The last time I wrote about the IRA CDs offered by Space Coast Credit Union (SCCU) was just prior to Tax Day 2019. At that time, the rates on the IRA CDs were great, ranging from 3.03% APY (12-month) to 3.85% APY (60-month). In a series of five rate drops in the past six months, the IRA CDs have lost between 48 (12-month) and 82 bps (60-month). While these are substantial declines, given the current rate climate, the IRA CDs are still offering top APYs. The minimum opening deposit for any IRA CD is $500, with no stated balance cap.
SCCU’s IRA CD rates are about 50 bps higher than its CD rates, transforming the current so-so CD rates into excellent IRA CD rates. Like the IRA CDs, the CDs experienced considerable rate decreases in the past six months.
As stated in the Agreements and Disclosures document, 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.
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 29 Florida counties eligible to join.
Florida counties – Brevard, Broward, Clay, Collier, Duval, Flagler, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nausau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Seminole, St. Johns, St. Lucie, Sumter, or Volusia.
Relatives (child, sibling, parent, grandparent, or spouse) of existing SCCU members also qualify for membership.
The Shares Savings Account ($5 min/$5k max deposit) is the required primary membership account that establishes you as an owner/member of SCCU.
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 3.20% (excellent) based on September 30, 2019 data. In the past year, SCCU has increased its total deposits by $554.56 million, an excellent annual growth rate of 15.64%. 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 69 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 443,000 members and assets in excess of $4.8 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 1/9/2020.
To look for the best IRA CD rates, both nationwide and state specific, please refer to our IRA CD Rates Table page.