News & Tips
Florida Credit Unions: Why Choose Space Coast Credit Union (SCCU)?
Credit unions offer their members a plethora of benefits. First, note the word “member” instead of “customer.” People form a credit union by pooling their money together, which makes each person a member and an owner with an “equal share” in the cooperative who can borrow from those pooled deposits. So, what’s in your best interest as a member is also in the best interest of the organization.
All Florida credit unions—and credit unions around the country—serve a particular group of people, such as those living in a defined geographical area or working for the same employer.
In contrast, a traditional bank elects a board of directors and seeks to maximize profits for their stockholders by charging their customers high interest rates and fees. Instead of focusing on ways to boost profits, credit unions invest in their membership by typically providing higher interest rates on savings, checking, and investment products and lower interest rates and fees on loans compared to most traditional banks. See all of our competitive interest rates here.
SCCU serves 560,000+ members in 34 counties located on Florida’s east coast: from Flagler to Miami-Dade counties. So, if you’re searching for a “credit union near me,” and you live in one of these counties, we’d love to have you as a member!
You can become an SCCU member by opening an account online or at one of our 65 branch locations. Plus, because we exist to serve our members, you can benefit from a personal touch, including great customer service, and you can check the status of your loan or account application online at any time.
We offer a full financial suite of products and services. Let’s dive into all of them!
Checking Accounts and Savings Accounts
Your money is secure at SCCU. The National Credit Union Administration (NCUA) insures deposits at federal credit unions across the country, protecting more than 95 million account holders. This is comparable to what the FDIC does for traditional banks.
A checking account allows you to manage your daily finances, and SCCU makes it easy to compare checking accounts to get exactly the right one for your needs.
Every checking account we offer come with a contactless debit card, free person-to-person payments, free online and mobile banking, free statements, and access to over 20,000 fee-free ATMs nationwide. Plus, you can get your direct deposit up to two days earlier FREE42! We also make switching easy with our all-in-one step-by-step kit here.
- Free Checking—comes with no hidden fees or restrictions and saves our members $87 annually in fees, on average, compared to most traditional big banks40. This account comes with no minimum balance requirements, no monthly service fees, and no direct deposit requirements.
- Interest Checking—you’ll have unlimited access to your funds while earning from competitive interest rates and requires a lower minimum balance than most interest-bearing checking accounts. Plus, you won’t have to deal with any direct deposit requirements.
- Student Checking—students (ages 13-17) can take the first steps toward financial independence with this free checking account.
- Heath Savings Checking—an interest-earning account to help you cover medical expenses. This account is for people who have a high-deductible insurance plan.
While a checking account helps you manage daily finances, a savings account is ideal for creating an emergency fund or saving for specific purposes such as a down payment on a house, a vacation, a new car, or a wedding.
At SCCU, we make it easy to compare savings accounts to find the one that suits your needs.
- Regular Savings— every SCCU member has this account, where you start earning dividends with your very first dollar! Plus, it comes with no monthly maintenance fees.
- Money Market—to earn a higher interest rate while still having flexible, convenient access to your money, choose this account.
- My Way Savings—to save money for a special occasion, you can receive monthly dividends with this account. Individually name the account to match its purpose as you save towards your goals and dreams.
- Saving Cents—every time you use your Visa debit card, we’ll round up what you bought to the nearest dollar and deposit the change into this interest-earning savings account.
- Youth Savings—you can teach your child good money management habits with this account. They’ll earn dividends and benefit from mobile check deposit and online account transfer capabilities.
- Christmas Club—also, plan for the holiday season with this account. You can save throughout the year and earn dividends. Then, when the holidays approach, you can shop with less stress.
Plan for your future with an individual retirement account (IRA), which helps you prepare for retirement while offering potential tax benefits (please consult a tax advisor for more information). At SCCU, we have flexible deposit options with no annual maintenance fee. We also offer high-interest-rate IRA CDs with a guaranteed rate of return for the maximum in security.
If you’re looking for more ways to grow your money at great rates, check out our certificates of deposit (CDs). Plus, you can open a CD with a deposit as low as $5006.
We recognize that mortgages aren’t one-size-fits-all, so we offer various options to suit your needs. Here’s an overview of the choices we provide to our members:
- No Down Payment: As a well-qualified buyer, you no longer need to put 20% down to buy a home. Although you’ll still need to pay for items like home inspections, prepaid insurance, and taxes, buyers with good incomes and credit scores can use this option as a streamlined path to home ownership.
- Conventional Fixed-Rate: A fixed-rate mortgage makes it easy to budget for your principal and interest payments because it never changes. This program can be ideal for people who plan to remain in their home of choice for the long term and those who appreciate the stability of consistent payments.
