Suncoast Credit Union review: Florida bank that has a free checking account with a $0 initial opening deposit
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Suncoast Credit Union/Insider
Overall credit union ratings
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4.5 |
| Share certificate | 4 |
| Money market account | 4 |
| Trustworthiness | 5 |
| Total | 4.25 |
Pros and cons
| Pros | Cons |
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Regular Share Account
When you join Suncoast Credit Union, you must open the
The savings account only pays 0.05% APY, which is lower than the average savings account. If you prioritize a high interest rate, you might consider one of the credit union's other savings account options or one of our top picks from our best high-yield savings account guide.
Smartly Checking Account
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Suncoast Credit Union Share Certificate
Suncoast Credit Union Share Certificates have a low minimum opening deposit of $500. The share certificates also pay higher interest rates than the average CD.
Money Market Account
You might like the
How Suncoast Credit Union works
Suncoast Credit Union is a certified community development financial institution (CDFI) with 75 branches in Florida. Members have access to over 55,000 ATMs through the CO-OP ATM network.
To be eligible for membership at Suncoast Credit Union, you or a family member must live, work, go to school, or worship in one of over 35 eligible Florida counties listed here. To become a member, you'll need to open a savings account with at least $5.
Customer support is available by phone from 7 a.m. to 8 p.m. ET on weekdays or 8 a.m. to 1 p.m ET on Saturdays.
The credit union's mobile app is rated 4.3 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Suncoast Credit Union is federally insured by the NCUA. When a credit union is federally insured, this means money will be safe even in the rare circumstance that a bank shuts down. Federally insured credit unions will have up to $250,000 secure in individual accounts. If you open a joint account, then you can have $250,000 protected per owner for $500,000 total.
The role of community development financial institutions
CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
Suncoast Credit Union has awarded over $2.7 million in scholarships to high school seniors living in nearby Florida counties. Furthermore, it has partnered with Tampa Bay Credit Unions for Kids since 1994, donating over $4 million to organizations like the John Hopkins All Children's Hospital and The Center for Autism.
In 2020, the credit union also gave over 1,900 Paycheck Protection Program loans to small businesses impacted by the pandemic.
Suncoast Credit Union trustworthiness and BBB rating
Suncoast Credit Union hasn't been involved in any recent public settlements.
We also include ratings from the Better Business Bureau so you can understand how banks deal with customer issues. Suncoast Credit Union received an A+ rating from the BBB.
BBB ratings aren't necessarily the be-all and end-all. You may want to talk to current customers or read online customer reviews to see if Suncoast Credit Union might be a good fit.
Suncoast Credit Union vs. VyStar Credit Union
Choosing between these two credit unions might depend on whether you meet the requirements for membership at either institution.
To become a member at Suncoast Credit Union, you or a family member must live, work, go to school, or worship in one of over 35 eligible Florida counties.
At VyStar Credit Union, membership is open to anyone who lives or works in an eligible Florida or Georgia county on this list. Active military or a veterans living anywhere in the world are also eligible for membership.
If you're searching for a checking account, each financial institution has a worthwhile option.
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Suncoast Credit Union vs. Ocean Bank
Deciding between these two local financial institutions may ultimately depend on where you live.
To become a member at Suncoast Credit Union, you or a family member must live, work, go to school, or worship in one of over 35 eligible Florida counties.
Ocean Bank is a Hispanic American-owned bank with 23 branches in South Florida. It has branches in Miami-Dade County (Miami, Miami Beach, Aventura, Coral Gables, Doral, Hialeah, and Pinecrest) and Broward County (Fort Lauderdale, Hollywood, and Weston).
Your choice between the two institutions may also hinge on which accounts you'd like to open.
Suncoast Coast Credit Union doesn't charge monthly service fees on savings accounts, checking accounts, and money market accounts. Meanwhile, Ocean Bank has a free checking account, but its savings accounts and money market accounts may involve monthly service fees if you don't maintain a specific account balance.
Frequently asked questions
How much money do you need to open a Suncoast account?
To join Suncoast Credit Union, you'll need to open a share account with at least $5. If you would like to open additional bank accounts, the
Where is Suncoast Credit Union located?
Suncoast Credit Union is located in Florida. It has over 75 branches throughout the state.
Is Suncoast a good credit union?
Suncoast Credit Union may be a good option if you want to open a checking account that makes it easy to avoid typical bank fees. The Smartly Checking Account doesn't charge monthly service fees. It also offers free overdraft protection. You can link your checking account to a savings account to avoid overdrawing from your account.
You also might like Suncoast Credit Union if you're searching for share certificates. The credit union's share certificates have a low minimum opening deposit and pay solid interest rates compared to other brick-and-mortar financial institutions.