The money market rates with South Florida Credit Union are on a down trend the past few months but the current interest rates remain to be very competitive. The money market is now earning 2.02% APY. This money market account requires an initial deposit of at least $2,500. This amount is also the minimum to avoid a monthly service fee of $6.

The money market deal is only available to their local market. The interest rate is a bit high compared to other big banks and is very competitive with the national average. The bank has a history of keeping their money market rates for quite a while so you do not have to worry much about sudden money market rate changes.

The bank’s website does not have a ton of information to offer to readers so it will be best to ask their customer service about fees which will affect your deposit. Money market accounts have limited number of withdrawals every month and all banks charge for transactions going over this limit.

The South Florida Federal Credit Union welcomes individuals from certain employee groups. They also accept applicants from some schools and churches. You can visit their membership page to check if you can be eligible to sign up. You can use the online application form to open an account.

The main office of this credit union is located in Miami, Florida. You can call them through 305.545.0744.

The reviews for the credit union are mixed. BauerFinancial stamped their soundness and safety report with 4 stars. Bankrate.com issued 2 stars for a low performance. These numbers were based on their March 2009 data.

South Florida Credit Union is covered by the NCUA through charter number 23041.