Florida Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Florida Credit Union’s checking account options

Value Checking

A basic, noninterest-bearing checking account with a very specific fee structure.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Value Checking at Florida Credit Union is your basic checking account. It does not earn any interest, and you have to pay attention to very specific rules around the fee structure.

If you make more than eight ATM transactions per month, you will have to pay a small fee for every subsequent transaction, but this fee can be waived if you maintain the required balance. Overdraft fees are high, but you can avoid them by linking your checking account with your savings account.

For everyday checking, it is nice to have an account that does not charge any maintenance fees and will refund ATM fees incurred from other financial institutions. But it is important to note that to get these fees refunded, you will have to submit your receipts within 90 days of surcharge. It is not an automatic process as it is with many other financial institutions.

How to get Florida Credit Union’s Value Checking account

You can easily open this account online, over the phone or in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

Interest Checking

A checking account with a higher APY offering than available savings accounts.
APYMinimum Balance to Earn APY
0.02%
$10,000
0.05%
$25,000
0.10%
$50,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Typically, a checking account isn’t a great place to stash large sums of cash. But Florida Credit Union’s Interest Checking account pays an APY higher than any of its savings accounts, which may make this account a better option than a traditional savings account. Keep in mind, though, that these rates are not competitive with savings rates you will find at other financial institutions. This is only a good alternative to a savings account if you are banking only with Florida Credit Union.

If a higher APY is your goal and you want to bank only with this credit union, be sure to check out the money market account option below. Depending on your account balance, you may be able to get better rates than Interest Checking.

How to get Florida Credit Union’s Interest Checking account

You can easily open this account online, over the phone or in person, making it a convenient option no matter where you live in Florida.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s checking accounts compare

As checking accounts that earn interest, you can find better options than those offered by Florida Credit Union. This is especially true if you are willing to do your banking with an online-only institution. Generally speaking, the best checking accounts around offer dramatically higher rates than Florida Credit Union and require lower minimum account balances to get those better rates.

Florida Credit Union’s savings account options

Regular Savings

Necessary account to obtain membership with low APY offering.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

You will need to open a Regular Savings account with Florida Credit Union to establish membership. The APY on this and all other savings accounts with this credit union is not attractive; in fact, it’s quite low, and you have to maintain a specific balance to earn any interest at all. But there are no account maintenance fees, and money in this account can be used for overdraft protection should you elect to set that service up.

It is important to know that because this is a savings account, you are allowed up to six certain transactions per month, per Federal Reserve Regulation D. The first two times you make more than six transactions per month, Florida Credit Union will let it slide. After that, you’ll be charged $2 for each instance.

How to get Florida Credit Union’s Regular Savings account

You can easily open this account online, over the phone or in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Special Savings

An account you can skip due to identical dividend rates.
APYMinimum Balance to Earn APY
0.05%
$500
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Usually, Florida Credit Union’s Special Savings account offers a slightly higher APY than Regular Savings. But the current rates are identical. While the minimum opening deposit amount is lower than with Regular Savings, you will have to open that account to establish your membership.

Should the rates on this account go up in the future, it may be worth exploring as a savings option. But, right now, you’d be hard-pressed to find a reason to open this account at all.

Remember that this account is subject to federal regulation as well, which means you are allowed up to six certain transactions per month.

How to get Florida Credit Union’s Special Savings

You can easily open this account online, over the phone or in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Holiday Club

Built-in financial discipline to reduce financial panic during the holiday season.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

Another savings account bearing very little interest, the Holiday Club account is built to help you save money for the holiday season. You regularly deposit money into this account throughout the year. In November, Florida Credit Union will release the funds from your Holiday Club account into your checking account.

The value of this account comes not from the APY, but rather from the automated savings aspect. By making regular deposits throughout the year and putting them in a separate account, you are more likely to be prepared as the holiday season approaches.

There is no penalty for making a withdrawal before November, but you may have to pay that $2 fee if you make more than six transactions during a one-month period.

How to get Florida Credit Union’s Holiday Club account

You can easily open this account online, over the phone or in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Vacation Club

Disciplined savings for vacationers and educators alike.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

The Vacation Club account operates in much the same way as a Holiday Club account, except you’re saving for a different purpose. Instead of year-end gift shopping and festivities, the Vacation Club account allows you to put aside money for your summer travels. Half of your savings from this account is released to your checking account in June, and the other half is released in July.

This account isn’t just popular with families headed to the beach. It’s also a big draw for those who work in education and aren’t on a 12-month pay schedule. If you take a little money from each paycheck and put it into your Vacation Club account, you can more equitably spread your money out throughout the year, preventing you from being broke during the summer months.

