Finally … a “spooktacular” rate!
Suncoast Credit Union (Suncoast CU) is currently offering 6.25% APY on its 11-month Jumbo IRA Certificate. While not as eye-catching as the Jumbo IRA rate, the 11-month Jumbo Share Certificate nonetheless has a competitive 6.00% APY. Both the Jumbo IRA Certificate and Jumbo Share Certificate require a minimum opening deposit of $100k.
The non-jumbo 11-month IRA Certificate and 11-month Share Certificate have APYs 25-bps lower and can be opened with a minimum $500 deposit.
As stated on the Share Certificate Rates page, the Early Withdrawal Penalty reads as follows:
A penalty will or may be imposed for early withdrawals: 90 days of dividends on terms of 12 months or less; 180 days of dividends on terms longer than 12 months.
If the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.
Penalties are only assessed on the amount withdrawn. If the withdrawn amount is below the required minimum balance, the share certificate must be closed.
Headquartered in Tampa, Suncoast Credit Union’s field of membership (FOM) is community-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).
Your Share Savings requires only a $5 opening deposit and gives you access to all other Suncoast products and services.
A Jumbo Share Certificate/Jumbo IRA Certificate cannot be opened online. As stated at the bottom of the Share Certificate Promotion page,
For this promotion, visit a Suncoast branch to lock in the super rate and open your share certificate.
Not a Suncoast member? Come by a Suncoast branch and we’ll help you open your membership and your share certificate in one easy experience.
Already a Suncoast member? Stop by your local Suncoast branch to open your share certificate. Members can also open their share accounts over the phone by calling our Member Care Center.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire ($5 fee), cashier’s check, internal transfer.
- CO-OP Shared Branch Participant – No.
- Ownership – Individual, joint, or trust.
- Dividends – Compounded daily and credited monthly and can be transferred to a Suncoast savings account penalty-free.
- Maturing Funds – Internal transfer to a Suncoast savings account.
- Grace Period – 7 calendar days before renewal as a 12-month Certificate.
- Beneficiaries – Up to 4 with equal shares; Social Security numbers are required.
- Credit check – Soft pull; Suncoast uses Transunion, Equifax, and Experian.
Credit Union Overview
Suncoast Credit Union has an overall health grade of "B+" at DepositAccounts.com, with an excellent Texas Ratio of 3.78%, based on June 30, 2023 data. In the past year, Suncoast CU has increased its total non-brokered deposits by $278.29 million, an above average annual growth rate of 1.96%. 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 the largest credit union in Florida (and the twelfth largest credit union in the county), with more than 1,152,000 members and assets in excess of $16.7 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.
Suncoast is passionate about community support. Since its founding in 1990, the Suncoast Credit Union Foundation has raised and donated more than $40 million to organizations and initiatives that support the health, education, and emotional well-being of children in the communities that the credit union serves.
How the 11-Month Jumbo IRA Certificate Compares
When compared to similar length-of-term IRA CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $100k or less, no banks or credit unions have higher rates than currently offered on the Suncoast Credit Union 11-Month Jumbo IRA Certificate, regardless of minimum deposit requirements. The following table compares the 11-Month Jumbo IRA Certificate to the two highest-rate IRAs from other credit unions and the two highest-rate IRAs from banks.
To search for the best IRA CD rates, both nationwide and state specific, please refer to our IRA CD rates table page.
How the 11-Month Jumbo Share Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available with the FOM and have minimum deposit requirements of $100k or less, no banks or credit unions have higher rates than currently offered on the Suncoast Credit Union 11-Month Jumbo Share Certificate, regardless of minimum deposit requirements. The following table compares the 11-Month Jumbo Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 10/14/2023.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.