At the end of last week, Tropical Financial Credit Union (Tropical Financial) raised the rate on its 15-month CD to 2.20% APY. The minimum opening deposit is $500, with no stated balance cap.
The 15-month CD is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
As stated in the Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year:
- The penalty we may impose will equal 180 days interest on the amount withdrawn subject to penalty.
Headquartered in Miramar, Tropical Financial Credit Union’s FOM is primarily residency based, with individuals who live or work in the Florida counties of Broward, Collier, Hendry, Lee, Martin, Miami-Dade, Palm Beach, Sarasota, or St. Lucie eligible to join.
Employees of more than 300 SEGs (including the city governments of Miami, North Miami Beach, and Fort Pierce) are also eligible join. (A complete list of can be found on the first page of the online application.)
Immediate family members (spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, stepsibling, and adoptive relationships) of current Tropical Financial members are welcome to apply.
Joining Tropical Financial can be done online, or by visiting any of 13 Florida branches located in Boca Raton, Coral Springs, Doral, Fort Lauderdale, Miami (5), Miramar, Pembroke Pines, Plantation, and West Palm Beach.
Opening a CD can be done at any of the above-mentioned branches. Tropical Financial’s Certificate of Deposit Rates page has a “Help Me Open a Certificate of Deposit” link, which leads to a “Contact Me” form.
Please provide us your best contact information below, a TFCU
representative will be in contact to assist with opening your CD shortly.
Opening a Savings Account with a $5 minimum deposit establishes a Tropical Financial membership.
Tropical Financial participates in CO-OP’s Shared Branch and ATM networks.
You have access to over 5,000 nationwide branch locations and 30,000 surcharge-free ATMs.
Credit Union Overview
Tropical Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.52% (excellent) based on September 30, 2019 data. In the past year, Tropical Financial increased its total non-brokered deposits by $30.91 million, an excellent annual growth rate of 4.9%. Please refer to our financial overview of Tropical Financial Credit Union (NCUA Charter # 68476) for more details.
Currently the 23rd largest credit union in Florida, Tropical Financial Credit Union began its journey in 1935 when Southern Bell (later BellSouth and now AT&T) organized the credit union. By the end of the second day of business, the credit union had over $800 in deposits and had made over $400 in loans, and at year’s end held assets of $11,775.
The adoption of a state charter provided further expansion opportunities to include defined communities, as well as continued SEG growth. In 2005, Tropical Financial became the first full service financial institution in the State of Florida to receive the prestigious Florida Governors Sterling Award for Organizational Performance Excellence. Today, Tropical Financial has more than 65,000 members and holds assets in excess of $747 million.
How the CD Compares
When compared to 172 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Tropical Financial Credit Union’s 15-month CD APY currently ranks second.
The above rates are accurate as of 2/10/2020.
To look for the best CD rates, either nationwide and state specific, please refer to our CD Rates Table page.