While there are no fees for early withdrawals, you may have to pay a $2 fee from Florida Credit Union for each transaction more than six in any given billing cycle.

How to get Florida Credit Union’s Vacation Club account

You can easily open this account online, over the phone or in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Youth Savings

A joint account to teach your children about savings.
APYMinimum Balance to Earn APY
2.00%
$0.01
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for every transaction past eight per month. Fees waived if you open your account with  $2,500 on deposit.
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

If you are the parent of a child younger than 18, you can open this joint account to teach them about concepts such as saving and interest. Granted, the interest they earn will be minimal with Florida Credit Union’s current low rates, but they will earn something on their savings nonetheless.

A Youth Savings account also allows your child to learn about online banking, and — if you live close enough to a branch — how to bank at a brick-and-mortar location as well. But if they choose to bank, you need to make them aware that they are allowed up to six certain withdrawal transactions per month as outlined in federal rules regulating savings accounts.

How to get Florida Credit Union’s Youth Savings account

To open this account, you will have to call customer service or visit a branch in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s savings accounts compare

The savings rates offered by Florida Credit Union are paltry when compared to some of the best savings account rates on the market. While you will have to open a Regular Savings account to establish and maintain credit union membership, there are very few reasons to use any other savings account with this credit union aside from brand loyalty.

While you might like the structure of the club accounts, it’s important to ask yourself if you have enough self-discipline to set up a similar savings plan on your own with a higher interest-bearing account at another financial institution, as the difference in APY is massive.

Florida Credit Union’s CD rates

Certificate of Deposit

Reasonable minimum opening deposits with dismal dividend offerings.
TermAPY
6 months0.25%
12 months0.35%
18 months0.35%
24 months0.20%
36 months 0.20%
48 months0.20%
60 Months0.35%
  • Minimum opening deposit: $1,000 for six-month CDs, $2,000 for all other CDs
  • Minimum balance amount to earn APY: $1,000 for six-month CDs, $2,000 for all other CDs
  • Early withdrawal penalty:
    • 90 days worth of interest for six-month CDs
    • 180 days worth of interest for 12-month CDs
    • 270 days worth of interest for 18-month CDs
    • 360 days worth of interest for 24-month CDs
    • 540 days worth of interest for 36-month CDs
    • 720 days worth of interest for 48-month CDs
    • 900 days worth of interest for 60-month CDs

Once again, Florida Credit Union offers a financial product with dividend rates that fall short. While minimum opening deposit requirements are quite reasonable, the CD APY offerings by this credit union are leagues behind the competition, making shopping around important.

But Florida Credit Union does offer special CDs with far more competitive rates. Before you start comparing rates elsewhere, be sure to read on.

How to get Florida Credit Union’s CDs

To open a CD with Florida Credit Union, contact it using the online form or visit a physical branch.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Promotional CDs

Variable but competitive dividend rates.
TermAPY
9 months0.15%
13 months0.35%
15 months2.40%
26 months 0.20%
37 months0.20%
65 months0.35%
  • Minimum opening deposit: $10,000 for 65-month CDs and $5,000 for all others.
  • Minimum balance amount to earn APY: $10,000 for 65-month CDs and $5,000 for all others.
  • Early withdrawal penalty:
    • 135 days worth of interest on nine-month CDs
    • 195 days worth of interest on 12-month CDs
    • 270 days worth of interest on 15-month CDs
    • 540 days worth of interest on 26-month and 37-month CDs
    • 975 months worth of interest on 65-month CDs

The promotional CDs offered by Florida Credit Union are up to par with the competition. While the rates offered are not the highest on the market in every situation, they are worth comparing with those offered by other financial institutions. This may be the only account we say that about for this credit union, as most of its dividend rates are extremely low.

It is important to keep in mind that when the special promotion period ends, your rate will probably revert back to the lower, standard CD rates. Florida Credit Union does not disclose when these promotional rates will change or expire.

How to get Florida Credit Union’s promotional CDs

To open a CD with Florida Credit Union, contact it using the online form or visit a physical branch.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s CD rates compare

Standard CD rates at Florida Credit Union are nothing to write home about, but take a look at the promotional CD rates to see offerings that are relatively competitive to the other CD options available on the market. Do take into account minimum initial deposit requirements, though, as you do your comparison shopping, and remember that the promotional rates at Florida Credit Union could revert to standard rates at any given time.

Florida Credit Union’s money market account options

Money Market

Poor APY offerings with high barriers to entry.
APYMinimum Balance to Earn APY
0.02%
$2,500
0.05%
$10,000
0.05%
$25,000
0.10%
$40,000
0.10%
$100,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee refund: Fees from other financial institutions on domestic transactions will be rebated if you submit your receipts monthly.
  • Overdraft fee: $41; if your account is still in the red past 15 days, you’ll be charged an additional $25 each subsequent day your account has a negative balance.

