Grow Financial Federal Credit Union (Grow Financial) is currently offering a Money Market Special, which earns 2.75% APY on balances of $1k+. The 2.75% APY is guaranteed for twelve months following account opening, with the rate reverting to the current APY beginning with month 13. New money is required to open, and while there is no minimum opening deposit, balances of less than $1k do not earn any interest.
As DA reader, glasses, pointed out in a Forum post, the Money Market Special is not listed on Grow Financial’s website. The following information was obtained during a phone conversation with CSR.
- Limited check writing is available.
- No ATM or debit card is offered.
- $10 monthly maintenance fee waived with a minimum $200 monthly balance.
- The six monthly withdrawal limit is strictly enforced: a seventh withdrawal is prohibited.
- No ACH transfers directly out of the Money Market account. Funds must be transferred from the Money Market account to a Grow Financial checking or savings account, and then an ACH transfer can be initiated. There are no dollar limits on ACH transfers.
- Unlimited beneficiaries can be named and varying percentages can be assigned. Social Security numbers are required for each beneficiary.
Thanks to DA reader, glasses, for the Forum post about Grow Financial’s Money Market Special.
15-month Grow Certificate
Two weeks ago, I wrote about Grow Financial’s 15-month Grow Certificate, which earned 3.35% APY. Unfortunately, the 15-month Grow Certificate is no longer available.
Headquartered in Tampa, Grow Financial Federal Credit Union’s field of membership (FOM) is quite diverse, extending membership to individuals across the country.
Employment/Affiliation: Employees and members of more than 1,500 SEGs are eligible for membership. Two of the SEGs, the Florida and Carolina chapters of the American Consumer Council (ACC), offer an easy membership requirement for residents of Florida, North Carolina, and South Carolina.
Military Relationship: All active and retired military members, regardless of residency, qualify for membership. In addition, civilian personnel at MacDill Air Force Base (Tampa) also qualify.
Family Relationship: Immediate family and household members of current Grow Financial members, or membership-eligible individuals, are eligible to join.
Joining Grow Financial and/or opening a Money Market Special can be done at any of 23 Florida Gulf Coast branches located from Spring Hill to Bradenton, or the five South Carolina branches located in Columbia (2), Lexington, and Summerville (2).
Credit Union Overview
Grow Financial Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.06% (excellent) based on September 20, 2018 data. In the past year, Grow Financial has increased its total non-brokered deposits by $89.14 million, an excellent annual growth rate of 4.22%. Please refer to our financial overview of Grow Financial Federal Credit Union (NCUA Charter # 9976) for more details.
Grow Financial Federal Credit Union is currently the fifth largest credit union headquartered in Florida, with more than 210,000 members and assets in excess of $2.4 billion. The Credit Union was established in 1955, serving the military and civilian employees at Tampa’s MacDill Air Force Base. An expansion of the FOM began in the 1980s, with a variety of SEGs added. The expansion and diversification of the FOM became critical in the 1990s, when it seemed MacDill AFB could be on a Department of Defense hit list. The first South Carolina branch was opened in late 2014 in Columbia, which is home to Fort Jackson. Grow Financial plans on eventually having at least 15 South Carolina branches.
How the Money Market Special Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available to within the FOM, Grow Financial Federal Credit Union's Money Market Special APY currently ranks first, regardless of minimum balance requirements.
The above rates are accurate as of 2/28/2019.
To search for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts Rates Table page.