When surveying all the banking institutions’ rates whom open their doors to Floridians, we found that (surprisingly) the best CD rates are offered through banks rather than credit unions. This is slightly odd and out of line with many other states whose regional credit unions tend to offer the best bank rates for both savings accounts and loans. Because credit unions are not-for-profit banking institutions whose profits are typically entitled to it’s staff and members (rather than shareholders), they usually offer better CD rates. Deposits and other savings vehicles offered through credit unions are insured by the NCUA (FDIC equivalent) and your funds qualify for the same sort of protection.
Best CD Rates from Florida Credit Unions:
The best CD rates we found offered through Florida Credit Unions were a 12 month CD by American Airlines Federal Credit Union (1.26% APY with a minimum deposit of $1,000 required) and a 36 month CD offered through Community South Credit Union (2.00% APY with a minimum deposit of $500 required).
Compare the above with the best CD rates from Florida banks – which currently boasts a 12 month CD yielding 1.40% APY and a 36 month CD yielding 2.12% APY, from Doral Bank and Broward Bank of Commerce, respectively.
To put the offers above in perspective, the average APY for 1 year CDs and 3 year CDs sits at roughly 0.90% and 1.40% respectively.
More Noteworthy CD Rates from Credit Unions in Florida:
(Rates accurate as of May 2011. Visit our CD rates center for all updated rates and information.)
- 6 month CD from FOCUS Credit Union offering an APY of 1.01% and a minimum deposit of $500.
- 24 month CD from America Airlines Federal Credit Union offering an APY of 1.76% and a minimum deposit of $10,000.
- 48 month CD from Pen Air Federal Credit Union offering an APY of 2.25% and a minimum deposit of $500.