Members First Credit Union of Florida Add-On Certificate

Members First Credit Union of Florida Add-On Certificate Review

Members First Credit Union of Florida Add-On Certificate are offered by Members First Credit Union of Florida, a credit union founded in 1954 and based in Pensacola, FL. Members First Credit Union of Florida Add-On Certificate are available in 1 state across the USA.

Key Takeaways

• Small selection of CD account types. Members First Credit Union of Florida Add-On Certificate only offers bump up and traditional CDs.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.4%, which is much higher than the national average for a certificate account.
• No minimum initial deposit. There is no minimum balance required to open an account.
• Limited selection of CD terms. Members First Credit Union of Florida Add-On Certificate only offers one CD term. This limits your options when trying to set up a certificate ladder.

Pros & Cons of Members First Credit Union of Florida Add-On Certificate

Members First Credit Union of Florida Add-On Certificate FAQ

Are CDs from Members First Credit Union of Florida federally insured?

Yes, your Members First Credit Union of Florida CD accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What types of CDs does Members First Credit Union of Florida offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CD for another term.
• Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.

What CD rates does Members First Credit Union of Florida offer on its CDs?

The CD rates for this account have an APY of0.4% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a CD account with Members First Credit Union of Florida?

Members First Credit Union of Florida Add-On Certificate does not require a minimum deposit.

What is the grace period for Members First Credit Union of Florida Add-On Certificate?

There is a 10-day grace period for Members First Credit Union of Florida Add-On Certificate. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Members First Credit Union of Florida Add-On Certificate charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Members First Credit Union of Florida does not charge an early withdrawal fee.