Florida Credit Union (FCU) is currently promoting a series of limited-time CD Specials, with terms ranging from 13 to 37 months. Of the five different term-lengths, the 18- and 26-month Jumbo CD Specials ($100k min) and 25-month CD Special ($25k min) have the most competitive rates. All the CD Specials require new money, which is defined as funds not currently on deposit at FCU. According to the fine print on the promotion page, there is a $5 million maximum balance cap on each CD.
The 18- and 26-month Jumbo CD Specials are relatively new products, having been added in late December. The 25-month CD Special has been part of the product line for more than nine years.
The CD Specials are also available as IRA CD Specials (Traditional and Roth), earning the same APYs with the same deposit requirements.
As stated on FCU’s Deposit Rates page, the Early Withdrawal Penalty for the CD Specials is as follows:
- 270 days – 18-month Jumbo CD Special/CD Special
- 540 days – 26-month Jumbo CD Special/CD Special and 25-month CD Special
Headquartered in Gainesville, Florida Credit Union field of membership (FOM) is residency based. Since I last wrote about FCU in 2018, an additional 14 counties have been added to the FOM, with individuals who live or work in any of the following 45 North and Central Florida counties now eligible to join:
Alachua, Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Columbia, De Soto, Dixie, Duval, Flagler, Gilchrist, Hamilton, Hardee, Hernando, Highlands, Hillsborough, Indian River, Jefferson, Lafayette, Lake, Leon, Levy, Madison, Manatee, Marion, Martin, Nassau, Okeechobee, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, or Volusia.
Joining FCU can be done online, by contacting the Contact Center (800.284.1144), or by visiting any of eleven Florida branches located in DeLand, Gainesville (4), Lake City, Ocala (4), and Starke. According to FCU’s COVID-19 Update page, all locations are open for business with normal business hours.
Opening a Regular Savings account ($5 minimum/$2.5k maximum) is required to establish an FCU membership.
At this time, the online application only lists six different CDs. CDs opened online are limited to a maximum $10k opening deposit, so the Jumbo CD Specials are excluded from online opening. According to CSR, after submitting a membership application, you can then instruct the Credit Union, either by phone or online, to open a CD. Funds for the CD must first be available in your FCU savings or checking account. FCU does NOT participate in the CO-OP Shared Branch network.
Credit Union Overview
Florida Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.24% (excellent), based on December 31, 2020 data. In the past year, Florida CU has increased its total non-brokered deposits by $156.52 million, an excellent annual growth rate of 15.23%. Please refer to our financial overview of Florida Credit Union (NCUA Charter # 60497) for more details.
Originally chartered in 1954 as the Alachua County Teachers’ Credit Union, Florida Credit Union was owned and operated by teachers in the Alachua County School System. The Credit Union began adding more school systems and community colleges to its FOM within two years of opening its doors. 67 years later, after two name changes, a charter change, and expansion throughout North and Central Florida, FCU is currently the 16th largest credit union in Florida, with nearly 120,000 members and assets in excess of $1.4 billion.
How the CD Specials Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Florida Credit Union’s 18-month Jumbo CD Special APY currently ranks second, regardless of deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Florida Credit Union’s 26-month Jumbo CD Special APY currently ranks first, regardless of deposit requirements.
The above information and rates are accurate as of 3/15/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates page.