Suncoast​ is the largest credit union in Florida and the tenth largest credit union in the U.S. by asset size.

Founded in 1934 as the Hillsborough County Teachers Credit Union by a small group of teachers, Suncoast got its start serving only school employees. For many years, it was a federal institution called the Suncoast Schools Federal Credit Union and only transitioned back to a state credit union, assuming the name it has now, in 2013.

Today and since 2013, membership is not career-dependent. Suncoast serves 884,024 educators and non-educators alike across Florida. However, Suncoast membership isn’t open to everyone.

To be eligible to join, you have to live in Florida yourself, be a graduate of Florida College, or be related to someone that’s already a member.

Suncoast Credit Union CD rates are currently providing yields that are much higher than the national average for each respective term. They were recently featured in our December 2020 report of the best CD rates in Florida.

Suncoast Credit Union CD Rates + Details

Suncoast deposits and savings are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000. A traditional share certificate requires a minimum opening deposit and average daily balance of only $500.

Suncoast Credit Union CD Rates

To put these yields above in perspective, the current national average for a 12 month CD and a 60 month CD sit at just 0.16% APY and 0.33% APY according to FDIC data.

An early withdrawal fee of 90 days interest is charged if you withdraw funds from CDs with terms of 12 months or less and 180 days interest is charged for early withdrawals on terms 12 months or more.

Dividends for these accounts are compounded daily and credited monthly. You can choose to have your interest credited back into the CD or deposited into another account – either external or internal to Suncoast – without incurring any fee.

Jumbo certificates of $100,000 or more are also sold through Suncoast Credit Union. In normal market conditions, these products earn higher fixed rates than regular share certificates with lower balances, however, Suncoast and many other institutions have their yields much more inline with standard CDs at the moment.

Suncoast Credit Union Jumbo CD Rates

In addition to their standard CDs and jumbo CDs, Suncoast Credit Union also offers a ​Smart Start certificate account​.

The 12 month Smart Start certificate allows you to make deposits on a schedule rather than up front. It can be opened with just $50 and comes with an APY of 0.50%. After your initial deposit, you’ll need to schedule automatic payments of at least $40 per month from your payroll or another account. All of the restrictions and fees listed above for regular share certificates apply for Smart Start certificates.

To open a Suncoast CD, visit a branch, send an email through online banking, or contact the Member Care Center​ at ​813-621-7511 or 800-999-5887.

Suncoast Credit Union Money Market Rates + Account Details

Suncoast Credit Union’s current money market rates are much less competitive than their CDs. And although the national average for money market accounts sits at around 0.11% APY, better rates with more flexible balance requirements can be found online.

Suncoast Credit Union Money Market Rates

Dividends are compounded daily and paid monthly. Your balance can drop below $1,000 without incurring any fees, but you’ll stop earning interest as soon as that happens. You can easily access your money online or through the mobile app, but you’re allowed only six transactions per month, which is required by law per regulation D. If you need to make more than six transactions you’ll want to stop by a branch and check with someone in person.

Other Savings Accounts Offered by Suncoast Credit Union

A regular share membership is the savings account that you open when you first become a Suncoast member. This account comes with an APY of just 0.15%. We wouldn’t recommend using it to grow your savings given the paltry APY but it is required to be a member. Currently, it requires an opening deposit and average daily minimum balance of just $5 to stay open and maintain membership with the credit union.

There are also the student savings, health savings, and special share savings accounts. A special share savings is just a savings account you can have in addition to your regular share membership savings account and it earns the same rate. The only difference is that it does not require a minimum balance because it does not count as your share in Suncoast Credit Union.

A student or youth savings account is simply a certificate account that earns the same tiered rates as the standard Suncoast CDs but requires a minimum opening balance of only $500 – making it more manageable for students.

About Suncoast Credit Union + Eligibility

Suncoast has exactly 895,000 members as of mid 2020 and this figure has been growing steadily each year. The composition of Suncoast Credit Union’s Financial statements are as follows:

Deposits: $9,832,734,549

Loans: $8,566,015,257

Assets: $11,100,632341

Suncoast Credit Union is headquartered in Tampa, Florida and serves communities across the state. There are ​68 branch locations​ in 40 Florida cities and hundreds of Suncoast branded ATMs. Though it is a state credit union and does not participate in co-op shared branching with other institutions, Suncoast ​does​ have over 30,000 ATMs with other credit unions across the nation. Use the Suncoast site to find a branch location, Suncoast (surcharge-free) ATM, or co-op ATM near you.

Suncoast membership is, of course, residency or geography based. However, you don’t necessarily have to be a current Florida resident to be eligible to join. To qualify for membership, you must:

1. Have an immediate family member that is a Suncoast member
2. Live in a qualifying county (see below)
3. Be a graduate of ​Florida College

Qualifying Florida counties​ include:

• Alachua
• Brevard
• Broward
• Charlotte
• Citrus
• Clay
• Collier
• Desoto
• Dixie
• Duval
• Gilchrist
• Glades
• Hardee
• Hendry
• Hernando
• Highlands
• Hillsborough
• Indian River
• Lake
• Lee
• Leon
• Levy
• Manatee
• Marion
• Martin
• Miami-Dade
• Monroe
• Orange
• Osceola
• Palm Beach
• Pasco
• Pinellas
• Polk
• Sarasota
• Seminole
• St. Johns
• St. Lucie
• Sumter
• Volusia

Final Thoughts

Suncoast Credit Union may be the tenth largest credit union in the nation, but it’s not a national credit union and there’s no way around its limited eligibility policies. This is important to keep in mind, as only those in Florida or otherwise tied to the state will have access to in-person branches or membership in general.

The APYs on Suncoast Credit Union’s savings products are competitive when benchmarked against the current national averages for each respective term, however more competitive variable rate accounts can be found through online banks and other credit unions with nationwide acceptance offer slightly higher CD rates.