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.
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.
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).
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.