Orlando Credit Union (Orlando CU) is celebrating its field of membership (FOM) expansion with a 13-month Term Share Certificate Special earning 2.50% APY. The minimum opening deposit $500 of new money.
As stated on the Certificate Accounts page, the Early Withdrawal Penalty reads as follows
Terms of 6 months or less lose 90 days’ worth of dividends;
and terms greater than 6 months lose 180 days’ worth of dividends.
Funding, Maturing Funds, Dividend Payments
Funding a Certificate can be done by ACH or wire transfer when using the online application. Maturing funds will be distributed by cashier’s check or wire, or transferred to an existing Orlando CU checking or savings account.
The Certificate interest compounds daily and earned dividends are credited monthly. You can opt to either reinvest the dividends or have them automatically transferred to an Orlando CU’s savings or checking account.
Beneficiaries can be named (equal shares assigned), with a Social Security number required for each beneficiary.
Jumbo Share Certificates
In late August, I wrote about two Orlando CU Jumbo Share Certificates: 60-month (3.25% APY) and 24-month (2.95% APY). Those competitive rates are still in effect. The minimum opening deposit for a Jumbo Share Certificate is $50k, with no stated balance cap.
The Jumbo Share Certificates are also available as IRAs (Traditional, Roth, CESA), earning slightly higher APYs (24-month, 2.97% and 60-month, 3.28%), but with the same $50k minimum deposit.
Headquartered in its namesake city, Orlando Credit Union’s field of membership was expanded at the beginning of the month, following the adoption of a state charter. Individuals who live, work, worship, attend school, or volunteer in the Florida counties of Brevard, Hillsborough, Lake, Orange, Osceola, Polk, Seminole, or Volusia now qualify for membership. (The addition of four more counties has added more than three million new potential members.)
Immediate family members of current Orlando CU members are welcome to apply. “Immediate family” is defined as spouse, child (step-), parent (step-), sibling, grandchild, and grandparent.
The Ownership share is a non-transactional account that is required to establish an
Orlando Credit Union Membership. The account must always maintain a $5.00 balance.
Orlando CU participates in the CO-OP Shared Branch network and three different ATM networks - Allpoint Network, MoneyPass ATM Network, and Publix’s Presto! Network.
Away from home? You can still get your banking done at one of more than 5,000 shared branch locations. You can even withdraw or deposit cash at over 80,000 surcharge-free ATMs worldwide by visiting an in-network ATM.
Credit Union Overview
Orlando Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.07% (excellent) based on June 30, 2019 data. Orlando CU has an above average capitalization level (10.18%), the result of holding $237.84 million in assets with $24.22 million in equity. Please refer to our financial overview of Orlando Credit Union (NCUA Charter # 68706) for more details.
Established in 1936 as the Orlando City Employees Federal Credit Union, the newly rebranded Orlando Credit Union is currently Florida’s 42nd largest credit union, with just over 25,000 members and assets in excess of $237 million. The promised expansion is now a reality. According to a press release, Orlando Credit Union President and CEO, Suzanne Ornstein, announced the good news:
It’s official! October 1, 2019 is a historical moment for our credit union; we are officially Orlando Credit Union. I want to thank members for participating in the vote to convert from a federally-chartered credit union to a state-chartered federally insured credit union and giving us an opportunity for future growth. By a majority vote, the membership approved the conversion at the special membership meeting held September 5, 2019.
How the Term Share Certificate Special Compares
When compared to 246 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Orlando Credit Union's 13-month Term Share Certificate Special APY currently ranks first.
How the Jumbo Term Share Certificates Compare
When compared to 249 similar length-of-term CDs tracked by DepositAccounts.com, which have minimum deposits of $50k or less and are available within the FOM, Orlando Credit Union's 24-month Jumbo Share Certificate APY currently ranks first.
When compared to 216 similar length-of-term CDs tracked by DepositAccounts.com, which have minimum deposits of $50k or less and are available within the FOM, Orlando Credit Union's 60-month Jumbo Share Certificate APY currently ranks first.
The above rates are accurate as of 10/8/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.