Space Coast Credit Union Review: Great Rates for Florida Locals

4.8
Our Take: Space Coast Credit Union is a state-charted credit union. Like all credit unions, they are 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.
  • Interest Rates
    5.0
  • Breadth of Products
    5.0
  • Branch Accessibility
    4.5
  • Digital Banking
    4.5
How did we calculate this?

Pros

  • Higher interest rates than many banks
  • 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

  • Membership limited to those who live and work on Florida's "Space Coast"
  • Limited number of branches

About Space Coast Credit Union

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. 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. You must be a member to open a bank account.

SCCU was founded in 1951 and is now the third largest credit union in Florida, with over 450,000 members and $5 billion in assets. SCCU has 59 branches along the east coast of Florida, from Flagler County to Miami-Dade. Thanks to this accessibility and products available to members, GOBankingRates has ranked it as one of the Best Credit Unions of 2021.

Space Coast Credit Union Banking Products

You’ll find a good variety of banking products at SCCU.

Type Best For
Checking Accounts Interest rates
Savings Accounts Specialty accounts
Money Market Checkwriting
CD Rates Guaranteed returns

Space Coast Credit Union Checking Account

Space Coast Credit Union offers a basic checking account, one that pays interest, one that’s just for students and a health savings checking account for those with a high-deductible health plan.

Free and student accounts do not pay interest. The Interest Checking account pays 0.05% annual percentage yield on balances up to $4,999, 0.07% APY on balances from $5,000 to $49,999.99 and 0.10% APY on balances of $50,000 or more. The health savings checking account earns 0.05% interest.

Features

  • Free account alerts and fraud alerts
  • SCCU Priority Pay for direct deposits a day early

Pros

  • No direct deposit requirement
  • No monthly maintenance fees on most accounts

Cons

  • Interest Checking account requires $1,500 minimum daily balance

Space Coast Credit Union Savings Accounts

Space Coast Credit Union offers a basic savings account that pays 0.05% APY on any size balance. You can also open a My Way Savings account to save for a specific goal, a Christmas Club Savings account to put aside a little each month for holiday shopping, or, for those under 18, a Youth Savings account to learn smart habits early.

Features

  • Basic savings account with every membership
  • Website tool for comparing savings accounts
  • Free online banking and mobile banking
  • Visa debit card with fraud alerts

Pros

  • Overdraft protection when savings account is linked to checking account
  • Accounts for specific savings goals
  • Online comparison tool helps you choose the right account

Cons

  • Regular savings transactions limited to six per month
  • $5 minimum balance required

Space Coast Credit Union Money Market Account

Space Coast Credit Union offers a money market account that pays interest depending upon the account balance. The minimum balance to earn interest is $2,500.

Features

  • Checkwriting privileges
  • Tiered interest rates:
    • $2,500-$9,999: Earns 0.05% APY
    • $10,000-$24,999.99: Earns 0.07% APY
    • $25,000-$49,999.99: Earns 0.10% APY
    • $50,000-$99,999.99: Earns 0.12% APY
    • $100,000-$249,999.99: Earns 0.15% APY
    • $250,000 and up: Earns 0.20% APY

Pros

  • Interest rates up to 0.20% APY
  • Guaranteed fixed rate of interest
  • Insured by the National Credit Union Administration up to $250,000 per depositor

Cons

  • $2,500 minimum opening deposit
  • $15 monthly low-balance fee

Space Coast Credit Union CD Accounts

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.

Features

  • Guaranteed fixed rate of interest
  • Terms from six to 60 months
  • Higher interest for longer terms:
    • 6 months: 0.25% APY
    • 12 months: 0.35% APY
    • 18 months: 0.40% APY
    • 24 months: 0.45% APY
    • 30 months: 0.55% APY
    • 36 months: 0.65% APY
    • 42 months: 0.70% APY
    • 48 months: 0.75% APY
    • 54 months: 0.85% APY
    • 60 months: 0.95% APY

Pros

  • Low $500 minimum average daily balance
  • Safe, guaranteed investment means no risk
  • Guaranteed rate of return

Cons

  • Possible penalty for early withdrawal
  • Can miss out on earnings if interest rates rise

Banking Experience

Space Coast Credit Union offers a wide array of products like the big banks but still has the feel of a smaller, regional bank. It has traditional offerings, like a Christmas Club Savings account that lets you put aside a little each month to spend when the holidays come around. But it also has online banking and a mobile app, so you can do all your banking remotely if you want.

