Now through March 31, 2019, USF Federal Credit Union (USF FCU) is offering a 19-month CD Special, which earns 3.10% APY. The minimum deposit is $1k of new money, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty (EWP) for the 2-year CD applies to the 19-month CD Special, with partial withdrawals allowed. As stated in the Truth-in-Savings disclosure (part of the online application), the EWP reads as follows:
In the event of any withdrawal prior to the maturity date, on two (2) year certificate, a
180-day loss of dividends at the certificate rate for the amount withdrawn will be assessed.
Funding a CD Special can be done through ACH, wire, or by check. Maturing funds can be distributed by cashier’s check or wire. Funds can also be transferred into an established USF FCU checking or savings account during the 10-day grace period.
Headquartered in Tampa, Florida, USF Federal Credit Union’s field of membership (FOM) is much larger than a casual reading of the official description would indicate.
Easy Membership: Members of the USF Alumni Association are eligible to join. USF Alumni Association’s website states its membership is “comprised of former students and friends of the University of South Florida.” In a conversation with the Alumni Program Specialist, I was told that anyone, anywhere, can be a “friend” of USF and join the Alumni Association. You have to join the Alumni Association before you can apply to USF FCU.
USF Relationship: Faculty, staff, and students of any USF campus qualify for membership, as do any retirees who receive a pension or annuity from USF.
Affiliates: Forty companies, associations, and organizations “have elected to offer USF Federal Credit Union services to their employees or members as part of their benefits package.”
Family Relationship: Immediate family members (spouse, parent, grandparent, children, grandchildren, sibling, domestic partner) of current USF FCU members are welcome to apply.
Other ways to qualify for USF FCU membership can be found on the Eligibility page.
Joining USF FCU and/or opening a 19-month CD Special can be done online, by phone (800.763.2005, option 0), or at any of the eight Florida branches, located in Brandon, Orlando, St. Petersburg, Sarasota, and Tampa (4).
Credit Union Overview
USF Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.80% (excellent), based on December 31, 2018 data. In the past year, USF FCU has increased its total non-brokered deposits by $21.14 million, an excellent annual growth rate of 3.87%. Please refer to our financial overview of USF Federal Credit Union (NCUA Charter # 24223) for more details.
Chartered in 1959, USF Federal Credit Union’s original FOM included the faculty and staff at the University of South Florida, with USF students becoming eligible to join in 1990. As the 26the largest credit union in Florida, USF FCU currently has nearly 60,000 members and assets in excess of $642 million.
According to a 2017 CUTimes article, USF FCU introduced its Catalyst Member Rewards that,
pays its members up to 5% of the interest paid on loans each quarter based on their overall absolute balances in loans, savings and checking accounts.
USF FCU will rebate 1% of interest payments per quarter to members who have a combination of accounts with balances of $10,000 or more. The reward increases to 3% for balances of $25,000 or more and 5% for balances of $50,000 or more.
How the CD Special Compares
When compared to 155 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, USF Federal Credit Union's 19-month CD Special APY currently ranks first.
The above rates are accurate as of 3/21/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.