- No Closing Costs: We recognize how challenging it can be to save for both a down payment and closing costs, especially if this is your first home. In response, we created this option where we cover your closing costs and even waive our lender origination fee. What you’ll need: your down payment and funds for prepaid property taxes, homeowners insurance, and interest.
- Adjustable-Rate: Although a fixed-rate mortgage has benefits, so do ones with adjustable rates. You’ll start with a lower interest rate and payment, which allows you to build up equity in your home. In the future, rates and payments can go up or down, so we’ll work with you to help you decide what’s best for your situation. Learn more about the pros and cons of adjustable-rate mortgages here.
- Condo Loans: Getting a condo loan can be challenging, but our experienced team will guide you through the unique requirements. Our loan programs start as low as 3% down, which can help you to start living your Florida lifestyle in the condo of your choice.
- Jumbo Home Loans: Our jumbo loans help to make your big home-owning dreams a reality with special financing for high-value properties.
- FHA Loans: FHA loans can be the right choice for first-time homebuyers or people who need to pay a smaller down payment. With an FHA loan, you can finance up to 96.5%16. This is often a great option for people with less-than-perfect credit. See the complete list of FHA loan requirements in Florida here.
- VA Loans: Since our inception, SCCU has proudly served our country’s service members. That’s why we offer VA home loans to active duty members, veterans, and qualifying family members. We offer competitive rates with up to 100% loan-to-value financing16.
- Construction Loans: Our flexible construction loans allow you to build your dream home, and you’ll only need to go through one application and closing process. Throughout the construction, at key points, we’ll draw funds from your loan amount and pay your builder. Then, we’ll work with you throughout the whole construction-to-permanent financing process.
- Hero Home Loans: We offer two home loan options for all eligible heroes: a No Closing Costs option and a Reduced Rate option. Eligible heroes include educators, first responders, medical professionals, law enforcement, military, and Dept. of Defense/Government contractors. Learn more about hero home loans here.
- Military home loans: We specifically designed this hero home loan option for military members, where we waive private mortgage insurance costs and adjust the rate. The process for this home loan is faster than a VA loan.
If you’re looking to get a lower interest rate on your home loan, cash back on your home’s equity, and lower monthly payments, then refinancing a mortgage may make sense for you. At SCCU, you’ll benefit from fast closings, quick approval decisions, and no prepayment penalties. Plus, we offer a wide variety of loan options for your refinancing needs.
Home Equity Loans
As you make mortgage payments, you can build up equity that you can tap into, as needed, with a home equity loan. This flexible form of financing allows you to use funds in ways that make sense for you: to renovate your home, consolidate debt, pay for a wedding or college tuition—whatever you’d like. We have two types of home equity loans for our members and, in some cases, you’ll save more money by not having to pay closing costs.
Home Equity Line of Credit (HELOC)
A home equity line of credit (HELOC) is a revolving kind of credit where you withdraw the amount of cash you need, when you need it, up to the approved limit. You pay interest on the amount you’ve used, and the interest rate is lower than many personal loans or credit cards. You’ll have a specific timeframe to use your home equity line of credit. After that, you have a repayment period.
Fixed-Rate Home Equity Loan (2nd Mortgage)
With this program, you can tap into your home’s equity with a fixed-rate second mortgage with low interest rates. You can use the funds for a major home repair or a significant purchase. With our fixed-rate home equity loan, you can get the most from your investment.
SCCU offers competitive programs for car purchases and refinances with no application fee or prepayment penalty.
Getting pre-approved will let you know how much you can afford and what your payments will be with our low rates. Pre-approval decisions are quick, allowing you to shop with confidence. Then, you can quickly and easily apply for an auto loan online.
Auto Financing at the Dealership
When you find a car at a dealership, be sure to ask to finance with SCCU. You can apply at the dealership, and the dealer will submit it to us for a quick approval.
Auto Loan Refinancing
You can refinance your car loan from another lender to take advantage of our lower rates/payments. Our refinancing process is quick and easy, online or over the phone. You can get approved in just minutes.
Recreational Vehicle Loans
SCCU offers financing for a wide range of recreational vehicles:
- Boat and RV loans: Enjoy adventures in Florida with an affordable loan for a new or used boat, RV, or watercraft. There’s no application fee or prepayment penalty, and SCCU offers flexible terms.
- Motorcycle and Scooter loans: Get ready to ride the open road with your new or used motorcycle or scooter of choice.
