Dedicated to Deposits: Deals, Data, and Discussion

4.50% 16-Month / 4.00% 8-Month CD at Digital Credit Union - Easy Membership


Digital Credit Union
Update 12/24/08: These CD rates have ended. The new CD rates include a 3.25% APY for 4-months and a 3.75% APY for 11 months.

Digital Credit Union (DCU) has just come out with new certificate specials. The yields are the same as before, but the terms are shorter. The new specials include a 4.50% APY 16-month certificate and a 4.00% APY 8-month certificate. The minimum deposit is $500, and these are also available in an IRA. These seem to have replaced the old 15-month and 20-month specials.


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.

One downside to joining is a potential hard credit inquiry (which can temporarily ding your credit score). Here's what a commenter mentioned in my August DCU post:
I also have been a five-year DCU member, holding several jumbo CDs with them. Yet, when I added checking to my account this past January, they ran a check on me through Equifax!

Federal Insurance and Financial Helath

DCU is federally insured by the NCUA (Charter # 23521). It's a large credit union with $4.4 billion in assets and 351,291 members. Its financial ratings for soundness are fair: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Both are based on 6/30/08 data.

Other DCU Accounts and Services to Consider

For those who open a DCU certificate, you might also want to consider their money market account. A reader in a previous post had recommended this. It has low interest rates, but it's a free account with no minimum balance requirements and the first order of checks is is free. This account can be used to efficiently extract your principal when your certificate matures.

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.

  Tags: Massachusetts, Georgia, Digital Credit Union, CD rates, IRA rates

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Comment #1 by Anonymous posted on
I'd like to say my experience with DCU so far has been very positive...I've chatted with their online help three different times....almost no wait in line for their reps.

Rep said he did not know when the 4.0 8-mo and 4.5 16-mo APY specials will end but they usually change their rates on a Saturday.

I mailed in paper documents and checks (to open two CDs and savings acct minimum $5 and a membership $15 in AAPD) and copy of my dr lic today.

They said can do ACH transfers in and out of savings acct so not need money market acct (???).

I'll leave my feedback after I hear from them thru the mail and after I try out their PC Branch.


Comment #2 by Anonymous posted on
forgot to add I did notice their bankrate rating dropped to two stars (below peers--but expected to improve) and Bauerfin rating still at three stars (performing)


Comment #3 by Anonymous posted on
forgot to mention that I attempted to join DCU using their online application process...when I reached the end of it, I was told a rep would contact me by email within a day. I was not allowed (if it was possible) to do an ACH transfer to open the savings account. I am out of state and not yet a member of AAPD...maybe that's why.

BTW, Rep said the max ACH transfer to open savings is $100.


Comment #4 by Anonymous posted on
I was told by the reps the rate is going to change today... no more 4.5% 16 month CD

Comment #5 by Anonymous posted on
Ahhhh....the rates have application and checks are already in the mail!!!! I hope they will honor my applications for 8-mo and 16-mo. Steve

Anyway, here's what they emailed me this morning:
Thank you for applying to DCU through our Online Membership Application. We look
forward to having you as a member of our credit union.

In order to continue processing your application, please mail a $5 check or money order
payable to DCU to fund your membership.

If you have joined through a sponsoring organization, then please make sure to also
include funds to cover that organization's membership fee.

Also, please mail a copy of your driver's license or passport. If sending a passport, or
if your license does not show your current address, please also send either a utility
bill in your name (electric, gas, home telephone) or a copy of your apartment lease
agreement. If you have listed a Joint Owner on your application, that person must also
send the required ID and address proof.

Please note, we do not accept cell phone bills, bank statements, credit card statements
or pay statements as address verification.

Our mailing address is

Account Services/Online Membership
220 Donald Lynch Blvd
Marlborough MA 01752

Once your $5 initial deposit and documents are received, your membership will be opened
in one to two business days.

Thank you, Account Services

Comment #6 by Anonymous posted on
I was told that I received the 8 and 16 mo CDs...kit is on the way in mail. Whew!

I really like their online chat (it is in https so I guess that means its secure).


(I don't know if DCU did a hard check on my credit...I did not ask as I did not care)

Comment #7 by Anonymous posted on
Digital Credit Union just sent an email to their members announcing the temporary waiving of early withdrawal dividend penalties on existing CDs and IRA CDs.