floridacentral Credit Union Adds 15-month CD


UPDATE 9/25/2018: No longer available

Deal Summary: 15-month Promotion CD, 3.56% APY ($25,000 min), 4.07% APY ($50,000.01 min), new money

Availability: Seven central west and three central Florida counties

floridacentral Credit Union (floridacentral) is currently offering a 15-month Promotion CD with tiered APYs: 3.56% APY ($25,000 minimum deposit) and 4.07% APY ($50,000.01 minimum deposit). These rates are so high that I called floridacentral to confirm, and I’m happy to report these promotional rates are valid.

New money is required to open a 15-month Promotion CD.

The Promotion CD is also available as an IRA (Traditional), earning the same tiered APYs with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is 180 days of interest on the amount being withdrawn.


Headquartered in Tampa, floridacentral Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, or worship in the Florida counties or Charlotte, DeSoto, Hillsborough, Lake, Manatee, Orange, Pasco, Pinellas, Polk, or Sarasota eligible to join.

According to floridacentral’s website, “Membership is open to the employees of the many businesses we serve.” Unfortunately, there is no list of the SEGs on the website. CSR stated there are more than 1,000 SEGs and suggested contacting the HR department of your company to see if they participate.

Residents of Florida who have an immediate family member who is a current floridacentral member are also welcome to apply.

Joining floridacentral Credit Union can be done online, or at any of the twelve Florida branches located in Bradenton, Brandon, Clearwater, Lakeland, Port Charlotte, St. Petersburg, Sarasota, Seminole, Tampa (3), and Trinity.

While you can open a checking account or apply for a loan online, opening a Promotion CD must be done in-branch.

Credit Union Overview

floridacentral Credit Union, has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 4.34% (excellent) based on June 30, 2018 data. In the past year, the Credit Union has increased its total non-brokered deposits by $8.18 million, an above average annual growth rate of 1.96%. Please refer to our financial overview of floridacentral Credit Union (NCUA Charter # 67668) for more details.

The original Tampa Central Credit Union was established in 1958, serving as the credit union for other credit unions. At the time, federal regulations prohibited board members and employees from belonging to the credit union they served. The name was changed to Florida Central Credit Union following the repeal of the regulation and an expansion of the FOM that included SEGs. By the mid-1990s, the Credit Union had adopted a community charter, adding Hillsborough and other central Florida counties in the FOM. The “floridacentral” rebrand occurred in 2006, as the Credit Union “revamped its look.” floridacentral Credit Union is currently the 34th largest credit union in Florida, with more than 54,200 members and assets in excess of $467 million.

How the Promotion CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, floridacentral Credit Union’s 15-month Promotion CD APYs currently and clearly rank first.

The above rates are accurate as of 9/21/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Tampa CD rates, Ft. Myers CD rates, 1-year CD rates

  |     |   Comment #1
Awesome deal.Thanks Ken!
  |     |   Comment #2
These are the terms I have been waiting for but, like most others, I am seemingly ineligible. If anyone sees a loophole to join or to bypass physical presence in FL CU to open please comment
  |     |   Comment #10
First of all, thanks to Ken and his staff as always for this information.

Re. your question re. "loopholes " - 3 possibilities come to mind. Sorry to say, none are slam-dunks.

1) If one had very fungible standards, I suppose one could take the statement that "... with individuals who live, work, OR WORSHIP in the Florida counties of ..." to its extreme limit, and consider web-based worship services for churches located in those counties. (Although my own standards are not lofty they're not quite that low, but I'm just throwing that out as an FYI...) I have no clue what the outcome of that would be, either here on Earth or elsewhere.

2) Ken's write-up says, reading between the lines, that the CSR he spoke with was apparently too laz. ... well, strike that. Apparently, this CSR did not choose to release the list of SEGs. "CSR stated there are more than 1,000 SEGs and suggested contacting the HR department of your company to see if they participate." As a follower of Ken's website and a member of several CUs, I have to say - that is an odd and somewhat churlish statement by a CSR. One work-around, although a tough one, would be to somehow locate an actual member of that CU in those FL counties, ask him to somehow acquire this list (which when it really comes right down to it, should not be "classified data"), post it, and then we could see whether there are any charitable organizations on that list via which out-of-the-area folks might qualify. OK, this is probably the hardest possibility.

