TAMPA, Fla. (March 3, 2014) – Suncoast Credit Union announces better rates and higher dividends for members effective immediately. Members will earn .10 percent annual percentage yield (APY) on share draft (checking) accounts, an increase to .20 percent APY on regular share (savings) accounts and .20 percent APY on the lowest money market tier.
These changes indicate the financial strength of a recovering economy. It is the first time since 2006 that Suncoast Credit Union has increased savings rates and the first time since 2009 members will receive dividends on checking accounts and on the lowest money market tier. Dividends will now be paid on the first dollar, with no minimum requirement to earn interest.
“As a member-owned financial institution, our members benefit when we have positive financial results,” says Melva McKay-Bass, Senior Vice President of Member Service Operations at Suncoast Credit Union. “Our strengthened financial performance allows us to return more to members, even those who do not have high balances.”
According to the Credit Union National Association (CUNA), Suncoast Credit Union provided $69,651,775 in direct financial benefits to its members during the twelve months ending September 2013. These benefits are equivalent to $126 per member or $240 per member household. CUNA estimates that Suncoast Credit Union provided loyal high-use member households $1,028 in direct financial benefits during the twelve month period.
About Suncoast Credit Union
Suncoast Credit Union, chartered in 1934 as Hillsborough County Teachers Credit Union, operates 54 full-service branches and serves more than 570,000 members in the following Florida counties: Charlotte, Citrus, Collier, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas, Sarasota and Sumter. With assets of more than $5.5 billion, Suncoast Credit Union is the largest credit union in the state of Florida and the 14th largest in the United States. For more information visit: suncoastcreditunion.com, facebook.com/SuncoastCreditUnion or @SuncoastCU.