When you need access to more loans, we make it possible and convenient to apply for one of our low-interest small personal loans—with quick, local decision-making. Here are two types:
Share CD Secured Loans
Use your CD or savings balance as loan collateral for small personal loans. This can be ideal when you’re establishing or rebuilding your credit and can get you the financial boost you need.
You can cover unexpected expenses with our Signature Personal loans. This is a flexible way to get quick cash for various reasons.
At SCCU, you can choose the Visa® credit card that best suits your needs. Plus, all of our credit cards come with no annual fee, no balance transfer fee, no cash advance fee, special introductory rates and low variable rates thereafter (depending on creditworthiness), and so much more. Here are all of the credit card options we offer:
- Visa Signature®: For every dollar spent, you’ll earn points: three for groceries, two at restaurants, and one for other purchases43. You can use these points in multiple ways: theme park tickets and other entertainment, gift cards, cash back, traveling, and more.
- Visa® Platinum: This card comes with low variable rates and cash back rewards33. So, as you make purchases and otherwise use the card, you’ll get rewards with no hidden fees.
- Visa® Low Rate: If you maintain a revolving balance on your credit cards; this may be the right choice for you. The interest rate is even lower than our other low-interest credit cards.
- Visa® Secured: With our secured credit card, you can safely and securely build or rebuild your credit scores by using your savings account as collateral. After making timely payments on our Secured credit card, you can apply for a Visa Platinum.
- Visa® Student: Our Student credit card allows students to build a positive credit history while learning about financial responsibility. The student credit card helps to transition teenagers to adulthood with safeguards in place.
Small Business Services
Whether you’re a new or seasoned business owner, we’re happy to help your business grow. We offer Free Business Checking, Business Savings Accounts, Commercial Real Estate & Construction loans, Commercial Vehicle & Business Equipment loans, a Business Visa® Platinum credit card, a financial management service, merchant services, and many other small business products and services.
Feel free to reach out to any of our Business Advisors for a free consultation—they can help you review the requirements to start your business, get capital funding, create a game plan to increase profits, and more. Also, check out our Business Resource Center to see our latest articles and register for any upcoming free webinars.
Founded in 1951 on Patrick Air Force Base, we’ve held true to our commitment to serve our members and surrounding areas; after all, they’re our neighbors too. Throughout the year, we partner with several local and national philanthropic organizations to help stand behind our local heroes, support non-profit organizations such as United Way and the American Red Cross, recognize outstanding students and educators, hold food drives, and so much more.
SCCU strongly focuses providing educational materials to help members enhance their financial wellness and achieve their unique goals. Here are a couple of examples of what we offer on important topics:
The process is key—and can also be overwhelming. So, we provide tools and tips to make it easier for you. Here are four of them:
- Calculate what you need for monthly expenses and then focus on building three to six months’ worth of funds in an emergency account.
- To streamline the process of building emergency savings, create a separate account for it. Then, set up automatic transfers from your paycheck or checking account.
- To create a plan, you can use our online calculators.
- Download a budgeting worksheet.
As a member of SCCU, you can view your FICO® Score free in your Online Banking account. These scores are updated monthly. Here are more tips:
- You can get a free copy of your credit report annually from the three major credit reporting agencies at AnnualCreditReport.com.
- Review the reports and, if you find any errors, contact the credit bureau listing the inaccurate data and ask for a correction.
- Track your credit scores and how they change.
- Discover how a good credit score can increase your purchasing power.
- For more information about credit-related issues, including scams, go to the websites of the Federal Trade Commission and the Consumer Finance Protection Bureau.
As our Members’ Watchdog, our first priority is keeping our members’ financial interests safe. We offer a variety of security features, such as 2Way Text Fraud Alerts, Card Controls companion app, Visa Zero Liability Protection14, digital wallet payment options, travel tips, and much more.
Arm yourself with fraud prevention knowledge on our Fight Fraud page, which includes quick tips, articles, and helpful infographics regarding email phishing, texting scams, phone imposters, website fraud, and social media scams. We’re continually working to improve our security features and fraud prevention resources.
How to Contact Us at SCCU
This is just a brief update on the many types of financial wellness resources SCCU offers its members to help them achieve their dreams. We’ve also partnered with dedicated insurance providers to help provide you and your family peace of mind. We also keep our members in the loop with the latest promotions, branch openings, and more with our monthly Watchdog Report eNewsletter.
Plus, you can learn even more about our products and services on our FAQs page. So, when looking for a “credit union near me,” you can see all of our locations here, schedule an appointment with us, or give us a call to find out more information:
- Brevard: 321-752-2222
- Broward: 954-704-5000
- Miami-Dade: 305-882-5000
- All Other Areas: 800-447-7228
See all ways you can contact us here. We look forward to welcoming you to SCCU!