VyStar Credit Union is a state chartered credit union in the US, that has been around since 1958. It offers some of the best CD rates at 1.15% APY for up to 60 months on 3 month certificates and 6 month CDs with no checking or savings account required. Certificate holders can choose from over 2,000 possible terms lengths including IRAs and Roths.
The “vystar money market interest rates” is a great option for those who are looking for a safe and secure place to invest their money. VyStar Credit Union offers competitive CD rates with no minimum balance requirement, making it easy to open an account and start earning some extra cash.
Credit Union Vystar was created in 1952 by a group of Naval Air Station military and civilian employees. VyStar, based in Jacksonville, Florida, is the state’s second-largest credit union and ranks 13th in the US in terms of asset size. The assets of this credit union, which has 825,000 members, total more than $12 billion.
You’ve come to the correct site if you want to learn more about Credit Union Vystar, including what certificate products are available and how you can join. Continue reading to see whether Credit Union Vystar fits your financial objectives and lifestyle.
This article will teach you:
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Before we get into the prices and specifications of VyStar regular certificates of deposit or CDs, we should point out that all products are insured by the NCUA up to $250,000 per account holder.
All balances above $500 will receive interest on these regular CDs, which require an initial deposit of at least $500. VyStar, on the other hand, employs a tiered interest system to charge varying rates depending on your balance. The more you put in, the more you make (at least, that’s how it should work, but as you’ll see, it doesn’t always).
The current interest rates for these certificate accounts may be seen in the table below.
Standard CD Interest Rates
| Term | $500 – $10k | $10k – $24,999 | $25k – $49,999 | $50k – $99,999 | $100k+ |
| 3 months | 0.30% | 0.30% | 0.30% | 0.40% | 0.40% |
| 6 months | 0.35% | 0.35% | 0.35% | 0.45% | 0.45% |
| 9 months | 0.40% | 0.40% | 0.40% | 0.50% | 0.50% |
| 12 months | 0.50% | 0.50% | 0.50% | 0.60% | 0.60% |
| 18 months | 0.60% | 0.60% | 0.60% | 0.70% | 0.70% |
| 24 months | 0.65% | 0.65% | 0.65% | 0.75% | 0.75% |
| 30 months | 0.75% | 0.75% | 0.75% | 0.85% | 0.85% |
| 36 months | 0.85% | 0.85% | 0.85% | 0.95% | 0.95% |
| 48 months | 0.95% | 0.95% | 0.95% | 1.05% | 1.05% |
| 60 months | 1.05% | 1.05% | 1.05% | 1.15% | 1.15% |
These rates seem to be fairly excellent when compared to the national average. However, in comparison to the genuine competition, they are just adequate.
According to current FDIC statistics, the national average for a 12 month CD and a 60 month CD is merely 0.17 percent APY and 0.32 percent APY, respectively.
However, when you narrow down your search to just the greatest deals, they aren’t really spectacular. Some banks are paying up to 2.0 percent on CDs with far smaller balances and shorter terms, and many are paying more than 1.70 percent on any positive level. Look through some of our other CD evaluations to locate a high-yield CD that suits your needs.
Instead of receiving a greater rate for each balance tier, rates increase when you increase the term duration and/or deposit more than $50,000 into an account. As a result, unless you have $50,000 to lock away, there is no reason to deposit more than the minimum.
There are many other durations to pick from, including three-month intervals and non-standard ones like 30 months.
Interest on Interest
Interest is compounded weekly and applied to your certificate. You may choose to withdraw your earnings on a regular basis or as required for supplemental income, with no early withdrawal penalties since earned dividends are tax-free. Many people do it.
You may fund your account using an external ACH transfer, internal transfer, or domestic wire transfer.
Penalty for Early Withdrawal
When your certificate is ready to mature, VyStar will send you 30 days’ notice, at which point you must decide whether to keep the account open, alter it, or cancel it. When it reaches maturity, it will automatically renew, and a seven-day grace period will begin. If you remove money outside of this grace period (before your current or new CD matures), you will be subject to the following penalties:
- Early termination of a three-month term will result in a penalty of 60 days’ interest.
- Early termination of a period of six to nine months will result in a penalty of 90 days’ interest.
- A penalty equivalent to 180 days’ interest will be charged if you withdraw from a term between 10 and 36 months early.
- A penalty of 365 days’ interest will be charged if you withdraw from a period of 48 or 60 months early.
It’s worth noting that some of these penalty costs are rather hefty in comparison to those charged by other banks and credit unions.
