The South Florida Federal Credit Union offers a very attractive money market account with a current interest rate of 2.52% APY. This money market deal requires $2,500 of initial funding. This balance also helps account holders avoid the monthly service charge of $6. This money market account comes with limited check writing privileges.

The money market rates being offered is a bit high compared with most banks. This is a local deal but you still need to think up to when this interest rate will last since there is no guaranty period. You do not want to go into a deal and the day after you will see the rates falling.

We confirmed with the customer representative of the bank though that this current money market rate has been effective for almost two years now and most likely they will still have this for quite a while.

The website does not detail the fees which may affect the earning of your deposits. There will be fees when you exceed the number of allowed withdrawals so it is best to inquire about this when you open your account.

The membership to the South Florida Credit Union primarily qualifies individuals belonging to some select employee groups. There are also several schools and churches on their list of eligible applicants.

South Florida FCU is headquartered in Miami, Florida.

The reviews for soundness and safety of the credit union are a bit mixed. Bakrate.com gave it 2 stars which means it is performing below par of other segment competitors. BauerFinancial stamped 4 stars which is an excellent mark. These were based on their March 2009 data.

South Florida Credit Union is insured with the NCUA through charter number 23041.