Thursday, 26 November 2020

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

Florida Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts
27 Oct
1:51

Florida Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Florida Credit Union Regular Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.35%

CD Rates

Florida Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.97%

CD Rates

Florida Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.48%

CD Rates

Florida Credit Union 60 Month CD

3.10%

Barclays 60 Month Online CD

on Barclays’s secure website

Member FDIC

Florida Credit Union’s checking account options

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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

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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

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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

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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

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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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy

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Source: https://www.magnifymoney.com/blog/reviews/florida-credit-union/

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