MIDFLORIDA Credit Union Adds Limited-Time 5-Year CD


UPDATE 11/21/17: The 5-year Lifestyle Certificate rate has fallen to 2.50% APY. All other features are the same. This is according to a MIDFLORIDA representative.

UPDATE 11/10/17: I've received new details. Please see updates below.

Deal Summary: 5-Year Lifestyle Certificate, 3.00% APY, $100k minimum deposit, new money, partial penalty-free early withdrawals allowed (up to 10% per year).

Availability: Residents of 24 Central Florida Counties.

MIDFLORIDA Credit Union (MIDFLORIDA CU) is celebrating the grand opening of four new Orlando branches by offering a 5-Year Lifestyle Certificate (3.00% APY). This limited time offer (which is not currently listed on the MIDFLORIDA CU’s website) requires a minimum opening deposit of $100k of new money. It's also available as an IRA CD.

According to the advertisement in Sunday’s Orlando Sentinel (page 17), up to 10% of the account balance can be withdrawn without penalty per year. The fine print also states,

A penalty will be assessed for withdrawal of funds
that exceeds 10% of balance per year before maturity.

UPDATE 11/10/17: The CD is now mentioned on MIDFLORIDA's Grand Opening Celebrations page.

I’ve been told by two MIDFLORIDA representatives that this CD can only be opened at one of the Orlando branches. However, readers have reported being able to open this CD at branches outside of the Orlando area.

I received the Truth-in-Savings Disclosure for the Life Style Certificate. Below are some of the important details regarding early withdrawals:

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. We agree that you may make withdrawals of principal up to 10% based on current balance (principal and dividends) per calendar year. Cumulative withdrawals of principal are not allowed (Example: If you don’t take 10% in 2018 you are not allowed to take 20% in 2019). Principal withdrawn that exceeds the agreed upon amount before maturity is included in the amount subject to early withdrawal penalty (Example: If you take full distribution, 10% penalty free then 90% penalty). You can withdraw dividends anytime during the term of crediting after they are credited to your account.

The early withdrawal penalty of the principal withdrawn that exceeds the 10% allowance is harsh:

If your account has an original maturity of 49 months or greater:
The penalty we may impose will equal 36 months dividends on the amount withdrawn subject to penalty.

You don’t have to worry about forgetting the maturity date. According to the disclosure:

This account will not automatically renew at maturity. Dividends will be paid at maturity and your funds will be placed in a savings account at maturity.

Finally, here are some miscellaneous details from the disclosure:

Compounding frequency - Unless otherwise paid, dividends will be compounded every month.

Crediting frequency - Dividends will be credited to your account every month. Alternatively, you may choose to have monthly dividends paid to another account every month rather than credited to this account.

The maximum deposit amount is $1,000,000.

$200 Checking Bonus

MIDFLORIDA CU is also offering a $200 Bonus when opening a new Free Checking account with direct deposit AND approval on a loan or credit card. Complete details can be found in this MIDFLORIDA CU page.


Headquartered in Lakeland, MIDFLORIDA Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the following Florida counties eligible to join.

Florida counties: Charlotte, Citrus, DeSoto, Glades, Hardee, Hernando, Highlands, Hillsborough, Indian River, Lake, Manatee, Martin, Okeechobee. Orange, Osceola, Pasco, Pinellas, Polk, Sarasota, Seminole, St. Lucie, Sumter, and Volusia.

In addition, portions of Brevard County (Zip Codes 32908, 32909, 32949, and 23976) also qualify for membership eligibility.

Joining MIDFLORIDA CU and/or opening a Lifestyle CD requires an in-person visit to any of 45 Florida branches located in Arcadia, Auburndale, Avon Park, Bartow, Bay Pines, Brandon, Clearwater (2), Davenport, Haines City, Kissimmee, Lake Placid, Lake Wales, Lakeland (8), Largo, Lutz (2), New Port Richey, Okeechobee, Orlando (4), Pinellas Park, Plant City, Port Saint Lucie, Sebring (3), St. Petersburg, Tampa (3), Vero Beach, Wauchula, and Winter Haven (3).

On Friday, November 10, from 9 am to 3 pm, MIDFLORIDA CU is celebrating the grand opening of four new Orlando area branches, located in Kissimmee, Longwood, Maitland, and Waterford Lakes. “Light refreshments, goodies and bounce house” are included in the activities, as well as a drawing for an iPhone X and free $5 Starbucks gift card.

Credit Union Overview

MIDFLORIDA Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.86% (excellent), based on June 30, 2017 data. In the past year, MIDFLORIDA CU increased its total deposits by $412.66 million, an excellent annual growth rate of 20.23%. Please refer to our financial overview of MIDFLORIDA Credit Union (NCUA Charter # 68600) for more details.

In 1954, a shoebox in the home of a Polk County school teacher served as the initial repository for the newly established Polk County Teachers Credit Union. For 43 years, the Credit Union’s membership was limited to educational employees, but in 1997 the charter was changed to a residency-based field of membership. The next 15 years saw two name changes, two mergers, another charter change, and expansion into several counties. Following the July merger with Martin Federal Credit Union, MIDFLORIDA Credit Union has become Florida’s fourth largest credit union, with nearly 280,000 members and assets in excess of $2.9 billion.

How the Lifestyle Certificate Compares

When compared to the similar length of term CDs tracked by DepositAccounts.com, which are available within the FOM, MIDFLORIDA Credit Union’s 5-Year Lifestyle Certificate currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 11/6/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

Related Pages: Orlando CD rates, Tampa CD rates, West Palm Beach CD rates, Ft. Myers CD rates, 5-year CD rates

Slime   |     |   Comment #1
Watch out for the early withdrawal penalty after the 10% allowance. It is 36 months, ouch.
deplorable 1
deplorable 1   |     |   Comment #4
I guess they really don't want you breaking this CD early! I think I would still get one if I could though.
Allan   |     |   Comment #2
i opened the IRA CD today, 3%, yes its true 36 month penalty of withdrawals exceed the 10% per calendar year. i live in Lake county florida and had to drive it to office to open account.
Bogie   |     |   Comment #3
If I were eligible to join that CU, I would have opened an IRA CD too, along with a regular CD. EWPs are of no concern to me.
Inger   |     |   Comment #5
I am a member and called their Help Desk today, 863-688-3733. She said the CD has to be opened at one of their four new Orlando area locations. Is this true?
Inger   |     |   Comment #6
Not true. The lady at their call center was wrong. When I called my local branch in Sebring, FL, they said I could walk into any branch and open it. Which I did today. Can not be opened online.
wermoody   |     |   Comment #7
Was told by branch manager in another county that this is going away soon. (I think she said the 20th) . I was able to open in another county branch. She said I was the only person to ask for it in this branch. She wondered how I knew about it.! (Thanks Ken!)
Robb   |     |   Comment #8
Did not even see it listed on their website.
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Deal Summary: 5-Year Certificate Special, 2.50% APY, $10k minimum deposit

Availability: Residents of 20 Central Florida Counties

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The 5-year is also offered as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.

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