Excellent IRA CD Rates Up To 3.85% APY At Space Coast Credit Union


Deal Summary: IRA CDs – 12-month (3.03% APY), 18-month (3.09% APY), 24-month (3.29% APY), 30-month (3.34% APY), 36-month (3.49% APY), 42-month (3.55% APY), 48-month (3.70% APY), 54-month (3.75% APY), and 60-month (3.85% APY), $500 min deposit, in-branch opening only.

Availability: Residents of 24 Florida counties.

Tax Day is nearly upon us, but there’s still time to open an IRA CD and Space Coast Credit Union (SCCU) has some great rates. SCCU’s IRA CD rates are about 50 bps higher than its CD rates, transforming good longer-term CD rates into excellent IRA CD rates. The minimum opening deposit is $500, with no stated balance cap.

As stated in the Account Disclosures brochure, the Early Withdrawal Penalty reads as follows:

We will impose a penalty if You withdraw any of the funds before the maturity date. The penalty imposed will equal 90 days of interest on Your Account for Accounts with a term less than 12 months, 180 days of interest for Accounts with a term between 12 and 24 months, 365 days of interest for Accounts with a term between 30 and 36 months and 730 days of interest for Accounts with a term greater than 36 months.

Thanks to DA reader, rockies, for the timely Forum posts about SCCU’s IRA CDs.


Headquartered in Melbourne, Florida, Space Coast Credit Union’s field of membership (FOM) is residency based, with individuals who live or work in any of the following 24 Florida counties eligible to join.

Florida counties – Brevard, Broward, Collier, Flagler, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Polk, Putnam, Seminole, St. Johns, St. Lucie, Sumter, or Volusia.

Family members of existing SCCU members also qualify for membership. "Family members" is defined as spouse, domestic partner, parent, child, sibling, grandparent, grandchild, aunt, uncle, niece, nephew, or cousin.

Joining SCCU can be done online or at any of 65 Florida branches, located along the Atlantic coast from Palm Coast to Homestead.

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.

While opening an IRA CD cannot be done online or over the phone, SCCU does have a “New Account Consultation” form to provide “assistance with choosing the right account for me.” Opening an IRA CD can be done at any of the above mentioned full-service branch locations.

Credit Union Overview

Space Coast Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.11% (excellent) based on December 31, 2018 data. In the past year, SCCU has increased its total deposits by $92.52 million, an above average annual growth rate of 2.72%. 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 is currently home to the 45th Space Wing, which commands the Cape Canaveral Air Force Station.) In 68 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 421,000 members and assets in excess of $4.1 billion.

How the IRA CDs Compare

When compared to similar length-of-term IRA CDs tracked by DepositAccounts.com that are available with the FOM and require a similar minimum deposit, all of Space Coast Credit Union’s IRA CD APYs currently rank first. The following is a sampling of the more popular term lengths.

The above rates are accurate as of 4/9/2019.

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

Related Pages: Miami banks, Orlando banks, West Palm Beach banks, IRA CD rates


An2   |     |   Comment #2
Please correct your facts. When applying for membership the web site only lists 14 counties eligible. I enter my Sumter County FL zip code and it tells me that I am outside the membership area.
Carpline   |     |   Comment #5
This is take directly from Space Coast CU's website:

"Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Clay, Collier, Duval, Flagler, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Seminole, St. Johns, St. Lucie, Sumter, or Volusia Counties in Florida."

An2   |     |   Comment #8
Try entering an out of state or Sumter county zip code (32162) during the membership application and you will see a different list of counties - only 14.
111   |     |   Comment #3
Good rates considering the current rate environment. I'm excluded from the field of membership, but those who aren't and are interested, should probably verify with Space Coast CU that an RMD does not trigger the EWP, which is a bit harsh.
111   |     |   Comment #4
Good rates considering the current rate environment. I'm excluded from the field of membership, but those who aren't and are interested, they should verify with Space Coast CU that an RMD does not trigger the EWP, which is a bit harsh.
Nothing   |     |   Comment #7
The problem with IRA deals only is how to get funds from a current IRA Trustee to new Trustee w/o penalty...difficult to do except with once a year distribution. Having a way to make a so-called placeholder deposit is needed. That is why NFCU add on is so popular. Soooooo, Space et al you need to have add on IRAs for promotional rates!
losingtrader   |     |   Comment #6
I manage to worship in every county in America. I wonder if going to the county and saying a prayer would legally qualify.
gregk   |     |   Comment #9
It's "live or work" in - not 'live or worship".
The Final Frontier
The Final Frontier   |     |   Comment #10
"To the Moon, Alice!"
Or at least the local CU.
Too bad it's only a local promo.
NavyFed had similar IRA rates (3.75) recently (nationwide, though a restricted FOM) but still good to see deals like this
RickZ   |     |   Comment #11
Good rate and I am eligible for membership. However, I would have to close an IRA CD and pay a penalty to free up funds. I spoke with a Space Coast branch rep and I was told that they will not guarantee the rate even after you begin the transfer process. While I'd probably be okay, I just can't take the risk that the rate could change after I close my CD and pay a penalty but before the transfer is completed.
RRR   |     |   Comment #12
Aye, there's the rub. With an individual account you can (usually) wire your funds same day and be assured that you'll get that day's rate at the new institution. But with a trustee to trustee transfer of an IRA, you are at the mercy of the current trustee as to when the funds will be sent. Even if there is say a 10 day rate guarantee at the new institution that might not be long enough. By the time they receive the funds from the old trustee, you could end up missing the higher rate.

