As DA reader, Robb, noted in a Forum post yesterday, Space Coast Credit Union (SCCU) has added a limited-time 33-month CD Special earning a competitive 4.84% APY. The minimum opening deposit is $500, with no stated balance cap.
SCCU is actually offering three CD Specials, but the other two (13-month, 3.80% APY and 23-month, 4.32% APY) don’t have competitive rates.
The fine print on the landing page states,
Rate advertised is available for a 13-, 23-, or 33-Month CD term as of 11/15/2022 and is subject to change at any time.
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 30-36 Months 365 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.
Funding and Other Particulars
- Funding – ACH, wire, or internal transfer.
- CO-OP Shared Branch Network – Yes.
- Maturing Funds – Cashier’s check or internal transfer to an SCCU liquid account.
- Dividends – compounded/credited monthly, with dividends either remaining in the CD or transferred to another SCCU liquid account.
- Grace Period – 10 business days before a 33-month CD Special renews as a 36-month CD.
- Beneficiaries – Using the CD POD form, up to four beneficiaries can be named, percentages assigned, with Social Security numbers required.
Headquartered in Melbourne, Florida, Space Coast Credit Union’s field of membership (FOM) has expanded since my August 2022 blog post, with five Florida counties joining the SCCU family. Individuals who live or work in any of the following 34 Florida counties are 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, or 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 33-month CD Special can be done online, by phone (800.447.7228, option 5), or at any of the 64 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.
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Credit Union Overview
Space Coast Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.94% (excellent) based on June 30, 2022 data. In the past year, SCCU has increased its total non-brokered deposits by $623.1 million, an excellent annual growth rate of 11.01%. 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 71 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 571,000 members and assets in excess of $7.3 billion.
How the 33-Month CD Special 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, one bank currently has a higher rate than offered on the Space Coast Credit Union 33-Month CD Special. The following table compares the 33-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|4.89%||3-Year CD (EWP=360 days)||KS StateBank|
|4.84%||33-Month CD Special (EWP=365 days)||Space Coast Credit Union|
|4.61%||36-Month CD (EWP=180 days)||Pelican State Credit Union|
|4.60%||36-Month CD (EWP=180 days)||CFG Bank|
|4.57%||36-47 Month CD (EWP=180 days)||Department of Commerce Federal Credit Union|
The above information and rates are accurate as of 11/17/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.