3) Or, one could simply wait and see if this CU, like both Keesler and to some degree Sharonview earlier this year, decides to open up it's membership to out-of-the area folks because it finds it needs more funds. That's probably the least labor-intensive option for us readers.
  |     |   Comment #12
PS to post by 111. Fly down to Florida...to the applicable counties and go to church, register, etc. Flights to MCO and FLL are normally very cheap or one-way rental cars to Florida in Sept and Oct are $10 or less a day!
  |     |   Comment #3
Wow! And we thought the NASA Federal 15 month 3.25% deal was good ...
Florida readers, go for it!
anon FL
  |     |   Comment #4
Too late, will look into breaking my existing CDs
  |     |   Comment #5
About the best deal I've seen so far for a 15 month time frame.
  |     |   Comment #6
When it's for more than a year or so, and it's available nationwide, then we can get excited (ie, Sharonview from a full half-year ago)...
  |     |   Comment #7
Given the limited field of "membership" it reminds a little of some CU's having bonus dividends based upon their balance, loans, etc. What is posted here is what most if not all CUs should be doing to encourage members to bring in new money that will benefit "their" CU! Planning to circulate to your sphere of CUs so it can be replicated there?
  |     |   Comment #9
Do it quick small credit union and on the bottom of the rate chart: . Rates as of September 19, 2018 and subject to change without notice.
  |     |   Comment #11
There will be more good rates and promos coming after next week.
  |     |   Comment #13
I live in south Florida about 2 hours away from a branch. I called and asked if they would allow me to join if I visited a branch and was told no since I don’t live or work in one of their counties (by the way, their website says nothing about worship). They obviously want to be a strictly local credit union and to limit their services to people who live or work where they’re located (and immediate relatives) or to companies that they serve. It’s a great rate but it’s their credit union and I respect and understand their prerogative to decide who can join.
  |     |   Comment #14
The online application states,
"You must be eligible to join by:
- Living, working or worshipping in one of the counties we serve
- Being an employee of one of the businesses we serve
- Living in Florida and having an immediate relative that is currently a member of floridacentral Credit Union"
  |     |   Comment #15
Many years ago I had a discussion with an attorney at NCUA about whether " members" who really didn't fit the charter approved by NCUA were still covered by the insurance fund if the credit union had accepted their membership. The answer was a definitive , " no." This worried me a lot in 2007-2010. Not so much since then. However it's beginning to look like CU's may be borrowing at higher rates than they are lending. There's also the issue of actually finding the FOM in the charter as it's kept at NCUA regional offices. It's entirely possible Keesler members who came in through the ACSAN may not actually be members. It depends on what NCUA actually approved .
Mona G
  |     |   Comment #16
Thanks Trader!!

When a credit union fails, does an NCUA employee retrieve the charter and start calling members to confirm eligibility? Did you ask your attorney friend how this works?
  |     |   Comment #17
If there is fraud...by CU or member...there are remedies! I would not expect the attorney to say anything other than what Trader is saying...attorney represents client! Members should document and confirm in writing!
desk top
  |     |   Comment #37
Nothing writes: Members should document and confirm in writing!

Alas, the subject is deposit insurance. In this case, the bank or credit union is bankrupt. By definition, a written guarantee from a bankrupt company is not of benefit. They already guaranteed to pay the customer back.

Thank you!
  |     |   Comment #40
Desk Top...Fraud normally survives bankruptcy. Document and confirm in writing!
stretch g
  |     |   Comment #48
What should be documented and confirmed in writing?
  |     |   Comment #49
What did they tell you in response to your ?s. Your request for clarifications?
stretch g
  |     |   Comment #51
What did who tell? The credit union?

If the credit union is bankrupt, it wouldn't help to sue them, right?

Can't quite grasp your point.
  |     |   Comment #44
The answer is no, they don't start confirming eligibility. The attorney was an NCUA government attorney, so I think you can rely on what he's saying. I still have his message on my voice mail.

You should just be aware your deposit may be unsecured. Unsecured depositors are paid before other unsecured creditors in a failure.

That being said, there may be no way the average person, acting truthfully, can confirm whether membership in Keesler, for example, is really open to all members of ACSAN.

It would be terribly unfair to treat these peoples' deposits as uninsured, just as failing to include the name of the beneficiary in the title of a bank account fails to increase insurance coverage even if other documents exist in the banks records indicating a clear intent that one or more individuals is a POD beneficiary (this may have changed since I got a definitive answer 8 years ago, and doesn't apply to CU's, only banks).
However, as a friend of mine who is a federal judge likes to say, " I don't do justice, I do law."
So forget about that statue of lady justice with the blindfold and scales on the court house.

It's BS. She's peeking under the blindfold.
You should note the only remedy I have ever seen was when deposit insurance was increased to 250,000. It was retroactively applied to IndyMac and other institutions at a cost of $9 billion.
  |     |   Comment #18
The chances of Keesler failing within 7 months AND the NCUA calling every member to confirm eligibility for insurance would be very close to zero. .00001%?
Auntie Deb
  |     |   Comment #21
How would it work to call members to confirm eligibility?

