Thursday, 26 November 2020

Suncoast Credit Union Review of Checking, Savings, CD, Money Market and IRA Rates

Suncoast Credit Union Review of Checking, Savings, CD, Money Market and IRA Rates
15 Aug
6:00

Suncoast Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Suncoast Credit Union Regular Share Membership

1.85%

Synchrony Bank High Yield Savings

on Synchrony Bank’s secure website

1.30%

CD Rates

Suncoast Credit Union 12 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

2.10%

CD Rates

Suncoast Credit Union 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

2.60%

CD Rates

Suncoast Credit Union 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Suncoast Credit Union’s checking account options

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How Suncoast Credit Union’s checking accounts compare

Suncoast Credit Union’s checking accounts all pay interest, but the rates are low, and none can compete with the top online checking accounts in terms of interest rates. However, all of the credit union’s checking accounts have no monthly maintenance fees, without requiring minimum balances like with many other banks. The credit union also has extensive free ATM access through the CO-OP network.

An interesting benefit offered by the credit union is access to a no-fee rewards program. That program, coupled with no-cost overdraft protection, help offset the low rates of interest paid by the checking accounts.

As a regional credit union, Suncoast doesn’t have an extensive branch network, but it is an active supporter of the local communities in which it operates.

Suncoast Credit Union’s savings account options

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How Suncoast Credit Union’s savings accounts compare

Although the Suncoast Regular Share and Special Share savings accounts pay interest, the rate is well below the national average. Rates do not vary based on size of deposit, so there’s no benefit in terms of interest to make larger deposits. The one bright spot in the credit union’s interest-rate structure is for custodial savings accounts opened with at least $1,000. However, even with the bonus interest rate paid on that account, you can find much higher savings rates at top online banks.

Suncoast Credit Union’s savings accounts do have low fees and minimums, and they can be used as backup accounts under the credit union’s no-cost overdraft protection program.

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How Suncoast Credit Union’s CD rates compare

Across the board, Suncoast Credit Union’s CD rates are higher than the national average. Although rates aren’t among the very best CD rates you can find, they are still good rates.

Suncoast Credit Union’s CD rates are not tiered, so larger contributions won’t earn you any additional interest. There also aren’t any current promotional rates paying higher interest. As with most institutions, the best way to get the highest rates is to open CDs with the longest maturities.

Suncoast Credit Union’s money market account options

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How Suncoast Credit Union’s money market accounts compare

Money market rates at Suncoast Credit Union run above average on deposits above $1,000. At the highest tier, rates are significantly above average. However, they still don’t approach the highest available rates that other insitutions offer on money market accounts.

With only one money market account, Suncoast Credit Union doesn’t offer higher-service or higher-rate accounts like some other institutions do. However, the account has no maintenance fee and can be used for the credit union’s free overdraft program.

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How Suncoast Credit Union’s IRA CD rates compare

Suncoast Credit Union’s IRA CD rates are the same as its standard rates, which means they are good. You won’t find Suncoast Credit Union’s IRA CD rates on the lists of the best IRA CD rates, but they are above national averages.

Nationwide, rates for the best IRA CDs are lower than the top rates for non-IRA CDs; since Suncoast Credit Union’s rates are the same for both types of accounts, the credit union improves by comparison when its IRA rates are put up against the best available IRA CD rates.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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

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