Suncoast Credit Union Review: Checking, Savings and CDs

Suncoast Credit Union offers dividend-earning checking and savings accounts with no monthly fees, but its service area is limited.

Margarette BurnetteFebruary 22, 2019

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Overall bank rating

Suncoast Credit Union
  • Savings

    Savings

  • Checking

    Checking

  • CD rates

    CD rates

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.0

NerdWallet rating 

The bottom line: If you qualify for membership, Suncoast Credit Union is a solid place to keep your money. A checking account that earns dividends — along with decent share certificate rates, low fees and a dedication to community — make it a gem of a financial institution in Florida.

Pros

  • No monthly fees on accounts.

  • Good annual percentage yields for share certificates.

  • Branches throughout western Florida.

Cons

  • Membership limited to immediate family of members, residents of western Florida and alumni of Florida College.

  • Doesn't participate in shared branching.

Full review

Suncoast Credit Union Suncoast Credit Union Share Savings

Suncoast Credit Union Share Savings

4.0

NerdWallet rating 
APY

0.15%

With $5 minimum balance

The Regular Share Membership account has a low savings deposit requirement and no monthly fee; however, you can find higher rates elsewhere. Suncoast regularly hosts workshops and seminars on how to save money, which is a nice perk.

» Want to explore more? Check out NerdWallet’s best savings accounts

Suncoast Credit Union Suncoast Credit Union Smart Checking

Suncoast Credit Union Smart Checking

4.5

NerdWallet rating 
Monthly Fee

$0

APY

0.05%

With $0 minimum balance

Suncoast’s Smart Checking account has no monthly fees and earns 0.05% APY. There is also no minimum opening deposit requirement, though you will need to be a Suncoast member to open an account. There are banks and credit unions that offer higher rates on checking accounts, but many are online-only, and some require higher minimums.

Suncoast Credit Union CD

Suncoast Credit Union CD

4.0

NerdWallet rating 
1-year APY

0.50%

3-year APY

0.85%

5-year APY

1.10%

Minimum Deposit

$500

Suncoast’s share certificates have rates that include 0.40% for a 6-month certificate to 1.10% for a 5-year certificate. But there are other banks with more competitive rates. You can compare here.

The initial deposits and minimum balances are a manageable $500. The credit union also offers jumbo certificates for a minimum $100,000 deposit, but rates are only slightly higher.

» Want to see more options? Compare higher CD rates on our roundup for this month

Banking experience

3.5

NerdWallet rating 

Suncoast is small, with around 70 branches, mostly along Florida’s Gulf Coast. Unlike some other credit unions, it doesn’t participate in shared branching. However, it is enrolled in a shared ATM network that gives fee-free access to nearly 30,000 cash machines nationwide.

It has a clean, easy-to-navigate website and highly-rated mobile apps — impressive for a small credit union. Customers can get help by phone six days a week.

Suncoast also responds to the needs of its community with a Spanish version of its site as well as a phone number for the hearing impaired.

Overdraft fees

4.5

NerdWallet rating 

Suncoast has better overdraft policies then many financial institutions. The credit union charges $29 for overdrafts, but with a limit of one fee per day. Other banks and credit unions often charge multiple overdraft fees per day if there are multiple negative transactions.

For another option, members can link their Suncoast savings and credit accounts as a backup for checking. There is no transfer fee if funds have to be moved into checking to cover a transaction.

Suncoast Credit Union Suncoast Credit Union Share Savings

Suncoast Credit Union Share Savings

4.0

NerdWallet rating 
APY

0.15%

With $5 minimum balance

The Regular Share Membership account has a low savings deposit requirement and no monthly fee; however, you can find higher rates elsewhere. Suncoast regularly hosts workshops and seminars on how to save money, which is a nice perk.

» Want to explore more? Check out NerdWallet’s best savings accounts

How does Suncoast Credit Union compare?

Federally insured by the NCUA

Member FDIC

APY

0.60%

With $0 minimum balance

APY

0.65%

With $100 minimum balance

APY

0.01%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$150

Requirements to qualify

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.