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Keys Federal Credit Union (FL) 60-Month CD Rate More Than Doubled

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Deal Summary: 60-month Share Certificate, 5.00% APY, $500 minimum deposit.

Availability: Residents of the Florida Keys and local military members.

About two weeks ago, Keys Federal Credit Union (Keys FCU) substantially raised the rates on its long-term Share Certificates. Following an increase of 300 bps, 60-month Share Certificate currently earns 5.00% APY. The minimum opening deposit is $500, with no stated balance cap. (Keys FCU’s CD product line is a bit of an oddity at the moment: the 1-, 2-, 3-, 4-, and 5-year Share Certificates currently earn APYs of 1%, 2%, 3%, 4%, and 5%, respectively.)

All Keys FCU Share Certificates are available as IRA Share Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads (in part),

Only dividends may be withdrawn from this account prior to maturity without penalty. If the principal is withdrawn prior to maturity … a one hundred eighty-two (182) day interest penalty is assessed on certificates with a maturity greater than twelve (12) months.

Availability

Headquartered in Key West, Florida, Keys Federal Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live or work in the Florida Keys qualifying for membership.

Local military members, including those serving at NAS Key West or US Coast Guard Islamorada Station, are eligible to join.

Immediate family members of anyone who lives or works in the Florida Keys also qualify for membership.

Account Opening

Keys FCU has recently added an online application that can be used to join and to open accounts. The online application is accessible from the Keys FCU home page. Joining Keys FCU and/or opening a Share Certificate can also be done at any of six Florida branches, located in Big Pine Key, Key West (3), Marathon, and Tavernier.

To become a member of the Credit Union, you must complete a Member Application and open a Share Savings Account. The basic deposit that you must maintain in your Savings Account is $5.00.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire ($10 fee), or check.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded daily/credited monthly and can be withdrawn penalty free.
  • Maturing Funds – Cashier’s check, wire ($20 fee), or internal transfer to a Keys FCU savings/checking account.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Soft pull.

Credit Union Overview

Keys Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.74% (excellent) based on September 30, 2022 data. In the past year, Keys FCU has increased its total non-brokered deposits by $37.2 million, an excellent annual growth rate of 16.82%. Please refer to our financial overview of Keys Federal Credit Union (NCUA Charter # 4135) for more details.

Keys Federal Credit Union was established in 1940 and was originally known as NAVSTA Federal Employees Federal Credit Union. The founding members were Civil Service employees at the Naval Air Station Key West who “believed if they worked together, they could provide more affordable financial services for everyone." In keeping with that vision, Keys FCU was one of 17 credit unions recognized with an America Saves national award in 2018 for helping their members build personal wealth.

America Saves is a campaign that leverages the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth.

How the 60-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Keys Federal Credit Union 60-month Share Certificate. The following table compares the 60-month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 1/13/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Miami CD rates, 5-year CD rates, IRA CD rates

Previous Comments
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decades
  |     |   Comment #1
I'll have just the 5 year, thank you. :)
Reply
6
Robb
  |     |   Comment #2
Any distant relatives in the Key’s ;)
Reply
4
Ltssharon
  |     |   Comment #3
I was all set to do this because my son lives there. He constantly travels internationally. When I called to see if I could join, they said he would have to come in and vouch for me, etc. He is too busy to dink around doing this sort of thing. Oh well. I did send him the 5 percent information, and if by some chance he joins, then I will try again. This is good for people who want to send their adult children on errands, but not for me.
Reply
3
Ltssharon
  |     |   Comment #4
I was all set. I have a son who lives there and constantly travels internationally. But, when I called they said my son would have to go to a branch and sign some things, etc. This is ok for parents who want to send their adult children on errands, but won't work for me. I did send my son information about this rate. If for some reason, he buys a cd there, then I will pursue. But meanwhile, it is not for me.
Reply
2
mikesock
  |     |   Comment #5
Great customer service in Marathon Florida branch forty minutes from arrival to departure become a member and open account.
Reply
2
mikesock
  |     |   Comment #6
Great customer service in Marathon Florida branch forty minutes from start to finish.
Reply
2
mikesock
  |     |   Comment #7
Great customer service Marathon Florida branch.
Reply
3
Keys Federal Credit Union (FL) Long-Term CDs Are Rate Leaders
Comments
POSTED ON WEDNESDAY, FEBRUARY 24, 2021 BY KEN TUMIN
Deal Summary: Share Certificates – 36-month (1.26% APY), 48-month (1.51% APY), and 60-month (1.76% APY), $500 minimum deposit.

Availability: Residents of the Florida Keys.

The long-term Share Certificates offered by Keys Federal Credit Union (Keys FCU) have very competitive rates: 36-month (1.26% APY), 48-month (1.51% APY), and 60-month (1.76% APY). These APYs have remained unchanged for almost a year, but have become more competitive as the majority of long-term CD rates substantially dropped. The minimum opening deposit is $500, with no stated balance cap.

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5.25% 60-Month / 5.00% 36-Month CD at a Florida CU (Keys)
Comments
POSTED ON TUESDAY, SEPTEMBER 9, 2008 BY KEN TUMIN
Keys Federal Credit Union is offering some competitive long-term certificates. These include a 5.25% APY 60-month certificate and a 5.00% APY 36-month certificate. The minimum deposit is $1,000, and it's available as an IRA certificate. There's also a 4.05% APY 23-month Flex certificate which has an one-time option to add funds during certificate term and an one-time option to bump rate to a better rate.

Membership is open to those who work or live anywhere in the Florida Keys. Please see their Who-Can-Join page for more details. Membership requires a $5...

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5.00% 60-Month / 4.05% 23-Month CD at a Florida CU (Keys)
Comments
POSTED ON MONDAY, MAY 5, 2008 BY KEN TUMIN
Keys Federal Credit Union is offering a certificate promotion that includes a 5.00% APY 60-month certificate and a 4.05% APY 23-month Flex certificate or IRA. Both have a minimum deposit of $1,000. The Flex certificate has an one-time option to add funds during certificate term and an one-time option to bump rate to a better rate.

Membership is open to those who work or live anywhere in the Florida Keys. Please see their Who-Can-Join page for more details. Membership requires a $5 fee and a minimum balance of $5 in the...

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5.25% 3-month / 60-month CD at a Florida CU
Comments
POSTED ON SUNDAY, FEBRUARY 5, 2006 BY KEN TUMIN
The Keys Federal Credit Union has a very unique CD promotion. A special APY of 5.25% is being offered on any certificate term. The minimum term is 91 days and the maximum term is 5 years. There's a minimum deposit requirement of $10K and the money must be new to the credit union. This is a limited time offer.

The credit union's field of membership includes all those who live in the Florida Keys. It has branches in Key West, Big Pine Key and Marathon Shores, Florida.

Not only do the folks...



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