If you prefer a short-term CD over a long-term CD, you’ll probably have to settle for a low rate that’s not much higher than the best savings account rates. If you’re lucky, there will be a local bank or credit union with a CD rate that’s better than what you can find on the internet. That’s the case for those in the Miami area where South Florida Federal Credit Union is offering a 1.26% APY 1-year CD. Minimum deposit is $200. This rate is listed in the credit union's account rates page as of 12/30/2013.
The credit union continues to offer a good deal on its Jumbo Money Market Account with a 1.10% rate. This requires a $100,000 minimum deposit to open, and it requires a $100,000 minimum average daily balance to avoid service fees.
Unfortunately, the credit doesn't make it easy to qualify. Membership is primarily based on Select Employee Groups. Several churches and schools are also included. Please refer to the credit union's Who Can Join page for more details.
I just noticed a few associations that are now listed in the field of membership. One is the Paralyzed Veterans Association of Florida (PVAF) located in Ft. Lauderdale, Florida. Members of this association are eligible to join the credit union. According to this PVAF page, anyone can become an associate member of PVAF. There’s a $30 annual fee to join. Once you’re a member of the credit union, you no longer have to remain a member of the association.
South Florida FCU is located in Miami, Florida.
South Florida FCU has an overall health grade at DepositAccounts.com of a B+ with a Texas Ratio of 10.18% (excellent) based on September 2013 data. Please refer to our financial overview of South Florida FCU for more details. The credit union is federally insured by the NCUA (Charter # 23041).
How This CD Rate Compares
For CDs easily available nationwide, the highest 1-year CD rate is 1.10% APY. That’s available at Melrose Credit Union and at AloStar Bank of Commerce. The rate is not quite as high, but there’s a good 1-year CD deal at CIT Bank. It has a 1.05% APY, but it has the added advantage of an add-on deposit and a bump-up rate option.
To search for the best nationwide IRA CD rates and the best IRA CD rates in your state, please refer to the IRA rates section of DepositAccounts.com.