Suncoast Credit Union Review 2021

Published March 2021 by Matthew Goldberg

AT A GLANCE
4.1

Bankrate Score

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Highly Rated App

No monthly fees

Suncoast Credit Union is best for Florida residents, people employed in Florida, people who worship in Florida or students in the Sunshine State.

  • Checking
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    4.6
  • Savings
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    2.8
  • CDs
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    4.5
  • MMAs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

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    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    4.1

    Bankrate Score

    Suncoast Credit Union is Florida’s largest credit union. It offers savings accounts, a checking account, regular and jumbo CDs, a money market account and other banking options to its members.

    What we like

    • Suncoast Credit Union offers its members some perks and discounts.

    • Suncoast ATMs, the co-op network and Publix Presto! ATMs give Suncoast members access to many in-network ATMs

    • Suncoast offers competitive yields on its CDs and some tiers of its money market account.

    What we don't

    • Those outside of Florida might not be eligible for membership.

    • You’re able to generally get higher yields at other banks or credit unions.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Suncoast Credit Union has a Smart Checking account and a Teen Checking Account. The Smart Checking account doesn’t have a monthly fee. The Teen Checking Account lets students age 13 or older open a joint checking account with a parent or legal guardian. Both the Smart Checking account and the Teen Checking Account earn a little bit of interest.

    What we like

    • You only need $5 to open a Smart Checking account online and opening an account in person doesn’t require an opening deposit.

    • Suncoast Credit Union donates money to local schools each time you make a debit card purchase.

    What we don't

    • You only earn 0.01 percent APY with the Smart Checking account.

    • You don’t earn any cash back rewards by making debit card purchases.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Suncoast Credit Union offers a Regular Share Membership savings account and a Special Share Savings account.

    The Regular Share Membership is the account you need to start your Suncoast Credit Union membership, assuming you meet other membership requirements. You need to deposit at least $5 to open this account and you must keep at least $5 in it to keep your membership.

    What we like

    • You only need $5 to open a Regular Share Membership savings account, assuming you meet the other membership criteria.

    • You only need to keep at least $5 in your Regular Share Membership savings account.

    What we don't

    • There are higher yielding savings accounts available.

    • Suncoast Credit Union’s money market account earns a higher yield for balances that exceed $1,000. So that could be a better option.

    CD rates

    4.5

    Bankrate Score

    Suncoast Credit Union offers both regular CDs and jumbo CDs. The regular CDs require an opening deposit of at least $500. The jumbo CDs require at least $100,000 for those rates.

    Like most regular CDs, Suncoast Credit Union CDs have an early withdrawal penalty. The penalty on a CD that has a term of one year or less would be 90 days of dividends. Breaking a CD with a term longer than a year would cost you 180 days of dividends.

    What we like

    • Suncoast Credit Union’s CDs tend to have a higher yield than the national average. For instance, the one-year CD was almost twice the national average yield during Bankrate’s review of Suncoast Credit Union.

    • The Smart Start Certificate only requires $50 to open the one-year CD and it has the same yield as the regular one-year CD and the jumbo one-year CD. But you’ll need to keep adding at least $40 per month to CD through a direct deposit or an automatic transfer.

    What we don't

    • The regular and jumbo CDs tend to have the same APYs.

    • There are some banks that offer higher yields on CDs.

    • Most of Suncoast’s CDs require a minimum of $500. Some banks or credit unions might have a lower minimum requirement or could not have a requirement.

    Money market accounts

    3.4

    Bankrate Score

    Suncoast Credit Union offers a money market account that requires a $1,000 opening deposit. The account has different tiers that increase the yield. All of the tiers above $1,000 are above the national average yield for money market accounts.

    What we like

    • You’re rewarded for depositing more money, with balance tiers starting at $1,000, $25,000, $100,000 and $250,000.

    • You can earn almost twice the national average by depositing more than $1,000.

    What we don't

    • There are money market accounts with lower minimum balance requirements that offer an even more competitive yield.

    • The money market account at balances below $1,000 doesn’t offer a competitive APY. It’s below the national average yield for money market accounts.

    Bank experience

    Suncoast Credit Union has around 73 branches. It helps members in 39 Florida counties. An immediate family member who is a Suncoast member or being a Florida College alumnus can also help you become eligible for membership.

    Suncoast members can access tens of thousands of ATMs through the co-op network and Publix Presto! You’ll also be able to use some in-network ATMs at some McDonald’s in select counties. Suncoast has around 17 walk-up Interactive Teller Machines (ITMs) and around 42 drive-thru ITMs.

    About Suncoast Credit Union

    Suncoast Credit Union is Florida’s largest credit union and has the ninth most members in the U.S. It has 73 branches and around 930,000 members. It also offers tens of thousands of in-network ATMs to its members.

    It has its main office in Tampa, Florida and it obtained its credit union charter in 1978.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He is on the organization’s training and finance committees. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth