Space Coast Credit Union (FL) Offers Competitive 12-Month CD Rate
Following a recent and quite substantial 77 bps rate increase, the Space Coast Credit Union (SCCU) 12-month CD is offering a competitive 5.61% APY. The minimum opening deposit is $500, with no stated balance cap. The 5.61% APY is currently the highest and most competitive rate in the SCCU CD product line.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.25% | $500 | - | Space Coast Credit Union | 12 Month CD | |
| 4.25% | $500 | - | Space Coast Credit Union | 12 Month IRA CD (Traditional, Roth) |
The 12-month CD is also available as an IRA CD (Traditional, Roth), earning the same APY with the same deposit requirements.
Early Withdrawal Penalty
As stated in the Truth-in-Savings disclosure (page 21), the Early Withdrawal Penalty reads as follows:
We may impose a penalty if you withdraw funds from your account before the maturity date.
Terms of 12-24 Months 180 days’ interest.
If the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
Availability
Headquartered in Melbourne, Florida, Space Coast Credit Union’s field of membership (FOM) is community-based, with individuals who live or work in any of the following 34 Florida counties eligible to join.
Florida counties – Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, and Volusia.
Family members of existing SCCU members also qualify for membership. As stated on the online application, family members are defined as “child, sibling, parent, grandparent, or spouse.”
Joining SCCU and/or opening a 12-month CD can be done online, by phone (800.447.7228, option 5), or at any of the 65 Florida branches, located along the Atlantic coast from Palm Coast to Homestead. Appointments are available and can be scheduled online.
The Share Savings Account is the required primary membership account that establishes you as an owner/member of SCCU. A total of $10 (initial $5 deposit and $5 membership fee) is required to open the Share Savings Account.
Access your Space Coast Credit Union accounts with the CO-OP Shared Branch
network. 5,000 branches and over 2,000 self-service locations in all 50 states.
Funding and Other Particulars
The following information is from the SCCU website and a conversation with CSR.
- Funding – ACH, wire, or internal transfer.
- Ownership – Individual, joint, trust (in-branch only).
- CO-OP Shared Branch Participant – Yes.
- Dividends – compounded/credited monthly, with dividends either remaining in the CD or transferred to an SCCU liquid account.
- Maturing Funds – Cashier’s check or internal transfer to an SCCU liquid account.
- Grace Period – 10 business days before automatic renewal.
- Beneficiaries – Up to six beneficiaries can be named, percentages available, Social Security numbers required.
Credit Union Overview
Space Coast Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.34% (excellent) based on September 30, 2023 data. In the past year, SCCU has increased its total non-brokered deposits by $90.82 million, an above average annual growth rate of 1.41%. Please refer to our financial overview of Space Coast Credit Union (NCUA Charter # 67297) for more details.
Space Coast Credit Union was founded in 1951 as the Patrick Air Force Base Credit Union, serving the military personnel stationed at the base. (FYI – Patrick AFB was renamed Patrick Space Force Base in 2020 and is currently home to the 45th Space Wing, which commands the Cape Canaveral Space Force Station.) In 73 years, SCCU has grown from a fledgling credit union with seven members and $372 in assets to become Florida’s third largest credit union, with more than 633,000 members and assets in excess of $8.6 billion.
How the 12-Month CD 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, two banks and one credit union currently have higher rates than offered on the Space Coast Credit Union 12-Month CD. The following table compares the 12-month CD to the four highest-rate similar length-of-term CDs from other banks/credit unions within the FOM.
The above information and rates are accurate as of 1/18/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
