As DA reader, crispydinosaur, noted in a Forum post about Space Coast Credit Union (SCCU),
With CD rates dropping unless willing to [commit to] a long term CD (5 year), it is nice to see that Space Coast once again steps up to the bat and does a 12 month CD with 2.68 % APR.
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.
|2.83%||$500||-||Space Coast Credit Union||12 Month IRA CD (Traditional, Roth)|
|2.32%||$500||-||Space Coast Credit Union||12 Month CD|
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,
180 days of interest for Accounts with a term between 12 and 24 months.
Less than two weeks ago, I took a look at Space Coast Credit Union’s long-term CDs, which have remained competitive despite a recent lowering of rates. If you missed that blog post, here’s what those long-term rates look like.
|2.88%||$500||-||Space Coast Credit Union||60 Month CD|
|2.78%||$500||-||Space Coast Credit Union||54 Month CD|
|2.73%||$500||-||Space Coast Credit Union||48 Month CD|
And don’t forget about the IRA CDs offering APYs about 50 bps higher than the corresponding CDs.
|3.39%||$500||-||Space Coast Credit Union||60 Month IRA CD (Traditional, Roth)|
|3.29%||$500||-||Space Coast Credit Union||54 Month IRA CD (Traditional, Roth)|
|3.24%||$500||-||Space Coast Credit Union||48 Month IRA CD (Traditional, Roth)|
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. (FYI – five counties have been added to the FOM and, as promised, the new SCCU membership application now includes all 29 eligible counties.)
Florida counties – 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.
Family members of existing SCCU members also qualify for membership. "Family members" are defined as spouse, domestic partner, parent, child, sibling, grandparent, grandchild, aunt, uncle, niece, nephew, or cousin.
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.
Opening a CD can be done by phone (800.447.7228) or at any of the above-mentioned full-service branch locations. I had hope the new and improved online application would include CDs, but only checking and savings account are listed.
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.
Credit Union Overview
Space Coast Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.41% (excellent) based on March 31, 2019 data. In the past year, SCCU has increased its total non-brokered deposits by $226.43 million, an excellent annual growth rate of 6.37%. 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 433,000 members and assets in excess of $4.4 billion.
How the CD Compares
When compared to 235 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a similar minimum deposit, Space Coast Credit Union’s 12-month CD APY currently ranks second.
How the IRA CD Compares
When compared to 167 similar length-of-term IRAs tracked by DepositAccounts.com that are available within the FOM and require a similar minimum deposit, Space Coast Credit Union’s 12-month IRA CD APY currently ranks first.
The above rates are accurate as of 8/6/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.