First Florida Credit Union (First Florida) is currently offering increased rates on its three CD Specials: 13-month (2.89% APY), 22-month (2.99% APY), and 9-month (2.19% APY). Of the three, the 13-month has the most competitive rate. The 13-month requires a $50k minimum deposit, while the other two CD Specials require a more modest $1k minimum deposit.
|2.99%||$1k||-||First Florida Credit Union||22 Month CD Special|
|2.89%||$50k||-||First Florida Credit Union||13 Month CD Special|
|2.19%||$1k||-||First Florida Credit Union||9 Month CD Special|
All three are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
DA has been tracking the 13-month CD Special for about eight years, during which time its APY was mediocre, ranging from a high of 1.24% to a low of 0.49%. This week’s increase of 160 bps more than doubled the APY.
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 the following Florida counties eligible to join.
Florida counties – Baker, Bradford, Broward, Clay, Columbia, Duval, Flagler, Franklin, Gadsden, Hillsborough, Jackson, Jefferson, Leon, Liberty, Madison, Miami-Dade, Nassau, Orange, Osceola, Palm Beach, Pasco, Pinellas, Saint Johns, Seminole, Taylor, Union, Volusia, or Wakulla Counties in Florida.
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, but not online. According to CSR, once your online application is approved, you can open the CD over the phone, provided the funds you will be using 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 to open a CD over the phone.
Credit Union Overview
First Florida Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.27% (excellent) based on June 30, 2018 data. In the past year, First Florida has increased its total non-brokered deposits by $21.92 million, an excellent annual growth rate of 3.51%. 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 53,000 members and assets in excess of $894 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 Special Compares
When compared to the 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 shares top billing with MutualOne Bank’s Online 13-month CD, regardless of minimum deposit requirement.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.89% APY||13-Month CD Special ($50k min)||First Florida Credit Union|
|2.85% APY||1-Year CD ($2.5k min)||Live Oak Bank|
|2.81% APY||14-Month eCD ($10k min)||Virtual Bank|
The above rates are accurate as of 11/29/2018.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.