Digital Credit Union (DCU) has added a new special certificate. It has a yield of 4.50% APY and a term of 20 months. The minimum deposit is $500, and it's also available in an IRA. They continue to offer a special 4.00% APY 15-month CD and a 3.50% APY 9-month CD. I first reported on the 15-month and 9-month CDs in June.
DCU also has some specials for the grand opening of its Franklin, MA branch. One is a $20 bonus for opening a new checking account with a check card and making 5 purchases with a total value of $150. The offer expires 9/30/08 and purchases must be made by 10/31/08. There's also a $20 member referral offer.
You might want the checking account to take advantage of DCU's PC Deposit. A commenter from my June post mentioned this PC Deposit service which allows you to deposit checks at home by scanning your checks, and it does not require you to mail in the checks. For those who don't live near a branch or a shared service center, this can be a big time and gas saver. According to the commenter, after 30 days you can deposit $200/day, after signing up for bill pay on a checking account they'll raise that limit.
One downside to joining is a potential hard credit inquiry (which can temporarily ding your credit score). I'm not sure if things have changed, but in this 2006 post a reader left the following comment:
I've been a DCU CD customer for five years. Yet, when I recently added checking to my account, they did an Equifax inquiry on me.
Anyone can join DCU. This can be done online. In the first page of this online application, you can choose eligibility via selecting to join one of organizations. The least expensive membership is $15 for either the AAPD or the New England Chapter, PRRT&HS. Membership is only required when you join the credit union. Once you're a credit union member, you no longer have to maintain membership in the organization.
You can be eligible to join DCU without joining an association if you live in certain areas of Massachusetts and Georgia or if you work for an eligible employer. Please see the credit union's Eligibility Page for the full details.
DCU is federally insured by the NCUA (Charter # 23521). It's a large credit union with $4.l billion in assets and 340,530 members.
Thanks to the reader who mentioned this new CD in the finding the best deals post.