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Suncoast Credit Union Review 2022

Published May 2022 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 those who live, worship, attend school or are employed in one of 39 Florida counties.

  • Checking
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    4.7
  • 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
    CIT Bank

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    0.90 % APY

    $ 0

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    LendingClub

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    Savings account

    0.85 % APY

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    UFB Direct

    Member FDIC

    Savings account

    0.81 % APY

    $ 0

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    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 members have access to tens of thousands of in-network ATMs, including those in the CO-OP and Publix Presto! networks.

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

    What we don't

    • Those outside of the 39 Florida counties it serves might not be eligible for membership.

    • Higher yields for some products can be found at other banks or credit unions.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Suncoast Credit Union offers a Smart Checking that earns a bit of interest and charges no monthly fee. It requires just $5 to open online, and can be opened at a branch with no deposit. The credit union also offers Teen Checking, a free interest-bearing account aimed at students ages 13 and older with a parent or legal guardian willing to be a joint owner.

    What we like

    • Only $5 is needed to open a Smart Checking account online.

    • Opening an account in person requires no deposit.

    What we don't

    • The Smart Checking account pays a minimal APY.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    0.90 % APY

    $ 0

    Min. balance for APY

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

    To become a member of the credit union, establishing a Regular Share Membership savings account is required, assuming other membership requirements are met. A minimum deposit of $5 is needed to open the account and maintain membership in the credit union.

    What we like

    • Only $5 is needed to open a Regular Share Membership savings account.

    • A $5 balance is all that’s required to keep the account open and maintain credit union membership.

    What we don't

    • Higher yielding savings accounts are available elsewhere.

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

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Suncoast Credit Union offers both regular and jumbo CDs that typically offer APYs higher than the national average. Regular CDs require an opening deposit of at least $500, while the minimum for jumbo CDs is $100,000.

    Like most regular CDs, Suncoast Credit Union CDs have an early withdrawal penalty. The penalty on CD with terms of one year or less is 90 days of dividends, while those with longer terms are subject to a penalty of 180 days of dividends.

    Suncoast features a Smart Start certificate, a one-year CD that requires just $50 to open and pays the same yield as its regular and jumbo one-year CDs. But it requires additional monthly deposits of $40 or more through payroll deduction or automatic transfer for the duration of the term.

    What we like

    • Suncoast Credit Union’s CDs tend to have a higher yield than the national average.

    • A CD can be opened with as little as $50.

    What we don't

    • Regular and jumbo CDs tend to feature the same APYs.

    • Some banks offer higher yields on CDs.

    Money market accounts

    3.4

    Bankrate Score

    Suncoast Credit Union offers a money market account that requires a $1,000 opening deposit and features five APY tiers that increase with account balance. Rates offered on account balances of $1,000 or more are higher than the national average yield for money market accounts.

    What we like

    • Savers are rewarded for depositing more money, with higher APYs tiers starting at balances of $1,000, $25,000, $50,000, $100,000 and $250,000.

    • Savers can earn twice the national average rate for money market accounts by depositing more than $1,000.

    What we don't

    • Money market accounts with lower minimum balance requirements that offer more competitive yields can be found elsewhere.

    • The money market account at balances below $1,000 doesn’t offer a competitive APY.

    Bank experience

    Suncoast Credit Union has 75 branches, primarily in southwest Florida. Immediate family members of Suncoast members, alumni of Florida colleges and residents of 39 Florida counties are eligible for membership.

    Suncoast members can access tens of thousands of ATMs through the CO-OP and Publix Presto! networks. Members can also use in-network ATMs at some McDonald’s in select counties. Suncoast has 31 walk-up and 47 drive-thru Interactive Teller Machines (ITMs) that allow customers to conduct bank business virtually with a live teller. ITM hours are 7 a.m. to 8 p.m. Eastern time, weekdays, and 8 a.m. to 1 p.m., Saturdays.

    Suncoast Credit Union donates 2 cents to local health and education projects each time its members use their debit cards to make purchases.

    About Suncoast Credit Union

    Suncoast Credit Union is Florida’s largest credit union and ranks ninth among U.S. credit unions with some 930,000 members. It has 75 branches and offers tens of thousands of in-network ATMs.

    Suncoast Credit Union was chartered in 1978. Its main office is in Tampa, Florida, and it serves 39 counties in the state.

    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 banking 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. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also 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 chairs the organization's training committee and is on the finance committee. 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