Community First Credit Union of Florida Review: Checking, Savings and CDs
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- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
3.9
Community First Credit Union of Florida offers basic checking and savings accounts with no monthly fees, a far-reaching ATM network and a high checking account interest rate (relative to other institutions’ checking accounts) on low balances.
Best for: Residents mostly in northeastern Florida who want an affordable hometown alternative to a national bank.
Pros
- No monthly fees on some banking accounts.
- Competitive rate on some accounts.
Cons
- Expensive overdraft fee.
- Low rates on some accounts.
- Limited membership.
Full review
Community First Credit Union of Florida
Savings
Savings
Federally insured by NCUA
3.4
/5 NerdWallet ratingLow rate. Community First Credit Union of Florida requires members to open and maintain a Primary Share Savings account. The account has a 0.10% annual percentage yield, which is fairly low.
Low minimums. You need $5 to open the account and at least $100 to earn the rate.
» Want better options? See the best high-yield savings accounts
Checking
Checking
Federally insured by NCUA
4.5
/5 NerdWallet ratingNo monthly fee or minimum balance. Community First Credit Union of Florida offers several checking accounts that fit a variety of customer needs. The one that stands out is the all-purpose Advantage Checking: It has no minimum balance and no monthly fees, and its main perk is a rate of 1.51% APY for balances up to $500. The rest of a balance earns far less, 0.05% APY, though most checking accounts don't earn interest at all. You need at least $25 to open the account.
The credit union participates in a shared, nationwide ATM network, with access to 30,000 surcharge-free ATMs.
» COMPARE: See the best checking accounts
Certificates of deposit
CD
Federally insured by NCUA
3.1
/5 NerdWallet ratingStandard range of terms, but rates not the best. Community First Credit Union of Florida offers CDs that range from terms of three months to five years. The credit union has a low $500 minimum deposit. Many other banks and credit unions have minimum balances of $1,000 or more. But the credit union’s CDs tend to earn low rates compared to online banks and some bigger credit unions.
Customer experience
4.4
NerdWallet ratingMostly for Florida residents. As with many credit unions, customers must meet requirements to join and open an account with Community First. Generally, people who live, work or attend schools in counties along Florida’s coast, and their family members, are eligible.
Small branch network. Community First doesn’t participate in a shared-branch network, which means the only options for branch access are local. This could be a big drawback for members who frequently travel outside of northeastern Florida where most branches are.
Customer service is available by phone on weekdays for extended hours, and some Saturday hours. For tech-savvy members, the credit union has strong ratings for both its iOS and Android apps.
Overdraft fees
2.8
NerdWallet ratingHigh fee. Community First generally has low fees for its accounts, but overdrafts are another matter. The credit union charges $34 for each overdraft or item returned for nonsufficient funds, with no limit on the number of fees charged per day. Other banks and credit unions cap the daily number of overdraft fees.
There are overdraft programs, including overdraft protection transfers by linking a savings account or line of credit to your checking account and paying a small fee or interest charge on the overdrawn amount.
How does Community First Credit Union compare?
 Member FDIC |  Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
