Tropical Financial Savings Accounts

Tropical Financial Savings Accounts Review

Tropical Financial Savings Accounts is offered by tropical financial credit union, a credit union founded in 1935 and based in Miramar, FL. Tropical Financial Savings Accounts are available in 1 state across the USA.

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.0500%.
• $0 monthly fee. This account does not charge any monthly account fees.
• Small minimum initial deposit. You only need $1 to open an account.

Tropical Financial Savings Accounts Pros & Cons

Pros	Cons
Dividend-yielding account. Insured by NCUA. Free debit card	Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Only available in one state. No signup bonus.

Tropical Financial Savings Accounts FAQ

Are savings accounts from tropical financial credit union federally insured?

Yes, your savings 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.

Does Tropical Financial Credit Union offer a signup bonus?

Tropical Financial Savings Accounts doesn't offer a signup bonus.

What is the minimum initial deposit for Tropical Financial Savings Accounts?

The minimum deposit to open a Tropical Financial Savings Accounts is $1.

Tropical Financial Savings Accounts Minimums

Description
Minimum Balance to Earn APY	$1
Minimum Opening Deposit	Starting at $1

What APY does Tropical Financial Savings Accounts offer?

Tropical Financial Savings Accounts offers an APY of 0.0500% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Tropical Financial Savings Accounts charge?

Tropical Financial Savings Accounts does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does Tropical Financial Savings Accounts offer?

This savings account includes the following features:

• Mobile Banking Services - Tropical Financial Savings Accounts allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to Tropical Financial Savings Accounts?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.