While Space Coast Credit Union has only 59 branches, it participates in a shared branch program with other credit unions, giving its members access to over 5,000 credit union branches nationwide.

Technology

Space Coast Credit Union has online banking, which lets you pay bills, transfer funds and view statements on your computer. You can move money electronically to others using Popmoney. And you can track your spending and manage your money with online budgeting tools.

The Space Coast Credit Union mobile app lets you do all of these things as well. Plus, you can deposit checks from anywhere.

How To Make a Deposit

There are several ways to make a deposit into your Space Coast Credit Union Account. You can:

  • Go to a Space Coast Credit Union branch, or visit one of over 5,000 shared branch locations nationwide.
  • Make your deposit at a SCCU ATM.
  • Use mobile deposit on the mobile app.

Key Information

Customer Service Hours: Monday-Friday, 8:00 a.m. to 8:00 p.m. and Saturday, 9:00 a.m. to 5:00 p.m.

Customer Service Numbers:

  • Brevard County: 321-752-2222
  • Broward County: 954-704-5000
  • Miami-Dade County: 305-882-5000
  • All other areas: 800-447-7228

Routing Number: 263177903

Space Coast Credit Union Fees

While most Space Coast Credit Union accounts have no monthly maintenance fees, you may still incur fees for certain transactions. Here are some fees you might encounter:

Type Amount
Overdraft or Non-Sufficient Funds $30
Returned Check $5
Below Minimum Balance (Money Market or Interest Checking) $15/mo
Non-SCCU ATM Use $2.50
Stop Payment $15
Wire Transfer $10 incoming domestic, $25 outgoing domestic, $50 outgoing international

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 of the things to consider.

Bank Best For
Space Coast Credit Union Interest checking
Launch Credit Union Promotions
Wells Fargo Branch and ATM availability
Chase Rewards credit cards

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

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. The interest rates on Space Coast’s interest checking is five times higher than Chase’s, however.

Also See: Suncoast Credit Union Review: Great Rates with No Maintenance Fees

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 your accounts in one place, and you’d rather deal with an institution that answers to its members instead of shareholders, Space Coast is worth a look if you live in the eastern Florida membership region.

Editor’s Favorite

The Space Coast Credit Union Interest Checking account pays comparatively high interest, depending on your balance. Balances up to $4,999,99 earn 0.05% APY, balances from $5,000 to $49,999.99 earn 0.07% APY and balances of $50,000 and over earn 0.10% APY.

Space Coast Credit Union FAQ

Here are answers to some of Space Coast Credit Union's more commonly asked questions.
  • Where is Space Coast Credit Union?
    • Space Coast Credit Union's headquarters is in Melbourne, Florida. Membership in the credit union is open to those who work or live in 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 and Volusia counties in Florida. Branches are located throughout these counties.
  • Is Space Coast Credit Union FDIC insured?
    • No. As a credit union, Space Coast Credit Union's deposits are insured by the NCUA, up to $250,000 per depositor.
  • How do I order checks from Space Coast Credit Union?
    • You can order checks through online banking, by calling the Member Service Center or by visiting a branch location.
  • How Do I Contact Space Coast Credit Union?
    • You can contact them via mail, email or by phone:
    • Space Coast Credit Union, P.O. Box 419001, Melbourne, Florida, 32941-9001
    • info@sccu.com; 321-752-2222.
  • Are ATM deposits subject to a hold?
    • Cash deposited in an ATM is available immediately. Checks are subject to the credit union's hold guidelines. For accounts open 30 day or less or for checks over $5,000, the first $500 will be available the same day. The remaining amount is subject to a five-day hold. Other checks are subject to a two-day hold, with the first $500 available the same day.
  • Does Space Coast Credit Union offer free money for signing up for an account?
    • Space Coast Credit Union does not currently offer a bonus for opening a new account. It does, however, offer member discounts on tax preparation software as well as other merchant discounts.

Rates are subject to change. Information on accounts is accurate as of Dec. 11, 2020.

This content is not provided by Space Coast Credit Union. Any opinions, analyses, reviews 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.

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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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