Would the NCUA employee say: "We are closing down this credit union today. We need to confirm you are eligible to be a member so that you do not lose your account. Are you eligible to be a member?"

And expect people to say no?

Thanks in advance!
Is Keeslr A Con?
  |     |   Comment #24
Bu what if Keesler refuses to redeem the Certificates come March, and upon investigation the NCUA indicates it can't help us because we aren't legitimate members of the CU?
  |     |   Comment #19
From NCUA: A federally chartered credit union must receive approval from the National Credit Union Administration prior to making changes in its field-of-membership. Chapter II of the NCUA’s Chartering and Field of Membership Manual has complete details about fields of membership and the process for amending them.
  |     |   Comment #45
Absolutely correct. The charters and FOMs were kept at regional offices of NCUA when I checked years ago.
Good luck getting a copy except from the CU
  |     |   Comment #29
  |     |   Comment #30
But pray about it in the counties noted and it will could through!
  |     |   Comment #41
Now will not add a comment to anyones post.
Each comment will stand on its own with relationships.
Now frustrated having comments posted be deleted because of someone else stupid violation?? of terms
  |     |   Comment #42
stand on its own with No relationships
  |     |   Comment #46
I find myself in a position of having 2 CDs maturing next Friday which need to be moved to higher interest. The good news is that I live in Florida, the bad news is that I am 4 miles from two of the eligible counties, however my son lives in an eligible county!!

Yesterday I called FloridaCentral - very frustrating although the CS gal was trying to be helpful. I asked for a list of the SEGs to see if I could qualify. She finally found a list (5 min wait) and then told me it was too extensive to read to me over the phone. I had her read the first 25 or so (alpha order) and quickly determined that most were small local businesses — Ace Hardware was the only large company I heard (but then we only got to “AD”). When inquiring about fee structures and minimum balances on savings and checking I got mixed answers. I also had concerns about transferring money into the account. I have used Ally, Navy Federal and Northwest Fed Credit Union in the past with excellent results but ended the FloridaCentral phone call with mixed feelings that I can’t shake.

I’m hoping for good news from the FED this week and then maybe other CU’s will offer competitive rates. Or perhaps I’ll come to terms with FloridaCentral. Meanwhile I can park money at Ally for 2.1% with no penalty for early withdrawal.
Rate Watcher
  |     |   Comment #47
As a Florida resident, residing in one of the acceptable counties, I have been aggressively attempting to open a membership account. I started the online process on 22 Sept, and as of today 25 Sept, my application is still in process. I have a C/D maturing elsewhere on 27 Sept, which I planned to wire transfer to Florida Central CU, to open the 15 month special. I just found out this morning that I have to visit a branch in order to apply for the C/D. I cannot meet this requirement as I am currently out of the state of Florida, visiting family. So I can open a membership account online, but I have to visit a branch in order to complete the application for the C/D. Go figure. As it turns out, the C/D special offer expires today (25 Sept), after just being offered on 21 September. Just lasted 5 days. So all of my efforts have been a waste of time.
  |     |   Comment #50
As for an exception because you are out of state. My experience is many of them will accommodate you.
Keesler for example, first the money had to be there by a certain day, then it could come a few days later. Id imagine if you ask, someone will help you. May have to ask for a manager.
  |     |   Comment #52
Ken, your update notice says "updated 9/15/2018 No longer available". You obvious meant 9/25/2018, but it sure is confusing!
Ken Tumin
  |     |   Comment #53
Thanks. Yes, I meant today (9/25). It's now corrected.
  |     |   Comment #54
I agree with RJM, I’ve opened several CDs but not transferred the money for a few days. However, those CDs were with institutions that had good websites and good information online. I did notice yesterday that only in one place did they mention that you needed to appear at a branch in person for the promotion - so I was prepared for that.
  |     |   Comment #55
Regarding the (apparently) quickly-ended FloridaCentral CD deal - I've encountered scenarios before where the deal ended that quickly - e.g. perhaps Keesler?. Gotta say, though, I've never before encountered a deal that ended that quickly AND where the CU CSR's both: 1) refused to post on their website their SEG's, and, 2) refused to even verbally mention the SEG's to potential customers who called in to ask them this specific question.

In my mind this indicates a problem with this CU - perhaps just a Customer Service problem, or maybe a much more fundamental problem.

I'll remember these folks, and not pleasantly. I was never really in the running, and of course they didn't necessarily have to make their accounts or CDs "available" to out-of-state or even out-of-county depositors. BUT, how hard can it be these days to simply post a list of SEGs on a website?
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