Key Takeaways
You’re Unique
We may be the “United States” but every state might as well have its own economy.You Love FL
You love your community and your people. Shouldn’t your bank love them, too?You Need a CU
Okay, so banks don’t love anything — except profit. A credit union is different.Ah, the Sunshine State. Full of sun and gators and Disney and …
Okay, if you’re from Florida, you know Florida is so much more than all the stereotypes swirling around. You love your community and damn, isn’t it nice getting so much vitamin D all year?
So here you are, reading this blog post, because you’re already looking for credit unions in Florida, right? But you’re probably looking at others, too. And while there are plenty of great national credit unions out there, there’s one awesome reason to choose a Florida-based credit union: it helps support your own community.
Think of a national bank. Who owns the bank? Bankers.
And what do bankers often have a lot of? Money.
And how do they get that money? By profiting off you via fees and ridiculous interest rates.
And what does this do? It makes the rich, richer and the poor, poorer.
So all your friends and family in Florida who bank with, well, a bank, are losing their money to faceless bankers in a fancy conference room.
A credit union, however, is owned by its members. So any money a credit union makes goes right back to those members in the form of fewer fees and better interest rates and even scholarships for students and affordable (or free) financial programs.
Simply put, choosing a local credit union helps to distribute wealth among your own community. Floridians supporting Floridians!
So without further ado, here are a few of the best credit unions in Florida for 2020.
Best Credit Unions in Florida for 2020
Suncoast Credit Union
How does “no monthly fees” sound? Pretty good, right? That’s just one of the perks Suncoast offers. They also have good annual percentage yields for share certificates and branches throughout western Florida.
And, in addition to only requiring a $5 minimum deposit for a savings account, Suncoast also hosts financial workshops and seminars to help members learn how to save money.
While the APY on checking accounts isn’t the highest, there’s no minimum deposit required. Many of those checking accounts with higher APY are also online-only or national (or have a minimum deposit). So if your goal is to support your specific community, Suncoast might be a good way to go. Plus, Suncoast has a clean mobile app if online banking is something you want.
South Florida Educational Federal Credit Union
From auto buying services (to help you negotiate with car dealerships) to student services and programs, SFEFCU is helping many Floridians, not just students, get the financial help they need.
In fact, each year, 15 scholarships are awarded to graduating high school students, helping them attend college without the worry of financial hardships. They also give out 10 scholarships to graduate students each year and a tuition reimbursement scholarship of up to $1,000 to put toward a semester of tuition at Miami Dade College.
So, if you’re a student, planning to be a student or are a parent of a student, SFEFCU might be a great fit for you.
Orlando Credit Union
In addition to offering scholarships, low fees and better interest rates, many credit unions have other partnerships with celular companies, travel companies and more.
Just look at Orlando Credit Union. On top of their already-great financial education resources and rates, they also have a partnership with Sprint. This partnership offers discounts on accessories, cash rewards when opening a line and the opportunity to earn loyalty rewards every year.
OCU also partners with many travel and hospitality companies for discounts on hotels, cruises, car rentals and more through Credit Union Travel. They claim this program includes over 170,000 hotels, 175 airlines and 18,000 activities!
Pair those travel rewards with their discount at AMC and Regal theaters and you’re prepped and ready to go for a killer long weekend.
Go Local with a Florida Credit Union
These three credit unions are great options, but if you don’t find a match here, don’t worry! There are plenty of other credit unions in Florida to choose from. And the great majority of those credit unions have rates and benefits similar to the ones above. Joining a local credit union is like giving back to your own people without really lifting a finger. Just bank like you normally do, and watch your community — not rich bankers — thrive.
Don’t live in Florida? Check out our Best Of lists for other states!
