florida Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.26% (excellent) based on March 31, 2019 data. In the past year, First Florida has increased its total non-brokered deposits by $55.43 million, an excellent annual growth rate of 8.56%. Please refer to our financial overview of First Florida Credit Union (NCUA Charter # 61170) for more details.
Established in 1950 as the Florida State Welfare Board Employees Credit Union, Florida First Credit Union is currently the 19th largest credit union in Florida, with more than 54,000 members and assets in excess of $979 million. For the first 50 years, the FOM was restricted to a variety of governmental employee groups, and the Credit Union re-branded twice as that base broadened. In 2003, the FOM expanded to include “all who lived or worked within the counties served in major metropolitan areas” across Florida; this expansion resulted in the current First Florida Credit Union brand. Four mergers occurred between 2007 and 2016, helping cement First Florida’s position among the state’s top 20 credit unions.
How the CD Specials Compare
When compared to 252 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, First Florida Credit Union's 13-month CD Special APY currently ranks first, regardless of minimum deposit requirement.
When compared to 226 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, First Florida Credit Union's 22-month CD Special APY currently ranks second.
The above rates are accurate as of 8/22/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.