Grow Financial Federal Credit Union Offers 2.75% APY Money Market


UPDATE 3/1/2019: Currently, this is a targeted in-branch offering for a select group of existing members only.

Deal Summary: Money Market Special, 2.75% APY on balances of $1k+, new money, rate guaranteed for 12 months.

Availability: Easy membership requirement for residents of Florida, North Carolina, and South Carolina; active and retired military, regardless of residency; 1,500+ SEGs.

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, 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 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.

Related Pages: Charleston money market accounts, Tampa money market accounts, Columbia money market accounts, money market accounts

Bozo Indicator
  |     |   Comment #1
Rates continue to rise, not fall, as predicted by the Bozo Indicator.
deplorable 1
  |     |   Comment #2
Good deal if you can meet the residency or military requirements. I don't like the strict ACH policy though. Having to first transfer money to a checking account to ACH reminds me of the prepaid card savings accounts where you must first transfer money on to the card before you can ACH money out.
  |     |   Comment #4
I looked at Grow Financial's website and didn't find anything about residency requirements mentioned in the article and in the above comment. Maybe I overlooked something. But I think ****'s quite possible that this is an "easy membership" nationally available credit union. You're eligible if you work for, or are a member of, an SEG. There are a number of non-profit membership organizations listed on their extensive SEG menu.
  |     |   Comment #5
I think the stars in my comment above are the result of a typo -- the sentence should begin: "But I think it's quite possible..."
  |     |   Comment #3
Good deal and we actually qualify even though we do not reside in any of those states. Remember when we were clamoring for Northern's 2.25% mm. Economy is growing and Fed will be forced to raise rates again.
deplorable 1
  |     |   Comment #6
Well I have a ACC membership but they are specifically asking for the Florida and Carolina chapters. I wonder how strict they are in enforcing that? I would really like this offer.
  |     |   Comment #7
Sadly, after the year rate guarantee is up, the account reverts to whatever the current MM rate is at that time, which today is embarrassingly low. Their highest MM rate tier, which requires $100K, is just 1%. So, unless they'd offer a much higher promo rate at that year's time, you will be transferring your MM money out of Grow Financial.
  |     |   Comment #10
One year is a long time for a rate lock. Very generous. Heck, we all could be dead inside of a year. So they lower the rate. So what. We all just take out our money and move on to the next deal. Silly to be concerned with something a year away, a "problem" that might not even manifest itself.
  |     |   Comment #8
This just may be an "Easy Membership" .....I'm in Oklahoma & also checked the field of membership & found 2 ways to join. Friends of Military Families with a $5 membership & Sams. I went all the way thru the application up to addresses to see if they would accept my state & it shows all states are accepted. Hope this helps all
  |     |   Comment #9
D1 - curious what you and others think about this offer compared to some of the Rewards Checking offers (like Orion). The RCAs require more work and the rate is not guaranteed for a period of time like this one... and there is a cap of course....but have thought about the Orion offer as a place to hold funds while waiting to see if rates will increase. Thoughts?
  |     |   Comment #12
The interest rate for the Premium Checking account was raised to 4% a few months ago. You have to make ONLY 8 SIGNATURE based transaction every month. Qualified purchases will be listed as a "CARD CARD purchase" in your online account. Just use this debit card in place of your regular credit card(s). Of course, you still have to deposit $500 DIRECTLY into the Premium Checking account every month. NOTE: funds moved from the Savings into the Premium Checking account do NOT meet this qualification. And, remember the money in this account is entirely liquid, unlike a CD, where you pay an EWP for breaking the contract before maturity, if you happen to need money for an emergency or want to take advantage of that 4% or 5% CD offer down the line. But, you have to remember that the rate for this RCA could go down several months from now. You must decide whether you want absolute security, i.e., 2.75% guaranteed for one 12 months vs. 4% for an uncertain time period.
  |     |   Comment #14
Harv F - Great points... thank does look like a good deal with less "work" compared to some I have noticed. One additional question - I learned Orion does not have great transfer capabilities (2500 per day max) which leaves me a little worried I would not be able to move quickly enough to take advantage of a good CD deal if one arises. When I spoke to a CSR, she stated that options would be to call and have them send me a check or to simply write a personal check from the Orion account (it comes with free checks) to the institution offering the CD. (The latter seems faster, especially if you are willing to pay for a faster shipping option, as long as the institution will accept a personal check for that amount). Wiring funds does not seem to be an option unless you can go to a branch. Do you have any experience dealing with this - any thoughts/advice on the best way to move funds quickly in this situation?
  |     |   Comment #15
No problem. I initiate ACH transfers from an external bank account into and out of the Premium Checking account in any amount I want. My account at East Boston Savings Bank has large limits and funds from there arrive in my account on the next business day. I wouldn't use my Orion account for ACH transfers on account of the low limits allowed. Go ahead and open the account. You'll be glad you did. Just got $90.42 interest for February by maxing out the account limit. Re-read the post I addressed to you regarding the method to verify your purchases and $500 monthly deposits fulfill the account's requirements.
deplorable 1
  |     |   Comment #16
@NCSaver: They are both good deals. It all depends on the time you have available and how much work you are willing to do. I personally gravitate to accounts like this where you can just deposit your money and it requires no work. I'm too busy with bank bonuses, CD's and stocks to game the RCA's plus my wife tells me no way for RCA's with debit card requirements. I already have her jumping through enough hoops with various rewards credit cards.
  |     |   Comment #11
larry and deplorable 1
SEGs that may qualify you for membership are being a member of Costco, HSBC and METLIFE. As for me, I do not like not being unable to initiate an ACH transfer directly from the money market fund and being required to move funds into the basic savings account or the Starter Checking Account, which does not pay interest. Checking accounts that do earn interest require certain qualifications that make then too restrictive for the measly interest they offer.
deplorable 1
  |     |   Comment #17
@HarF: I have a Costco membership. Is that all I need to join? I must have missed that. I don't like the ACH setup either but it's the same rate as my GM right notes account but with FDIC insurance. I will opt for safety of funds all things being equal.
  |     |   Comment #13
I don't recall a FI refusing ACH and a 7th withdrawal in a month.

