About two weeks ago, Keys Federal Credit Union (Keys FCU) substantially raised the rates on its long-term Share Certificates. Following an increase of 300 bps, 60-month Share Certificate currently earns 5.00% APY. The minimum opening deposit is $500, with no stated balance cap. (Keys FCU’s CD product line is a bit of an oddity at the moment: the 1-, 2-, 3-, 4-, and 5-year Share Certificates currently earn APYs of 1%, 2%, 3%, 4%, and 5%, respectively.)
All Keys FCU Share Certificates are available as IRA Share Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads (in part),
Only dividends may be withdrawn from this account prior to maturity without penalty. If the principal is withdrawn prior to maturity … a one hundred eighty-two (182) day interest penalty is assessed on certificates with a maturity greater than twelve (12) months.
Headquartered in Key West, Florida, Keys Federal Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live or work in the Florida Keys qualifying for membership.
Local military members, including those serving at NAS Key West or US Coast Guard Islamorada Station, are eligible to join.
Immediate family members of anyone who lives or works in the Florida Keys also qualify for membership.
Keys FCU has recently added an online application that can be used to join and to open accounts. The online application is accessible from the Keys FCU home page. Joining Keys FCU and/or opening a Share Certificate can also be done at any of six Florida branches, located in Big Pine Key, Key West (3), Marathon, and Tavernier.
To become a member of the Credit Union, you must complete a Member Application and open a Share Savings Account. The basic deposit that you must maintain in your Savings Account is $5.00.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire ($10 fee), or check.
- CO-OP Shared Branch Participant – No.
- Dividends – Compounded daily/credited monthly and can be withdrawn penalty free.
- Maturing Funds – Cashier’s check, wire ($20 fee), or internal transfer to a Keys FCU savings/checking account.
- Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull.
Credit Union Overview
Keys Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.74% (excellent) based on September 30, 2022 data. In the past year, Keys FCU has increased its total non-brokered deposits by $37.2 million, an excellent annual growth rate of 16.82%. Please refer to our financial overview of Keys Federal Credit Union (NCUA Charter # 4135) for more details.
Keys Federal Credit Union was established in 1940 and was originally known as NAVSTA Federal Employees Federal Credit Union. The founding members were Civil Service employees at the Naval Air Station Key West who “believed if they worked together, they could provide more affordable financial services for everyone." In keeping with that vision, Keys FCU was one of 17 credit unions recognized with an America Saves national award in 2018 for helping their members build personal wealth.
America Saves is a campaign that leverages the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth.
How the 60-Month Share Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Keys Federal Credit Union 60-month Share Certificate. The following table compares the 60-month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 1/13/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.