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Explore Suncoast Credit Union’s suite of bank accounts

No-fee accounts and solid CD rates in the Sunshine state.

Updated

Suncoast Credit Union
Suncoast Credit Union offers decent rates considering it’s primarily a brick-and-mortar provider, and might appeal to folks in western Florida hoping to stash cash away in long-term certificates. But it isn’t the most competitive when it comes to variety of products and high-yield savings.

Am I eligible?

To join, you must meet at least one of the following criteria:

  • Someone in your immediate family is a member.
  • You live in Florida — specifically, in one of the counties Suncoast services.
  • You’re an alumnus of Florida College.
  • What banking products does Suncoast offer?

    Suncoast offers a large suite of personal and business bank accounts.

    Personal

    With a Suncoast checking or savings account, you’ll get access to its online and mobile banking tools, including direct deposit capabilities.

    Business

    Suncoast offers a wide range of solutions for business owners, from payroll support to insurance. You’ll get a free debit card to use with your Suncoast business accounts, with access to Suncoast and CO-OP ATMs throughout Florida.

    Similar to the personal accounts, you’ll need to open a Business Regular Savings account with a $5 deposit to kick-start a business-banking relationship.

    How does Suncoast compare to other banks?

    Suncoast is focused on serving sunshine state residents. Suncoast Credit Union is a nonprofit and owned by its members which typically means lower fees overall.

    Checking accounts

    Pros

    • No monthly fees. All checking accounts are free to open and maintain except for the Business Classic Checking, which has an avoidable $20 monthly fee.
    • Interest-bearing options. Both of Suncoast’s personal checking accounts earn 0.05% APY.
    • Low minimum deposits. You can open personal checking accounts with as little as $5 and business checking accounts with $50.

    Cons

    • Small selection of checking accounts. There’s only one personal checking account for adults and it doesn’t offer much in terms of rewards or special perks.
    • Small transaction limits on business accounts. You’ll get 300 free transactions a month at most, which means Suncoast may not be ideal if your monthly activity typically exceeds these limits.
    • Low APYs for checking. Although most checking accounts don’t earn interest, there are other banks that offer higher APYs.

    Savings accounts

    Pros

    • Several account options. Choose from two personal savings accounts and two business savings accounts.
    • Automatic savings features. Set up automatic transfers to have money sent from checking to savings on a regular basis. Or, sign up for payroll deduction and have part of your paycheck automatically deposited in savings on when you get paid.

    Cons

    • Low APYs. All of Suncoast’s personal and business savings accounts earn 0.15% APY, while most high-yield savings accounts at other banks have rates above 1.5%.
    • Excessive transaction limit. Like other savings accounts, if you make more than six outgoing transactions a month, you’ll pay a fee or risk having your account closed. But check with the provider to see if this rule is temporarily suspended.
    • Cash withdraw limits. Each Suncoast savings account comes with an ATM card, but you can’t withdraw more than $615 a day.

    CDs

    Pros

    • Share certificates have high yield potential. A 60-month share certificate of $500 will earn a 2.25% APY, which is fairly competitive in the market.
    • Low opening deposits. Regular CDs have a low $500 minimum deposit requirement, while other financial institutions have minimums as high as $10,000.
    • Several account options. Suncoast offers regular CDs, Jumbo CDs, Teen CDs and a Smart Start CD where you can save $40 a month until you have at least $500 saved up for a regular CD.

    Cons

    • Early withdrawal penalties. You’ll pay a penalty equal to 90 days to 180 days interest if you need to access the funds in your CD before it matures.
    • Can’t directly apply online. You’ll need to visit a local branch, call customer service or send a secure email through your Suncoast account portal to open a CD.

    Overall banking

    Pros

    • Easy ATM access. Suncoast is part of the CO-OP ATM network in Florida, which means you can use tens of thousands of ATMs around the state for free.
    • Membership perks. Suncoast members get access to free financial literacy workshops and webinars, free financial counseling and more.

    Cons

    • Limited customer service hours. Representatives keep bank hours and can’t be reached over the phone on Sundays. You can call between 8 a.m. to 1 p.m. on Saturdays
    • Strict membership requirements. Suncoast is only available to people in western Florida, so outsiders should look elsewhere.
    • No shared branching. Unlike other credit unions, Suncoast doesn’t participate in shared branching, so in-person support is limited to its 66 branch locations.

        Compare with leading bank and credit union accounts

        Name Product Minimum deposit to open ATMs Out-of-network ATM fee
        HSBC Premier Checking
        $1
        Free to use at all ATMs in the US
        $0
        Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
        BBVA Online Checking
        $25
        No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
        $3
        A full-service account with convenient, surcharge-free access to two massive ATM networks, plus up to a $250 signup bonus when you meet deposit requirements
        Axos Bank Essential Checking
        $0
        ATM fees reimbursed at any ATM nationwide
        No fees. Unlimited domestic ATM fee reimbursements.
        Axos Bank Rewards Checking
        $50
        ATM fees reimbursed at any ATM nationwide
        $0
        Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
        Aspiration Spend & Save Account
        $10
        55,000 free in-network ATMs
        $0
        Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
        N26
        N26
        $0
        Fee-free ATM withdrawals at Allpoint ATMs
        $0
        A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.
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        Compare up to 4 providers

        Suncoast customer service

        You can reach a Suncoast Credit Union representative via:

        • Phone. 800-999-5887 or 813-621-751
        • Social media. Send a message through Facebook or Twitter.
        • Snail mail. Address your note to:
            • PO Box 11904
            Tampa, FL 33680

        Bottom line

        If you’re a ride-or-die Florida resident and are looking for a full-service, locally operated institution, you might be drawn to Suncoast’s solid reputation and fee-free accounts. But folks hoping for more variety and a national presence should see what other providers have to offer.

        Frequently asked questions

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