It's a good idea if you're going to send funds for an IRA account to have them sent to an IRA savings account rather than fund the CD directly even if that's possible. That way you can decide when the funds are received by the new institution whether or not you want the CD at whatever the current rate is on that day. if you send the funds directly to the CD you could be stuck with a rate don't want for the term of the CD.

Trust accounts are always more complicated to manage than individual accounts. They also limit investment opportunities because of that and also because some institutions and investments don't accept trust accounts.

This is a downside of IRAs that I've never heard discussed. There is an opportunity cost to an IRA versus a non-trust account. I'm not saying that IRAs are a net bad deal, only that this is a factor not commonly considered either with IRAs or with other types of Trust accounts.

Some institutions will allow you to wire your IRA funds to the new trustee. But this can be a tricky proposition in part because they're not used to doing it that way. If you do this, you have to be very careful and monitor the situation all the way through.

The advantage to the wire is that it gives you some control over when the new trustee will receive the funds. Otherwise the old trustee will probably send the new trustee a check by snail mail via some country in Central Asia in order to hang onto the funds as long as they can. And of course you won't be earning any interest while it's in transit. If it's a significant amount of money this can be a substantial cost. So a wire is something to consider in spite of the additional complications.
Nothing   |     |   Comment #13
If one meets the counties residence requirement for membership pick up the check and have It directly transferred/payable to the IRA trustee FBO...no need to wire, etc. when you live so close. As mentioned above the bigger issue is breaking the existing IRA...Space should make its IRAs add-on!!!
Big Bucks
Big Bucks   |     |   Comment #14

How do you monitor the wire? Do you have to be in the same room, or both rooms? Thanks!
RRR   |     |   Comment #18
First you check if a trustee allows sending a wire and if the other trustee allows receiving a wire. Of course they both have to allow it, some don't. Then you have to set up an account at the receiving end so that there is an existing account to wire it to. Then you have to go through whatever procedure is necessary with the sending trustee to have the funds transferred by wire. Unlike sending funds from a non-IRA account, chances are they are going to take several days before they actually send the funds so you might have to contact them every day to check the status until the wire is actually sent and to remind them that it's going out by wire not by check.
my 2 Cents
my 2 Cents   |     |   Comment #15
this is why putting forward complicated or obscure oddball solutions will NOT be helpful to inexperienced consumers by internet advisors
RickZ   |     |   Comment #16
Space Coast will not accept a wire for an IRA transfer. Even for FIs that do accept wires for IRA transfers (e.g., Navy FCU), you of course have to make sure that the transferor FI will allow the sending of such a wire. I've found that the best procedure is to just pay the extra $20 or so to have an IRA transfer check sent by overnight mail with tracking.
Att   |     |   Comment #17
Northwest has 30 month IRA paying 3% with the following bonuses
10k to 99,999 - $100
100,000 to 249,999 - $250
500,000 and up - $500
Space Coast Credit Union Has New 15-Month CD - EXPIRED
UPDATE 3/14/2019: The offer has ENDED.

Deal Summary: 15-month CD, 3.29% APY, $500 minimum deposit

Availability: Residents of 24 Florida counties.

Space Coast Credit Union (SCCU) is currently promoting a 15-month CD, which earns 3.29% APY. The minimum opening deposit is $500, with no stated balance cap.

The 15-month CD is the most competitive CD in the product line, with an APY that equals that of SCCU’s 60-month CD.

As stated in the Account Disclosures brochure, the Early Withdrawal Penalty reads as follows:

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Competitive Long-Term CD Rates at Space Coast Credit Union in Florida

Space Coast Credit Union has become one of the largest credit unions in Florida. For those looking for a competitive long-term CD rates, Space Coast Credit Union has a few good deals. The two best ones are a 5-year CD with a 2.17% APY and a 54-month CD with a 2.02% APY. These are also available as IRA CDs. Minimum deposit is $500. These rates are listed at the credit union CD rates page as of 10/11/2011. Slightly higher rates are possible with the credit union's members rewards program.

The size...

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2.68% Reward Checking Account at a South Florida CU (Eastern Financial Florida)
Update 11/09/09: The top yield has fallen to 2.68% APY. See bottom of the post for the rate history.

Eastern Financial Florida Credit Union is offering a reward checking account that pays 2.68% APY on balances up to $25,000 (0.50% for over) and refunds ATM fees (up to $20/month) if the following monthly requirements are met: 1) 12 debit card purchases, 2) one direct deposit or an electronic automatic transaction, and 3) receive e-statements. If these are not met, the rate falls to 0%. There are no monthly service charge. One...

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2.25% 7-Month CD Continues at Eastern Financial Florida CU (Division of SCCU) - Local Only
Update 10/17/09: The 7-month CD special is no longer listed at the credit union's website.

Eastern Financial Florida Credit Union (which is now a division of Space Coast CU) continues to offer a special 2.25% APY 7-month CD. Minimum deposit is $500, and new funds are required. It's also available in an IRA. This special is listed at the credit union's promotions page as of 10/07/09.

I last last reported on this special in July. Eastern Financial Florida CU was placed into NCUA conservatorship in April due to problems with several large...

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3.40% 13-Month CD at Eastern Financial Florida Credit Union
Update 1/24/09: The 13-month CD rate has fallen to 3.25% APY. Please check the credit union's website for the latest rates.

Eastern Financial Florida Credit Union is offering a special 13-month certificate with a 3.40% APY. Minimum deposit is $500. It's available as both a regular and IRA certificate. The rate is listed on the credit union's home page and in this promotion page as of 1/19/2009.

The credit union also has a reward checking account that pays 4.05% APY on balances up to $25,000 (see post).

Membership is open to those who...

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More Past Offers

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