Space Coast Credit Union (SCCU) is a bank based out of Florida that was founded in 1951. SCCU started from a humble beginning serving 28 clients and holding $372 in assets to now having more than 450,000 members and $5 billion in assets. SCCU has branches that stem from Florida’s east coast to Miami-Dade. 

SCCU offers certificates of deposit that allow you to grow your money with locked-in security and a guaranteed return. SCCU offers CD rates starting from 6 months to 60 months and with minimum deposits as low as $500. Along with their CD, SCCU also offers standard banking features like checking accounts, savings accounts, loans, and more. 

Here is a quick rundown of the CD rates that SCCU offers:

  • 6 months 0.35% APY
  • 12 months 0.45% APY
  • 18 months 0.50% APY
  • 24 months 0.55% APY
  • 36 months 0.75% APY
  • 42 months 0.80% APY
  • 48 months 0.90% APY
  • 54 months 1.00% APY
  • 60 months 1.05% APY
Open an SCCU CD for as low as $500

Unlike many other banks, SCCU offers DC accounts with only a $500 minimum deposit. Most of the banks have a $1,000 minimum deposit. As is often the case, you must keep the minimum deposit amount in order to receive interest on the account. So if you fall below $500 in your account it will not accrue the APY percentage. 

In order to open a CD account, you must be a Florida resident and have an eligible account with SCCU. When you open an account, your money will be insured to the maximum amount by the FDIC and the accounts have relatively high-interest rates. 

In addition to standard CDs, there are also SCCU’s IRA CDs. IRA CDs are designed for saving for retirement and also have very low minimum account deposits. CD IRAs from SCCU have a minimum $500 deposit and have APY rates starting from 0.55% to 1.25% with timeframes starting from 6 months to 60 months. Moreover, these IRA CDs do not have any annual fees.

If you withdraw any of your deposit before the maturation date, then you will incur some kind of penalty. Unfortunately, the exact penalty amount is not listed on the website, so it might differ depending on many things, including the age of your account, how much it is worth, and how long you have been a customer at SCCU. 

So, SCCU might be a good choice if you are a Florida resident and live in one of the counties served. They offer competitive interest rates and very low minimum account deposits which makes opening a CD account more feasible for those with less money. 

SCCU also offers unique IRA CDs that work mostly the same but have higher interest rates. The CD IRAs are a great way to start saving for retirement and have maturation dates ranging from 6 months to 60 months. 

However, if you do not live in Florida then you probably should find another bank to use.