No worries though, I don't qualify and I don't have much free cash until the 18th.
  |     |   Comment #18
Grow phones are slammed.


And then when you finally DO reach a rep they want to call you back!

Caution:  This outfit is not ready for prime time.
  |     |   Comment #21
These guys are a bunch of clowns! Thursday morning I called and was told it's a targeted in-branch offering. Then Thursday afternoon Ken posted about it being publicly available. So I called this morning and was told that it is publicly available. Then Ken just posted an update that it's a targeted offering. I'm just not going to bother with this credit union until they post this offer in writing on their website.
Publicly available?
  |     |   Comment #23
i called twice. The first CSR (Chris) told me that the special is publicly available. The second time I called, the CSR (Robin) told me that the special is only intended for people who received the email about the special.
  |     |   Comment #22
Wow that update by Ken is HUGE!! And remember this, people, Ken is almost never, ever, wrong. Period. Ken waits to post until he is certain what he's posting is correct. That has been his way of doing things around here for over ten years!! So I guess bottom line:

Sure you can JOIN Grow Financial . . . but you will not thereafter be permitted to participate in the 2.75% APY special

So . . . . why bother to join?

I wrote above "not ready for prime time".  I stand behind that analysis.
Call me Chuck
  |     |   Comment #24
I was all set to pull the trigger! But then: For those of us who remember -- this is like Lucy pulling away the football right before Charlie Brown kicks it.
deplorable 1
  |     |   Comment #25
This is the next deal I was going for and I just saw Ken's post up top about this being targeted. I bet this deal wasn't "targeted" until it was posted here on DA.
  |     |   Comment #26
d1 so another good deal down the drain or is there a work around?
deplorable 1
  |     |   Comment #27
Not unless they post this deal on their website Larry. I just checked and it's not listed anywhere. I think I'm going to join MACU next as they have a 60 month add-on youth share certificate at 3.75% APY and the 60 month add on plus at 3.51% APY both with a $5 min. and a $100,000 cap. Two of the best deals available for rate insurance.
  |     |   Comment #29
Hi D1 I have been thinking the same thing about joining MACU next week if that add-on 5 year deal is still available as an insurance policy. Today was one of the quietest starts to a month in recent memory in terms of deals. Did see a number of rate cuts.
deplorable 1
  |     |   Comment #30
This was a busy week for me I just did the Andrews 3.25% 6 mo. and Hyperion 3.5% 19 mo. Hopefully MACU will keep those deals available for next week. I may just open a account with them this weekend to get the ball rolling.
Opinions on Mountain America: Do they run regular CD specials like NFCU and Andrews? Is this a good credit union to hold on to long term?
  |     |   Comment #34
Mountain America CU has been a regular provider of competitive CDs for a while now. From Ken's past posts:

