Space Coast Review: Great Rates for Floridians

GOBankingRates Score

4.8
Quick Take: Space Coast Credit Union is a state-chartered credit union. Like all credit unions, it is owned by its members. This means it can offer higher rates of interest than many banks because it doesn't need to concern itself with making money for its shareholders. The institution offers a wide array of deposit accounts and services. This Space Coast Credit Union review breaks it down.
  • APYs
    4.7
  • Benefits
    4.7
  • Products
    4.8
  • Customer Service
    4.8
How did we calculate this?

Pros

  • Higher interest rates than many banks
  • Membership open to residents and employees of nearly 30 Florida counties
  • Co-Op Shared Branching expands the number of banking locations available
  • Broad product line, including checking, savings, auto loans, credit cards and mortgage and home equity loans
  • Specialized offerings like student checking and VA home loans

Cons

  • A $15 maintenance fee on interest checking and money market accounts if balance falls under minimum required

Space Coast Credit Union Review: Overview

Space Coast Credit Union (SCCU) was founded in 1951 and is now the third-largest credit union in Florida, with over 500,000 members and $7 billion in assets. SCCU has 65 branches along the East Coast of Florida, from Flagler County to Miami-Dade. Thanks to this accessibility and the products available to members, GOBankingRates has ranked it as one of the Top 100 Banks of 2022.

Space Coast Credit Union offers checking, savings and investment accounts as well as credit cards, mortgages, home equity loans and auto loans. It’s easy to qualify to be a member to open an account.

You just have to live or work in one of the following Florida counties: Brevard, Broward, Clay, Collier, Duval, Flagler, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Seminole, St. Johns, St. Lucie, Sumter or Volusia.

Key Features

SCCU’s high score of 4.8 is based on four of the credit union’s top-performing categories of annual percentage yield rates (APYs), benefits, products and customer service.

APYs

The Space Coast Credit Union Interest Checking account pays comparatively high interest, depending on your balance — you can earn between % and 0% APY.

Savings accounts earn % APY on all balances. To maximize the earnings, the Savings Cents account pays a much higher APY on balances of up to $2,500 and the regular savings account rate on the remainder of the balance.

Money market accounts with balances of at least $2,500 earn between % and 0% APY based on the amount. CDs are available for terms of 6 to 60 months with rates between % and % APY.

Benefits

The credit union’s range of financial and deposit products are extensive, with several options in each account category. It offers a wide array of products, just like the big banks, but still has the feel of a smaller regional bank

SCCU has traditional offerings, such as a Christmas Club Savings account that lets you put aside a little each month to spend when the holidays come around. It also has online banking and a mobile app, so you can do all your banking remotely if you want, plus 65 physical branches and access to the CO-OP network for additional branch locations.

Products

The following accounts are the most popular.

Space Coast Credit Union offers four checking account options. If you set up direct deposit, you can receive your pay one day earlier.

Account Monthly Maintenance Fee Minimum Opening Deposit Interest
Free Checking $0 $25 No
Student Checking $0 $25 No
Health Savings Checking $0 $0 Yes
Interest Checking $15, waivable with $1,500 daily balance $25 Yes

Once you establish membership, Space Coast Credit Union provides a savings account that pays % APY on any size balance. You’ll need to fund it with $5 and maintain a balance of at least that small amount.

There are other savings account options without service fees, each earning a specific yield. Try My Way Savings to save for a specific goal, Christmas Club Savings to put aside a little each month for holiday shopping, or, for those under 18, a Youth Savings account to learn smart habits early.

SCCU also offers a money market account that pays interest depending upon the account balance. The minimum balance to earn interest is $2,500. Although you do receive check writing privileges and bill payments through the online or mobile banking app, you’re limited to just six transactions per month. In addition, a $15 monthly low-balance fee will be charged if your balance falls below $2,500.

CDs offer a fixed interest rate based on the term of the certificate. The longer the term, the more interest you can expect to earn. CDs are a safe, guaranteed investment that many savers use for long-term goals. Space Coast Credit Union’s rates depend on which of the term lengths choose, between six months and 60 months. They require at least $500 to open.

Customer Service

Customer service is available at one of the many SCCU or Co-Op branches. You can also reach the credit union Mondays to Fridays from 8:00 a.m. to 8:00 p.m. EST and Saturday from 9:00 a.m. to 5:00 p.m. The credit union has local customer service phone numbers found on any of your bank documentation, or you can try 1-800-447-7228.

How Space Coast Credit Union Stands Out

Space Coast’s branch availability, number of account options and competitive interest rates are some of the top features that set the credit union apart.

Plus, most Space Coast Credit Union accounts have no monthly maintenance fees to worry about. 

Space Coast Credit Union vs. Competitors

When deciding where to bank, you may want to compare Space Coast Credit Union to competing banks. Here are some things to consider.

Space Coast Credit Union vs. Launch Credit Union

Launch Credit Union offers promotions ranging from lower interest rates on loans to drawings for enrolling in eStatements. Space Coast Credit Union serves 28 counties in Florida, compared to just six for Launch Credit Union.

Space Coast Credit Union vs. Wells Fargo

Both institutions provide a wide variety of services. Wells Fargo has 7,200 branches across the country, so if you like to do your banking in person, you can do so just about anywhere.

But if you want a checking account with no hoops to jump through to waive the maintenance fees, Space Coast Credit Union is a better choice.

Space Coast Credit Union vs. Chase

Chase Bank offers a wide range of products, including rewards credit cards that can result in some serious cash back. Being a national brand, it’s more accessible if you like to travel or need to move to another part of the country.

The interest rates on Space Coast’s accounts are significantly higher than Chase’s, however.

How To Open an Account

You can open an account online or by visiting a branch. You’ll need to provide personal details, such as your date of birth and address, to establish your qualifications as an employee or resident in one of the Florida counties SCCU services. In addition, you’ll need to provide your Social Security number.

Once you’re a member, you’ll receive a regular savings account that must be funded with $5 or more.

Final Take

Space Coast Credit Union offers a wide variety of products with competitive interest rates. If you’re looking for a bank where you can have all of your accounts in one place, and you’d rather deal with an institution that answers to its members instead of to shareholders, Space Coast is worth a look if you live in the eastern Florida membership region.

Space Coast Credit Union FAQ

Here are answers to some commonly asked questions about Space Coast Union.
  • Is Space Coast Credit Union a real bank?
    • Space Coast Credit Union has been providing financial services since 1951. It's the third-largest credit union in Florida, with over 500,000 members and $7 billion in assets. GOBankingRates has ranked it as one of the Top 100 Banks of 2022.
  • Is Space Coast Credit Union FDIC insured? 
    • As a credit union, Space Coast Credit Union's deposits are insured by the NCUA, up to $250,000 per depositor. 
  • Can I deposit cash at Space Coast Credit Union?
    • You can make cash deposits at any SCCU or Co-Op branch. In addition, Space Coast Credit Union added ATMs that accept deposits so you can deposit checks and cash 24 hours per day and seven days per week without even having to go inside a branch.
  • Can you deposit cash at an SCCU ATM?
    • Space Coast Credit Union recently updated many of its ATMs to accept cash deposits any time, day or night.
  • How much does Space Coast Credit Union pay?
    • Space Coast Credit Union provides a savings account to new members that pays 0.04% APY on any size balance. There are other accounts such as checking, savings and money market accounts that also pay interest.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 22, 2022.

Editorial Note: This content is not provided by Space Coast Credit Union. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Space Coast Credit Union.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.

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About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.
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