More than four years ago, I wrote about a new 1-Year Jumbo IRA Certificate offered by We Florida Financial (We Florida), which at the time was known as City County Credit Union. The 1-Year Jumbo IRA Certificate (Traditional, Roth, and CESA) is still part of the product line and recently has its rate raised to 1.66% APY.
|1.10%||$10k||-||We Florida Financial||1 Year Jumbo IRA (New Money Only) (Traditional, Roth, CESA)|
The “Jumbo” in the account name is a bit of a misnomer, since the minimum deposit is only $10k - hardly the dollar amount one imagines when they read “Jumbo IRA Certificate.” Whatever the amount of the deposit, the 1-year Jumbo IRA Certificate requires new money.
In the 1-year Jumbo IRA Certificate’s more than 4-year history, there have been five rate changes, with the current 1.66% APY only 5 basis points lower than its historic high in March 2015.
As stated in the Certificate Truth In Savings document, the Early Withdrawal Penalty reads as follows:
The penalty is equal to all interest earned on the amount withdrawn not to
exceed ninety (90) days interest for certificates with a term of 12 months.
Headquartered in Margate, We Florida Financial offers membership to individuals who live or work in the 46 Florida counties listed below.
Residency: Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Levy, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Union, and Volusia.
Employment: Employees of approximately 300 SEGs are also eligible to join. A complete list of SEGs can be found on the first page (Disclosure) of the online membership application.
Relationship: In addition, family members of existing We Florida Financial members are also eligible to join.
Professionals: This is the first time I’ve seen this field of membership (FOM) eligibility requirement – “I am a licensed professional in the state of Florida.”
Joining We Florida and/or opening an IRA can be done online, or in person at any of 13 Florida branches located in Fort Lauderdale (2), Hialeah, Lauderhill, Margate, Miami, Miami Beach, North Miami (2), Pembroke Pines (2), Sunrise, and Wilton Manors. While We Florida Financial’s FOM includes nearly 70% of all Florida counties, its branches locations are positioned on the Atlantic coast, from Miami Beach to Margate.
You can also initiate the application process by phone (954.745.2400, Option 4), but an in-person visit is required to complete the paperwork and make an opening deposit.
Credit Union Overview
We Florida Financial (NCUA Charter # 61525) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 7.16% (excellent) based on March 31, 2016 data. In the past year, We Florida has increased its total deposits by $92.86 million, an excellent annual growth rate of 24.57%. Please refer to our financial overview of We Florida Financial for more details.
We Florida Financial was established in 1952 as the City County Credit Union (CCCU), serving municipal employees in the Fort Lauderdale area. Like so many other occupational-affiliated credit unions, CCCU recognized the need and desirability of diversifying its member demographic, and in the early 2000s took the first steps toward expansion. In 2014, the Credit Union rebranded as We Florida Financial, reflecting “the Credit Union’s commitment to serve a larger and diverse community.” Ten months ago, We Florida merged with Pembroke Pines-based Peoples Credit Union to become Florida’s 27th largest credit union with nearly 60,000 members and assets in excess of $515 million.
How the IRA Compares
When compared to the 207 similar length-of-term IRAs tracked by DepositAccounts.com that are available to Florida residents, We Florida Financial's 1-Year Jumbo IRA Certificate APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 6/1/2016.