Space Coast Credit Union (FL) Has Leading IRA CD Rates

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Deal Summary: IRA CDs – 6-month (2.25% APY), 12-month (2.55% APY), 18-month (2.55% APY), 24-month (2.63% APY), 30-month (2.68% APY), 36-month (2.73% APY), 42-month (2.78% APY), 48-month (2.93% APY), 54-month (2.98% APY), and 60-month (3.03% APY), $500 min deposit, in-branch opening only.

Availability: Residents of 29 Florida counties.

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.

Availability

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.

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

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.

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

Comments
Space Coast Credit Union Ups 12-Month CD To 2.68% APY
Deal Summary: 12-month CD, 2.68% APY; 12-month IRA, 3.19% APY; $500 minimum deposit.

CD
Availability: Residents of 29 Florida counties.

As DA reader, crispydinosaur, noted in a Forum post about Space Coast Credit Union (SCCU),

Not only has the rate on the 12-month CD been raised to 2.68% APY, the 12-month IRA CD (Traditional, Roth) now earns an impressive 3.19% APY. Either can be opened with a minimum $500 deposit, with no stated balance cap.

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

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Space Coast Credit Union (FL) 60-Month CD Earns 3.19% APY
Deal Summary: CDs – 48-month (3.03% APY), 54-month (3.09% APY), and 60-month (3.19% APY), $500 minimum deposit.

Availability: Residents of 29 Florida counties.

I’m not sure what’s more exasperating: rates that fall right after I’ve published a blog post or rates that fall just as I’m about to publish. This Space Coast Credit Union (SCCU) blog post is an example of the latter. The 60-month CD was earning 3.34% APY, but as of yesterday, the rate fell to 3.19% APY. While all of SCCU’s long-term...

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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...

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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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