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.
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.