Deal Summary: 5-Year Certificate Special, 2.50% APY, $10k minimum deposit
In celebration of its upcoming merger with Martin Federal Credit Union, MIDFLORIDA Credit Union (MIDFLORIDA CU) is offering a 5-year Certificate Special (2.50% APY). This limited time offer requires a minimum $10k deposit to open, with a maximum deposit of $1m per member.
The 5-year is also offered as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.
As stated on MIDFLORIDA CU’s Terms and Conditions page, the Early Withdrawal Penalty (EWP) reads as follows:
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impose will equal 36 months dividends on the amount withdrawn subject to penalty.
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 Florida counties of Charlotte, DeSoto, Glades, Hardee, Hernando, Highlands, Hillsborough, Indian River, Lake, Manatee, Martin, Okeechobee. Orange, Osceola, Pasco, Pinellas, Polk, Sarasota, Seminole, St. Lucie, and Sumter, eligible to join.
Portions of Brevard County (based on Zip Code) also qualify for membership eligibility. Those Zip Codes are 32908, 32909, 32949, and 23976.
MIDFLORIDA CU’s upcoming merger (effective July 2017) with Martin Federal Credit Union will not affect the FOM, as Martin FCU's residency-based FOM duplicates portions of MIDFLORIDA’s FOM.
Kevin Jones, President/CEO of MIDFLORIDA CU, stated that the upcoming merger will allow the Credit Union to “infill locations and connect MIDFLORIDA’s coast-to-coast branch network to more fully serve all of mid or central Florida.”
Joining MIDFLORIDA CU and/or opening a CD requires an in-person visit to any of 40 Florida branches located in Arcadia, Auburndale, Avon Park, Bartow, Bay Pines, Brandon, Clearwater, Davenport, Haines City, Kissimmee, Lake Placid, Lake Wales, Lakeland (8), Land O Lakes, Lutz, New Port Richey, Okeechobee, Pinellas Park, Plant City, Port Saint Lucie, Sebring (3), St. Petersburg, Tampa (4), Vero Beach, Wauchula, and Winter Haven (3).
Credit Union Overview
MIDFLORIDA Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.94% (excellent), based on December 31, 2016 data. In the past year, MIDFLORIDA CU increased its total non-brokered deposits by $216.55 million, an excellent annual growth rate of 11.23%. Please refer to our financial overview of MIDFLORIDA Credit Union (NCUA Certificate # 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.
MIDFLORIDA Credit Union currently has more than 250,000 members and assets in excess of $2.6 billion, but following the upcoming merger with Martin Federal Credit Union, the membership will grow by approximately 13,300 members.
How the Certificate Special Compares
When compared to the 216 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Florida residents, MIDFLORIDA Credit Union’s 5-Year Certificate Special currently ranks second.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
The above rates are accurate as of 3/14/2017.