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.
|3.20%||$100k||-||Suncoast Credit Union||18 Month Jumbo CD Special - New Money|
Based on the promotion page, the 3.20% APY may not last long.
And for a limited time only, you can earn 3.20% APY on an 18-month Jumbo
Share Certificate account when you bring your new deposits to Suncoast.
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.
Thanks to DA reader, glasses, for the Forum post about the new Jumbo Share Certificates.
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 I last wrote about Suncoast CU in 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.
Credit Union Overview
Suncoast Credit Union has an overall health grade of "A" at DepositAccounts.com, with an excellent Texas Ratio of 4.11%, based on September 30, 2018 data. In the past year, Suncoast CU has increased its total non-brokered deposits by $417.28 million, an excellent annual growth rate of 5.58%. 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 nearly 797,000 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 Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Suncoast Credit Union’s 18-month Jumbo Share Certificate APY currently shares the top spot with NASA Federal Credit Union’s 15-month Share Certificate Special APY, regardless of minimum deposit requirements.
The above rates are accurate as of 2/4/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.