Suncoast Credit Union (FL) Ups 24-Month Jumbo CD, 3.25% APY

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Deal Summary: Jumbo Share Certificates – 24-month (3.25% APY) 60-month (3.50% APY), $100k minimum deposit.

Availability: Residents of 39 Florida counties.

In February, Suncoast Credit Union (Suncoast CU) added a series of Jumbo Share Certificates (JSC) “specifically designed for investors seeking premium rates.” At that time, the 18-month (with a short-lived 3.20% APY) was the most competitive of the seven JSCs offered. Following recent increases, the two new rate leaders are the 24-month (3.25% APY) and 60-month (3.50% APY). Either can be opened with a $100k minimum deposit, and there is no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.20%$100k-Suncoast Credit Union60 Month Jumbo CD
2.45%$100k-Suncoast Credit Union24 Month Jumbo CD
Rates as of July 15, 2019.

As stated in the fine print on the Jumbo Share Certificate page, the Early Withdrawal Penalty reads as follows:

Penalty will or may be imposed for early withdrawal with no loss of
initial investment: 180 days of dividends on terms longer than 12 months.

In other words, no matter when you make a withdrawal, the principal will remain intact. If a withdrawal occurs before Day 180, all earned dividends will be forfeited, but the principal will not be touched.

Availability

Headquartered in Tampa, Suncoast Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in any of the following Florida counties eligible to join:

Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Desoto, Dixie, Duval, Gilchrist, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Leon, Levy, Manatee, Marion, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Pascoe, Pinellas, Polk, Sarasota, Seminole, St. Johns, St. Lucie, Sumter or Volusia.

Since 2016, the number of eligible counties has nearly doubled. The FOM now consists of almost 60% of all Florida counties, including the Orlando and Miami metropolitan areas.

Immediate family members of current Suncoast CU members also qualify for membership, as do alumni of Florida College (Temple Terrace).

Joining Suncoast CU can be done online, or in person at any of 68 Florida branches located along 300 miles of the Gulf of Mexico coast from Chiefland to Naples.

Opening a Jumbo Share Certificate can be done in-branch or by calling 800.999.5887, extension 88400. Unlimited beneficiaries can be named, with percentages allocated.

Credit Union Overview

Suncoast Credit Union has an overall health grade of "A" at DepositAccounts.com, with an excellent Texas Ratio of 4.56%, based on December 31, 2018 data. In the past year, Suncoast CU has increased its total non-brokered deposits by $335.31 million, an excellent annual growth rate of 4.42%. Please refer to our financial overview of Suncoast Credit Union (NCUA Charter #68645) for more details.

Founded in 1934 as the Hillsborough County Teachers Credit Union, Suncoast Credit Union is currently Florida’s largest credit union, with more than 811,000 members and assets in excess of $9.2 billion. While the original charter was amended to include teachers from additional counties, the FOM remained focused on educators for more than 55 years. The Credit Union converted to a state charter in December 2013, adopting the Suncoast Credit Union name and a new logo.

In the past two years, Suncoast Credit Union was,

named the Best Bank in Florida (2017-2018) by Money magazine as part of their Best Banks in America article. Local readers also voted Suncoast as the Best Bank for the 2017 Best of the Bay awards by Creative Loafing.

How the Jumbo Share Certificates Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Suncoast Credit Union’s 60-month Jumbo Share Certificate APY currently ranks first, regardless of minimum deposit requirements.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Suncoast Credit Union’s 24-month Jumbo Share Certificate APY currently ranks first, regardless of minimum deposit requirements.

The above rates are accurate as of 4/2/2019.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Orlando CD rates, Tampa CD rates, Ft. Myers CD rates, Gainesville CD rates, 5-year CD rates

Comments
SMT1
SMT1   |     |   Comment #1
Nice to see a rate increase during this period when most are cutting rates! Too bad it's only available in Florida.
willy12
willy12   |     |   Comment #2
Too bad I don't live in FL. I am looking for a similar deal.

NASA went down. I have a CD maturing from Andrews in 2 weeks. Hope they come up with something soon.
NYCnative
NYCnative   |     |   Comment #3
The 8 month 2.86% APY is still available at Andrews as well as the 84 mo 3.45%
willy12
willy12   |     |   Comment #4
Was hoping for better. But, does the limit 1 apply to rolling over an old one? I tried to call them today to ask that but they were in their "we don't answer the phone" mode.

