Last week, Florida Credit Union (FCU) raised the rate on its 15-month CD Special to 2.55% APY. The minimum deposit is $5k, with no stated balance cap.
Added to the product line in December 2017, the 15-month CD Special’s initial rate was 1.45% APY. There have been four rates increases since February, adding a total of 110 bps to the 15-month CD Special.
The 15-month CD Special is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
According to FCU’s rates page, the Early Withdrawal Penalty (EWP) for the 15-month CD Special is 270 days interest.
Other CD Specials
FCU recently raised the rates on two other CD Specials: 26-month (2.70% APY) and 37-month (2.90% APY). Like the 15-month CD Special, the minimum deposit is $5k. Both the 26- and 37-month were introduced last August with decent rates, and while there have been several rate increases, none of the APYs have been outstanding.
According to FCU’s rates page, the EWP for the 26-month and 37-month CD is 540 days interest.
Headquartered in Gainesville, Florida Credit Union field of membership (FOM) is residency based, with individuals who live or work in any of the following 31 North and Central Florida counties eligible to join:
Alachua, Baker, Bradford, Citrus, Clay, Columbia, Dixie, Duval, Flagler, Gilchrist, Hamilton, Hernando, Jefferson, Lafayette, Lake, Leon, Levy, Madison, Marion, Nassau, Orange, Pasco, Polk, Putnam, Seminole, St. Johns, Sumter, Suwanee, Taylor, Union, and Volusia.
FYI – since I last wrote about FCU in February, Orange County (Florida’s fifth-most populous county and home to Orlando) has been added to the FOM.
CDs are not listed as an account option on online membership application. According to CSR, after submitting a membership application, you can then instruct the Credit Union by phone or online to open a CD. Funds for the CD must be available in your FCU savings or checking account prior to opening.
Credit Union Overview
Florida Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.39% (excellent), based on March 31, 2018 data. In the past year, FCU has increased its total non-brokered deposits by $97.6 million, an excellent annual growth rate of 13.24%. 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. Sixty-four years later, after two name changes, a charter change, and expansion throughout North and Central Florida, FCU is currently the 17th largest credit union in Florida, with nearly 95,000 members and assets in excess of $1 billion.
How the CD Specials Compare
When compared to the similar length-of-term CDs (mainly 18-month terms) tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Florida Credit Union’s 15-month CD Special APY currently ranks eighth. When compared only to 15-month CDs within the FOM, it has the third highest APY.
When compared to the 237 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Florida Credit Union’s 37-month CD Special APY currently ranks fifth.
When compared to the 235 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Florida Credit Union’s 26-month CD Special APY currently ranks sixth.
The above rates are accurate as of 8/27/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates page.