Tampa Bay Federal Credit Union's 60-Month CD Earns 3.25% APY

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UPDATE 6/24/2019: 60-month CD rate has dropped to 3.00% APY.

Deal Summary: 60-month CD, 3.25% APY, $500 minimum deposit

Availability: Easy membership requirement

Tampa Bay Federal Credit Union’s (Tampa Bay Federal) 60-month CD currently earns 3.25% APY. The minimum opening deposit is $500, with no stated balance cap. While Tampa Bay Federal’s Deposit Rates page lists three different deposit levels ($500, $50k, $100k), the same 3.25% APY applies to all balance tiers.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%$500-Tampa Bay Federal Credit Union60 Month IRA Certificate (Traditional, Roth, CESA)
2.25*%$500-Tampa Bay Federal Credit Union60 Month CD
Rates as of September 20, 2019.

The 60-month CD is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.

It’s only been in the last year that the 60-month CD rate has become competitive, with 128 bps added in two increases since last July. Prior to that, the APY was below 2.00% for more than eight years, with an extended stay at 0.28% APY between 2010 and 2014.

As stated in the Universal Account Agreement document, the Early Withdrawal Penalty reads as follows:

For Share Certificates with an original maturity of one (1) year or more, the penalty equals
the lesser of earned dividends or six (6) months of dividends on the amount withdrawn.

Funding and Maturing Funds

Funding a CD can be done through an ACH transfer, wire transfer ($10 fee), check, or cash. Maturing funds can be accessed during the 10-day grace period and will be distributed by a cashier’s check or transferred to another Tampa Bay Federal checking or savings account.

If you select the automatic payout option, we will give you written notice prior to the maturity date of a Share Certificate Account stating that this Certificate is maturing and unless we get instructions from you otherwise, we will transfer all funds represented by the Certificate to your Regular Share Account.

Availability

Headquartered in Tampa, Florida, Tampa Bay Federal Credit Union’s field of membership (FOM) permits almost any U.S. citizen or resident alien to join:

Easy membership: Joining the Prime Time Club (one-time $5 fee) qualifies for Tampa Bay FCU membership. The Prime Time Club provides “education about the benefits of savings, investments, retirement planning, consumer borrowing, and real estate purchases.”

Residency: Individuals who live, work, worship, attend school, or volunteer in Palm River, West Tampa and the general Tampa community qualify for membership.

Employment/Affiliation: Employees/members of more than 120 Select Employee Groups, including the Tampa Port Authority and the City of Tampa, are membership eligible.

Relationship: Immediate family members of current Tampa Bay Federal are also welcome to apply.

Joining Tampa Bay Federal can be done online, or at any of seven Florida branches located in Riverview, Seffner, or Tampa (5).

You will be asked to make your initial minimum deposit of $5.00 with a debit or credit card. This $5.00 share must remain on deposit to maintain your member/owner status with us.

While checking and/or savings accounts can be opened online, opening a CD must be done over the phone (813.247.4414) or at any of the above mentioned branch locations.

Tampa Bay Federal participates in the CO-OP Shared Branch network, giving its members access to more than 5,000 shared branches throughout the country.

Tampa Bay Federal is just moments way with our shared branching network of Credit Unions. Throughout the United States, credit unions have joined forces cooperatively to offer basic financial services for credit union members across the country.

Credit Union Overview

Tampa Bay Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.42% (excellent), based on March 31, 2019 data. In the past year, Tampa Bay Federal increased its total non-brokered deposits by $19.41 million, an excellent annual growth rate of 8.01%. Please refer to our financial overview of Tampa Bay Federal Credit Union (NCUA Charter # 352) for more details.

Chartered in 1935, Tampa Bay Federal Credit Union was originally known as the Tampa City Employees Credit Union, having been established by thirteen City of Tampa employees. A Hav-A-Tampa cigar box supposedly served as the fledgling Credit Union’s safe for several months, holding up to as much as $400. Currently the 39th largest credit union in Florida, Tampa Bay Federal has more than 29,000 members and assets in excess of $310 million.

How the CD Compares

When compared to 174 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Tampa Bay Federal Credit Union's 60-month CD APY currently ranks third.

The above rates are accurate as of 6/19/2019.

Searching for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.

Related Pages: Tampa CD rates, 5-year CD rates, nationwide deals

Comments
AnnO
AnnO   |     |   Comment #1
A "Senior Citizen CD" doesn't seem like the best/fairest thing to be comparing unrestricted CDs to.
HARK!
HARK!   |     |   Comment #2
More credit unions......all that's on this page any more.
jjflyman
jjflyman   |     |   Comment #3
Agreed. Most of us have zero interest in joining far way CU's.
Nothing
Nothing   |     |   Comment #4
If your faraway CU is drawing $ from your area, the response from local CUs is? Send locals what the competition is doing or see no local rate changes!
AnnO
AnnO   |     |   Comment #8
Speak for yourself. "Most of us" don't care where the best deal comes from if we're eligible to have it, as the massive amount of comments on many previous hot CU CD offers demonstrates.
mjs
mjs   |     |   Comment #5
One could make a case that this is actually better than Connexus in that the EWP is only 6 months vs. 12 months. That might be worth paying 10 basis points for, as that makes this CD more attractive for using more "rainy day" funds that you have a higher chance of needing to access.

Compared to 2% on a savings account, one only has to hold this 5 year CD for about 2 years before they reach a break even point comparatively.
AnnO
AnnO   |     |   Comment #9
2% isn't the best benchmark anymore for liquidity comparisons; multiple savings/MMAs around 2.5% have been available for some time now.
mjs
mjs   |     |   Comment #6
called and they said they do do one hard pull (even if not opening a checking account) for membership/savings, so FYI
Shelby1
Shelby1   |     |   Comment #7
Open GTE Financial CU CD's with terms from 18 months to 60 month..with APY range from 2.27% to 3.04%, and these are all ADD ON cd's entire length of CD with only a $20 minimum or greater deposit. $500 minimum to open and can be pulled from credit card for all CD's with no additional charge.Account can be opened in hours / and in 24 hours account is updated on the GTE website showing all CD's funded and dividend rate applied to all CD's. Think of the different options you may have with purchasing these add on cd's over the next 5 years and you may come to the same conclusion I came to.
4.01% Reward Checking Account at Tampa Bay Federal Credit Union
Tampa Bay FCU is offering a reward checking account called Premium Checking. The account offers the following features if certain monthly requirements are met:
  • 4.01% APY on balances up to $30,000
  • 0.75% APY on balances over $30,000
  • 0.10% base rate if qualifications are not met
  • ATM fees refunded nationwide up to $25 per month
The monthly requirements include:
  • 12 debit card purchases
  • one direct deposit or ACH auto debit
  • receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • No minimum balance requirement
  • No monthly service fees
  • Free Bill Pay with minimum 3 bills paid per month
Membership is open...


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The field of membership is primarily based on Select Employer Groups. Those not part of a SEG or without an eligible family member, may be eligible through the credit union's Prime Time Club. The credit union has a $25 one-time membership fee which is way above average, and I would recommend to try to see if they would waive this. Sometimes this is...

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The field of membership is primarily based on Select Employer Groups. See site for details. There's a $25 one-time fee to join. Most credit unions only require a deposit into a share savings account. If you are joining to open the CD, be...

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