Space Coast Credit Union, based out of Melbourne, Florida, has roughly 300,000 members and $4 billion in assets, making it the 3rd largest credit union in Florida.
Founded in 1951, originally as Patrick Air Force Base Credit Union, the credit union began with just 7 members and $372 in assets.
Although they’ve grown substantially from their humble beginnings, they still only service residents that live or work in one of the following 28 counties in Florida: Brevard, Broward, Clay, Collier, Duval, Flagler, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Seminole, St. Johns, St. Lucie, or Volusia.
In this post you'll learn:
CD Rates
Space Coast Credit Union is federally insured by the NCUA (FDIC-equivalent for credit unions) which means your funds are insured up to $250,000 per depositor.
Space Coast Credit Union’s certificates of deposit require a minimum deposit of $500.
Below are their current rates as of the time of this writing.
Patelco CD Rates:
| CD Term | APY |
| 6 months | 0.15% |
| 12 months | 0.40% |
| 18 months | 0.45% |
| 24 months | 0.65% |
| 30 months | 0.75% |
| 36 months | 0.80% |
| 42 months | 0.85% |
| 48 months | 0.95% |
| 60 months | 1.00% |
To put the above offers in perspective, the current national average for 12 month and 60 month CDs hovers around 0.13% and 0.28% APY, respectively, according to recent FDIC data.
Money Market Rates
Space Coast Credit Union offers a money market savings account with a minimum daily balance requirement of $2,500 to avoid a $15 monthly low balance fee.
The interest rate is tiered based on your daily balance amount. The yields are as follows:
| Balance | APY |
| $0 – $2,499.99 | 0.0% |
| $2,500 – $9,999.99 | 0.05% |
| $10,000 – $24,999.99 | 0.07% |
| $25,000 – $49,999.99 | 0.10% |
| $50,000 – $99,999.99 | 0.10% |
| $100,000.01 – $249,999.99 | 0.10% |
The average rate for a money market account nationwide sits at just 0.08% APY for perspective.
This means Space Coast Credit Union’s money market rates are far less competitive than their CD rates are relative to the national average.
Some other features of this account include:
- Free mobile deposits
- Free online and mobile banking
- Free statements
- Set up account alerts to monitor activity
- Schedule auto transfers
You are allowed 6 transactions per month with this account as per federal regulation.
Regular Savings
The Regular Savings account offered by Space Coast Credit Union comes with your membership to the credit union and requires a minimum opening deposit of $5.
Like the money market account this account pays interest in tiers based on your daily balance, however all tiers pay the same rate at the moment.
| Balance | APY |
| $5 – $499.99 | 0.04% |
| $500 – $99,999.99 | 0.04% |
| $100,000 + | 0.04% |
The national average for a savings account currently sits at 0.06% APY, making these accounts fairly uncompetitive.
Some of the features of the regular savings account include:
- Establishes you as a member
- Can be used as an overdraft protection source if you also have a checking account
- Contactless Visa debit card with text fraud alerts
- Free online and mobile banking
- Mobile deposits
- Schedule auto transfers
You are allowed just 6 transactions per month with this account per federal regulation.
Interest Checking
Space Coast Credit Union’s interest checking account can be opened with as little as $25, but if you do not maintain an average daily balance of $1,500 they will charge you a $15 low balance fee.
Like SCCU’s other variable rate savings products, these yields are tiered based on your average daily balance.
| Balance | APY |
| $5 – $4,999.99 | 0.05% |
| $5,000 – $49,999.99 | 0.07% |
| $50,000 + | 0.10% |
The national average for a savings account currently sits at 0.03% APY.
Some additional features of the interest checking account include:
- Free person to person payments
- Contactless Visa debit card with text fraud alerts
- Free online and mobile banking
- Mobile deposits
- Get your direct deposits a day early with SCCU priority pay
You are allowed just 6 transactions per month with this account per federal regulation.
Health Savings Account
The most lucrative APY offered on a variable rate savings account by SCCU is their Health Savings Account which pays an APY of 0.50%.
These accounts are designed for individuals and families with high-deductible health plans to save for any future qualifying medical expense(s).
Please note the following account requirements and eligibility checklist:
- You must have coverage under a High Deductible Health Plan
- You may not be covered by any health plan that is not an HDHP (exceptions exist for insurance that covers accidents, disability, dental care, vision care, long-term care and other “permitted insurance.”)
- You must not be enrolled in Medicare
- You may not be claimed as a dependent on someone else’s tax return.
- You must comply with the guidelines for annual contribution limits.
- You must understand and manage your contributions and distributions. The financial institution holding your account is not responsible for advising you regarding compliance with these requirements.
- You should keep all receipts for expenses made from the Health Savings Checking account in case they are needed during an audit.
- You do not lose the funds in your Health Savings Checking account if they are not used within the year.
- You may make contributions to your HSA account for the previous tax year until April 15th or the tax deadline.
- HSA funds can pay for any qualified medical expense. This includes most medical care and services, and dental and vision care. Refer to IRS Pub 502 (available at www.irs.gov) for a partial list. To be an expense for medical care, the expense has to be primarily for the prevention or alleviation of a physical or mental defect or illness.
- Your employer or a tax adviser can help you determine if you are eligible to open an HSA and provide you with the contribution limits that apply to your situation.
- Your HSA funds may not be used to make loan payments or as collateral for a loan
- Overdraft protection – not offered with this account. Non-sufficient funds fees will be assessed if the account is overdrawn.
- No minimum opening deposit required.
How to Join Space Coast Credit Union + Eligibility
As mentioned, membership with Space Coast Credit Union is only available to those who work or reside in the 28 counties outlined in the introduction.
You may also be eligible if you have a relative that is already a member.
To begin the application process start here.
You’ll want to have the following information handy:
- Government issued ID/Drivers License/State ID or Passport with current address
- Credit / Debit card, or bank account (ACH) information you’ll use to fund your new SCCU account
Final Thoughts
If you live or work in Florida and are in the market for a fixed rate CD, then Space Coast Credit Union may be a decent option for you. The yields on their CDs beat the national average by the highest margin of any of their savings products.
That said, higher APYs can still be found at other credit unions with nationwide membership.
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