Minor members may also get a 12-month Youth CD from VyStar. This needs just a $100 minimum deposit and pays a 0.60 percent interest rate. You may have a maximum balance of $2,000 in this account. This is a normal CD, and you cannot make further contributions once the account has been opened. The same penalties apply for early withdrawal, interest is compounded and paid monthly, and this CD will automatically renew at maturity.
To establish a Youth CD, users under the age of 18 must first become members. Using their Social Security card and birth certificate, a legal adult who is already a member may apply for membership on their behalf.
Credit Union Vystar used to provide an 18-month step-up certificate, but it is no longer accessible to new members.
Customer Feedback and Opinions
If you value customer service, be warned that Credit Union Vystar may cause you problems. Many long-time clients claim that the level of service they get while performing their banking at a branch is inconsistent and has decreased in recent years. Others have had bad experiences creating new accounts and receiving sluggish replies when problems arise.
On the other hand, it might simply depend on who’s assisting you and what difficulties you’re having when you call, and it’s as possible that you’ll never deal with the rude employees that other people complain about. You may think you’re taking a gamble with this credit union, but there are plenty of pleased clients who would disagree. Overall, the feedback is divided, with some criticism.
Although certain account data (such as early withdrawal penalties) might be difficult to locate, the platform itself is simple to use, fast to load, and quite comprehensive.
The mobile app might potentially be problematic. With a rating of 3.2 out of 5 stars on Google Play and 2.4 out of 5 stars on the App Store, it performs badly across the board. These ratings are quite low when compared to other banking applications, however keep in mind that there are only around 7,000 reviews overall. The software is not particularly useful, according to critics, owing to poorly positioned pop-ups, bugs, and log-in difficulties that prevent account access briefly. Many sections of the program have been known to crash in the midst of usage, and excessive loading times are not unusual.
If you value your mobile banking experience, VyStar may not be the best option until it makes significant changes.
Call 904-777-6000 any day of the week between 7 a.m. and 7 p.m. to contact a customer service agent, or utilize the site’s built-in chat tool for a quick answer during those hours. VyStar’s postal address is as follows:
Credit Union Vystar
P.O. Box 45085
32232-5085 Jacksonville, FL
In Georgia and Florida, there are 63 full-service Vystar branches, 18 high school branches where students may handle their accounts, and 235 VyStar-branded ATMs. VyStar is also a part of a nationwide ATM network with over 20,000 locations where members may avoid paying transaction fees. Find a branch or ATM near you using this link.
VyStar Car Buying Service, MagicTouch Telephone Banking, and community discounts to sites like the Jacksonville Zoo and the Museum of Science and History are just a few of the unique membership benefits offered by this credit union (some are exclusive to military families).
In this area, you can see whether you qualify for membership.
There are three different ways you can be eligible to join Credit Union Vystar. The first is to be an active-duty military member or the immediate family member or spouse of an active-duty military member. It doesn’t matter what branch you’re in or where you’re stationed. If you’re in the military, you can join for free.
If you reside in Florida, you may also be eligible. Residents and workers of 49 counties in central and northern Florida are eligible to join. Residents of the following ten Georgia counties are eligible to participate:
- Brooks
- Camden
- Charlton
- Clinch
- Echols
- Glynn
- Lanier
- Lowndes
- Thomas
- Ware
The third and last method to qualify is to have a close relative or spouse who already has a VyStar account.
There are no other options for joining. Many credit unions will allow you to join a partner charity or group in order to get membership, however VyStar does not currently provide this option.
To join, you must fill out an application either in person at a branch, online, or by mail (see previous section for the address). This will ask you personal security questions and need you to provide a government-issued ID such as a driver’s license or military ID to verify your identity and citizenship status. You’ll create your first account if you’re authorized. To become a member, you must make a $5 deposit when you create your Primary Savings account.
Is it worth it to join Credit Union Vystar for the certificate accounts? That depends on what you’re hoping to get out of being a customer. Maybe you prefer the experience of banking with a credit union over that of banking with a large bank. Otherwise, these CDs are nothing special, which is often to be expected from a regional brick-and-mortar credit union, and there are a few major areas of improvement such as the mobile app and customer service experience.
The rates aren’t very competitive, and the minimum deposits are standard, so this shouldn’t be your first pick unless you’re close to a branch and enjoy the notion of strolling in to have your questions addressed. VyStar, on the other hand, has a fantastic young CD option for children, thus we suggest this account.
VyStar Credit Union CD Rates – Up to 1.15% APY is a financial institution that offers high interest rates on savings accounts, CDs, and mortgages. It also has free checking with no minimum balance requirement. Reference: vystar interest rates savings.
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