Sunday, 1 August 2021

MIDFLORIDA Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

MIDFLORIDA Credit Union’s Most Popular Accounts


Account Type

Account Name

Compare Rates from Similar Accounts



MIDFLORIDA Credit Union Regular Savings


American Express National Bank High Yield Savings Account


on American Express National Bank’s secure website

NCUA Insured


CD Rates

MIDFLORIDA Credit Union 12 Month Regular Certificate


Synchrony Bank 36 Month CD


on Synchrony Bank’s secure website

NCUA Insured

MIDFLORIDA Credit Union’s checking account options

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How MIDFLORIDA Credit Union’s checking accounts compare

MIDFLORIDA Credit Union’s checking accounts are a mixed bag. On one hand, you have not-so-free Free Checking which bears no dividends and Relationship Checking which bears very small dividends with a litany of contingencies.

On the other hand, you have an extremely competitive checking account in Investor Checking, and truly fee-free checking for teens with Rated T for Teens Checking. The fact that Freedom Checking gives those with a spotted banking history a second chance is also a positive.

In the end, you will just have to take each account into consideration on its own merits, then compare it to options from other financial institutions. You can check out the competition with our list of the best checking accounts.

Before you make your decision, you should know that currently, MIDFLORIDA Credit Union is running a promotion for those who open a Free Checking, Relationship Checking or Investor Checking account are rewarded with a $200 signup bonus. Certain terms and restrictions apply. This makes all three accounts more impressive, but Investor Checking still comes out on top.

MIDFLORIDA Credit Union’s savings account options

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How MIDFLORIDA Credit Union’s savings accounts compare

Once again, MIDFLORIDA Credit Union has both accounts that are incredibly desirable and accounts that can be looked over. In the first category is the Holiday Club account, which has the highest APY on a club account that the writer of this piece has ever seen. The Youth Savings account also offers a good APY and additional incentives to get children to build a savings habit, and aside from the high balance requirement to avoid the monthly fee, Extreme Yield Savings is an overall solid account, too.

However, when you start looking at Regular and Relationship Savings, the dividend rates plummet to an unacceptable level. Nothing can be done about this for Regular Savings as it is a required account, but Relationship Savings should be taken off the table with current rates. You may want to check our list of more competitive savings accounts.

MIDFLORIDA Credit Union’s CD rates

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How MIDFLORIDA Credit Union’s CD rates compare

With the information available to us, we know that Flex Certificates at MIDFLORIDA Credit Union are lackluster. If you want to open a basic CD, shop for better CD rates somewhere else. If the College Savings Certificates offer a rate that is roughly two basis points above that of Flex Certificates, these CDs may be more on par with the competition. However, with the limited information available to us it is impossible to make that assertion with any certainty. Call your local branch to learn current rates on this CD for youth.

MIDFLORIDA Credit Union’s money market account options

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How MIDFLORIDA Credit Union’s money market accounts compare

MIDFLORIDA Credit Union’s money market accounts don’t hold a candle to the competition. The rates are simply far too low. If you are interested in earning more money on your savings — especially if you have a higher balance — be sure to check out current best money market offers on the market. You’ll find that you can get a lot more bang for your buck elsewhere.

MIDFLORIDA Credit Union’s IRA account options

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How MIDFLORIDA Credit Union’s IRA CD rates compare

MIDFLORIDA Credit Union’s IRA certificate rates are simply too low to be taken under serious consideration. That being said, you should check rates in your zip code to see if there are better offers in your area.

If there are not, know that you do have other options out there. A CD is already a conservative investment in your portfolio; don’t stunt growth more by taking lower rates than you have to. Instead, shop the best IRA CD offers on the market.

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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