Mountain America Credit Union Ups 24-Month CD To 3.25% APY (Feb 21, 2019)
Mountain America Credit Union Hikes 5-Year CD Rate (Nov 2, 2018)
Mountain America Credit Union Boosts 3-Year CD APY (Oct 9, 2018)
Mountain America Credit Union Ups 5-Year Term Deposit (Jul 2, 2018)
Mountain America Credit Union Pushes Up 5-Year Term Deposit Rate (Jun 1, 2018)
Mountain America Credit Union Ups 5-Year Term Deposit (Feb 9, 2018)
Mountain America Hikes 5-Year Term Deposit (Nov 20, 2017)
Mountain America CU Unveils Term Deposit Plus With Add-On Feature (Aug 16, 2017)
Mountain America Credit Union Raises 5-Year CD Rate (Aug 1, 2017)
Mountain America CU Adds 5-Year CD With Bump Option (Feb 13, 2017)
Mountain America CU Offers Top Rate 5-Year CD (Aug 20, 2015)
Mountain America CU Offers Top Rate 5-Year CD With Bump Option (Feb 10, 2015)
Special 5-Year CD Rate at MACU - Easy Membership (Mar 3, 2014)
Best 5-Year CD Rate From a Major Credit Union at Mountain America (Feb 12, 2013)
Competitive 5-Year CD Rate at Mountain American Credit Union in UT, NV, NM & AZ (Jun 11, 2012)
Top 5-Year CD Continues at Mountain America Credit Union in UT, NV, NM & AZ - Easy Membership (Oct 19, 2010)
Top 5-Year CD and IRA CD at Mountain America Credit Union in UT, NV, NM & AZ - Easy Membership (Aug 17, 2010)
4.75% 60-Month CD at Mountain America Credit Union - Easy Membership (Jan 2, 2009)
4.50% 5-Year CD and Other High CD Rates at Mountain America Credit Union - Easy Membership (Feb 2, 2009)
4.00% 12-Month CD at Mountain America Credit Union in UT, AZ & NV - Easy Membership (Dec 23, 2008)
4.65% 15-Month / 4.50% 9-Month CD at a Utah CU - Easy Membership (Mountain America). (Feb 12, 2008)
5.60% 15-Month CD at a Utah CU (Mountain America) (Dec 22, 2006)
deplorable 1
  |     |   Comment #37
Thanks AnnO it looks like they run specials all the time. Any hidden fees to look out for?
John R. Otten
  |     |   Comment #38
The MACU add-on certificates do sound like a good hedge against dropping rates. One detail that I almost missed is that each certificate "requires automated monthly deposit of at least $10". Would a recurring $10 monthly ACH transfer from an external account satisfy that requirement?
  |     |   Comment #39
John #38
When I set up my certificate the automatic deposit was only possible via an internal transfer. Mine transfers from my share savings. I periodically ACH funds from an external account into the MACU share savings. “Googling MACU fees” will enable you to read the Fee Schedule and Truth in Savings document. The truth in savings doc mentions a $5 a month fee if the share savings drops below $100 and if the account owner has no other active savings, checking or loan products.
  |     |   Comment #28
I attempted to obtain this offer at a local branch and was refused because I already have an old Grow Financial Federal Credit Union money market account, even though it currently has a zero dollar balance. Unfortunate.
deplorable 1
  |     |   Comment #31
I love how new customers get the perks while existing customers get the shaft with some financial institutions. I guess they don't care about loyalty.
Get Real
  |     |   Comment #36
D1 I agree but offers are used to increase new assets. At the least they should give the rates to loyal customers if they add new funds to an account like 10k.

I'm a rate chaser like most here so I have no loyalty. I'm looking for the highest rates without to many hoops.
  |     |   Comment #33
So, the targeted existing members may be those who don't have a MMA?
  |     |   Comment #32
RE:"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."
Is this only for xfrs initiated at GROW FCU? Anyone know if transfers out &in of the GROW 2.75apy promo money market could be initiated at an external bank?
  |     |   Comment #35
They may have a similar setup as Navy FCU, which accepts incoming ACH into savings accounts but declines any outgoing ACH from savings accounts regardless of which side you initiate it from. Fortunately this kind of setup is uncommon. The solution is to keep a small checking account there in addition to the required small savings account.
  |     |   Comment #40
We were able to open the 2.75% money market without issue. The rate is locked for a year. $1,000 minimum balance to earn the highest rate. $200 minimum across all Grow accounts to avoid $10 monthly fee. How to get the rate? Open the basic member account with at least $1 online. Then call and ask a rep to manually add the 2.75 % money market for you. Just ordered checks, too...
  |     |   Comment #41
This offer ends tomorrow, Sat 3/23/2019.
Grow Financial Federal Credit Union Adds 15-Month CD, 3.35% APY
UPDATE 2/28/2019: This offer has EXPIRED. The 15-Month Grow Certificate is no longer available.

Deal Summary: 15-Month Grow Certificate, 3.25% APY ($500), 3.35% APY ($100k), new money.

Availability: Easy membership requirement for residents of Florida, North Carolina, and South Carolina; active and retired military, regardless of residency; 1,500+ SEGs.

Now through April 15, 2019, Florida-based Grow Financial Federal Credit Union (Grow Financial) is offering a 15-month Grow Certificate with tiered APYs: 3.25% APY ($500) and 3.35% APY ($100k). New money is required to open and there...

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Availability: Easy membership requirement for residents of Florida, North Carolina, and South Carolina; active and retired military, regardless of residency; 1,500+ SEGs.

Florida-based Grow Financial Federal Credit Union (Grow Financial) began the week by raising the rate on its 30-35 Month Share Certificate (2.00% APY) by 50 bps. The minimum opening deposit is $500, with no stated balance cap.

The 30-35 Month Share Certificate has been part of the product line for more than seven...

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The field of membership includes members of Prime Savers Club. To be eligible to join this club, you must work or reside in one of the following Florida counties: Hillsborough, Pinellas, Pasco, Hernando, and Manatee.

The credit union has branches in several Florida cities including Tampa, Brandon, St. Petersburg, Largo, Pinellas Park and Clearwater.

MacDill is NCUA insured. It's a large credit union with $1.6 billion in assets...

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