The dividends offered on Florida Credit Union’s Money Market account are extremely low. The only way you should open this account is if you are exercising extreme brand loyalty for some reason and want to bank only with this credit union. Even if this is the course you choose to take, in almost all instances opening an investment checking account will offer you higher rates than utilizing this money market account.

Because money market accounts are technically savings accounts, they also fall under Federal Reserve Regulation D. That means that just like the savings accounts offered by Florida Credit Union, you will be given two free passes the first two times you make more than six transactions per month on your money market account. After that, you will be charged a $2 fee for each excessive transaction by Flordia Credit Union.

How to get Florida Credit Union’s Money Market account

Should you want to open a money market account with Florida Credit Union, you can call, email or visit a branch in person to get the process started.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s money market accounts compare

You should shop elsewhere. Florida Credit Union’s money market account offers a mere fraction of what you could get by paying your patronage to another financial institution. The best money market rates on the market also happen to come with much lower minimum balance requirements, making Florida Credit Union’s option doubly as unattractive.

Florida Credit Union’s IRA account options

IRA CD rates

Standard IRA CD

The same rates as a standard CD, just located inside your IRA.
TermAPY
6 months
0.25%
12 months
0.35%
18 months 0.35%
24 months 0.20%
36 months 0.20%
48 months 0.20%
60 months 0.35%
  • Minimum opening deposit: $1,000 for six-month CDs, $2,000 for all other CDs
  • Minimum balance amount to earn APY: $1,000 for six-month CDs, $2,000 for all other CDs
  • Early withdrawal penalty:
    • 90 days worth of interest for six-month CDs
    • 180 days worth of interest for 12-month CDs
    • 270 days worth of interest for 18-month CDs
    • 360 days worth of interest for 24-month CDs
    • 540 days worth of interest for 36-month CDs
    • 720 days worth of interest for 48-month CDs
    • 900 days worth of interest for 60-month CDs

We’ve already established that the standard CD rates at Florida Credit Union are low, and that carries over to IRA CDs as they have identical rates. Because this certificate is actually an investment within your retirement portfolio, it’s important to note that CDs are already extremely conservative investments to begin with. There’s no reason to compound that by opening an IRA CD with low dividend rates.

But, once again, you can find promotional rates that up the ante. Read on to learn more.

How to get Florida Credit Union’s IRA CDs

Call or email customer service to set up an IRA CD if you don’t want to visit a branch in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

Special IRA CD

Higher rates that could disappear tomorrow.
TermAPY
9 months0.15%
13 months 0.35%
15 months 2.40%
26 months 0.20%
37 months 0.20%
65 months 0.35%
  • Minimum balance amount to earn APY: $10,000 for 65-month CDs and $5,000 for all others
  • Early withdrawal penalty:
    • 135 days worth of interest on nine-month CDs
    • 195 days worth of interest on 12-month CDs
    • 270 days worth of interest on 15-month CDs
    • 540 days worth of interest on 26-month and 37-month CDs
    • 975 days worth of interest on 65-month CDs

As with special certificate rates outside of an IRA, these rates are here today, but can be reduced down to standard certificate IRA rates at Florida Credit Union’s discretion. This may be OK with you, though, as a CD inside an IRA is already an extremely conservative investment. The credit union’s rates are high enough to call competitive, though you should still do comparison shopping.

Other financial institutions are offering potentially higher rates — and those rates may not be promotional.

How to get Florida Credit Union’s special IRA CDs

Call or email customer service to set up an IRA CD if you don’t want to visit a branch in person.

SEE DETAILS Secured

on Florida Credit Union’s secure website

NCUA Insured

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How Florida Credit Union’s IRA CD rates compare

You aren’t likely to want to open a standard IRA CD with Florida Credit Union. The rates just aren’t there. But if you’re comfortable with the fact that promotional rates on special IRA CDs are subject to change, opening one with Florida Credit Union isn’t the worst option. Be sure to comparison shop so that you’re not missing out on higher, nonpromotional IRA CD rates elsewhere.

Overall review of Florida Credit Union’s banking products

Candidly, most of Florida Credit Union’s banking products aren’t worth it. Considering the low APY rates and the burdensome ATM fee refund policies, there are far better banking options available.

But a few products, such as the special IRA CD and special CD, do carry high enough rates to be competitive. Also, Florida Credit Union’s club accounts may serve specific budgeting needs and can reinforce self-discipline as you pursue those budgetary goals. If you’re not going to lose sleep over the low interest rates, they may be a good match for you. Keep in mind that you may qualify for membership at another credit union offering a similar product with a higher rate of return.

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