I may have to get another 8 month if they let me assuming nothing better comes along by then.
willy12
willy12   |     |   Comment #8
Finally got Andrews to answer the phone. The 8 and 9 or any of the other specials that are limit one...you can wait for them to mature and go into the savings and you can then open another one. And I am leaning toward doing just that with much or all of my maturing Andrews on 4/17 if its still available and nothing better comes along. I'm willing to go up to 24 months if I can find a 3.25% open to me.
DiscoStu
DiscoStu   |     |   Comment #5
If you go through the steps to "Join Now" it also offers field of membership of graduate of school in following counties (then lists most of the same)

I'm a college graduate of a school in Hillsborough. Not sure if that qualifies?
Svensk
Svensk   |     |   Comment #6
Community Financial Services Bank in Benton, KY cfsbky.com has a 49 month CD at 3.39% APY with TWO bump ups. $1000 minimum Great rate in an indefinite rate environment. They also have Kasasa checking at 2.25% $20,000 max
Accounts are available nationwide by phone and online. Great customer service. Have been a customer for several years..
Ken Tumin
Ken Tumin   |     |   Comment #7
DA reader, babs33458, asked the following question in the Forum. I'm copying it and my reply here to keep discussions on Suncoast and these CDs consolidated in one location:

babs33458 question:
I called Suncoast yesterday and inquired about opening a cd with them. I was told they only accept wire transfers ( no ACH) and that I needed to have an account with them first. The CS person was not clear about whether I needed an existing account with them in order to open a cd or if opening a cd qualified as an account.. I pressed her on this point but she became a bit terse. Can anyone tell me the correct procedure with Suncoast? I am in their membership area,


My reply:

Thanks for posting the question and sharing your experience with Suncoast.

One thing to note about all credit unions is that they require you to open and maintain a savings account. For Suncoast, a Regular Savings must be opened with a $5 minimum deposit. No other product can be opened before membership is started with the Regular Savings account.

One thing nice about having a savings account at a credit union is that it can be used to fund a CD and receive funds from a maturing CD. Unfortunately, Suncoast doesn't appear to be a shared branch member, so you won't be able to deposit funds into a Suncoast savings account from a shared branch. However, you should be able to do an ACH "push" into the savings account from a bank like Ally Bank or Amex which offers a flexible bank-to-bank transfer system. A wire transfer into the savings account should also be possible, but please note that Suncoast charges $5 per incoming wire transfer.
Anon
Anon   |     |   Comment #9
I got a 24-month 3.25% APY CD at Suncoast. Very easy CU to deal with, good service.
retired
retired   |     |   Comment #10
May 2, I checked the Suncoast CU website and the internet for a CD special rate of 3.5% for 5 year CD with a 100k deposit. Drove 15 miles to this branch to set up an account. Got there and was told that CD rate is now 3.3%, had just called them to verifiy the rate an hour before. Suncoast is in the bait and switch game. Will never do business with Suncoast CU.
Suncoast Credit Union (FL) Adds 18-Month Jumbo CD, 3.20% APY
Deal Summary: 18-month Jumbo Share Certificate, 3.20% APY, $100k minimum deposit, new money.

Availability: 39 Florida counties.

Suncoast Credit Union (Suncoast CU) has added a series of Jumbo Share Certificates (JSC) “specifically designed for investors seeking premium rates.” Of the seven JSCs, the most competitive rate is offered on the 18-month: 3.20% APY. Any of the JSCs can be opened with a $100k minimum deposit, but the 18-month requires new money.

Based on the promotion page, the 3.20% APY may not last...

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Suncoast Credit Union (Suncoast CU) is offering two competitive long-term CDs: 48-month Share Certificate (2.00% APY), and 60-month Share Certificate (2.25% APY). Both require a $500 minimum deposit, with no stated balance cap.

These Share Certificates have been a part of Suncoast CU’s product line for nearly six years and the current APYs are the highest seen during that...

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My last report on this credit union was in December when it was offer 5.60% on all terms of 12 months and longer. Their standard rates have gone down, but they're still competitive.

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The field of membership includes those with some affiliation with schools in the Florida counties of Charlotte, Citrus, Collier, Desoto, Glades, Hardee, Hendry, Hernando, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas and Sumter. Also, those 55 years and older who live in one of the above counties can be eligible by joining an association for a one-time fee...

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