Dedicated to Deposits: Deals, Data, and Discussion

Special 8-Month CD Rate at Digital Federal Credit Union - Easy Membership

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Digital Credit Union

Digital Federal Credit Union is offering an excellent short-term CD deal. It's a 1.50% APY 8-month certificate. Minimum deposit is $1,000. It's a limited time offer. The special is listed on DCU's front page and in this DCU special offers page as of 11/19/2012. Hat tip to the reader who mentioned this special in the comments.

DCU has an online application that allows members to open this special CD. However, if you're a new member, the maximum that can be transferred from your checking account at another institution is only $3,000. If you're already a DCU member, you can fund the CD with money from your DCU checking or savings account, and there doesn't appear to be a limit for this funding method. So if you're not already a DCU member, the best approach to open this special CD may be to become a member first. If you have opened this CD, please leave a comment about your experience.

Last year DCU was offering very competitive rates on its regular certificates. Its regular certificate rates are still competitive but they are no longer rate leaders even with the extra 0.25% that comes from a checking relationship. I first mentioned DCU in 2005 when it was offering a 5% 16-month CD (the good old days).

In addition to qualifying for the relationship CD rates, there are other reasons why you may want a DCU checking account. These include free ATM usage, mobile check deposit and free monthly FICO credit scores. Please refer to DCU's checking page for more details.

Credit Union Membership

Anyone can join DCU via membership in an association. Refer to this credit union page for the list of associations. The least expensive membership is $10 for joining Reach Out for Schools. You can be immediately eligible to join DCU if you live, work, worship or attend school in parts of Georgia and Massachusetts. Refer to the Join DCU page for the full details. I have more details about the application process in my 2010 DCU review.

DCU Overview

Digital Federal Credit Union branches are located in Massachusetts and New Hampshire. It's part of the shared branch network, CU Service Centers, which allows members to conduct many banking transactions at other credit unions in the network.

DCU is a large credit union with $4.4 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.68% (above average) based on June 2012 data. Please refer to our financial overview of Digital Federal Credit Union for more details. DCU is federally insured by the NCUA (Charter # 23521).

How This CD Rate Compares

This DCU special easily beats the best short-term deals at internet banks. The two best internet bank deals are at EverBank and at Ally Bank. EverBank has a special 6-month intro rate of 1.25% for its checking and money market account. This rate only applies to balances up to $100K for the checking and $50K for the money market account. The best short-term deal at Ally Bank is its 11-month No-Penalty CD which has a 0.96% APY. The no-penalty feature allows the customer to make this CD have any term from 7 days to 11 months. These rates are accurate as of 11/19/2012.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.


  Tags: Digital Credit Union, Massachusetts, CD rates

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Comments
15 Comments.
Comment #1 by Anonymous posted on
Anonymous
What is the maximum deposit on this 8-month CD?

1
Comment #2 by Anonymous posted on
Anonymous
There's no maximum deposit on this offer

3
Comment #3 by Anonymous posted on
Anonymous
I filled out the online application this weekend. The requirements were, open a savings acct.  $5. membership to an organization $10. and opening the Certificate Special of $2985. Maximum for new members $3000. 

I received an e-mail requesting a picture ID, which I scanned and e-mailed back today.  As I understand, once the opening process is complete, a person can re-apply as a member for a Jumbo 8-month CD Certificate.

So jump through these hoops and you can get the Certificate Special-Earn 1.50% APY** for 8 Months.

1
Comment #5 by Anonymous posted on
Anonymous
#3 how long do you have to wait once you have opened a new account, to open a jumbo CD?

1
Comment #6 by Anonymous posted on
Anonymous
#5, I was told immediately.  I have not received an e-mail that the account has been opened.  They do have all my online membership info, they told me it would take a few days to ach the funds.  So I guess I just wait!  Come Monday I'm going to give them another call.

1
Comment #4 by Anonymous posted on
Anonymous
Just opened the 8 month CD on line and found the entire process was quite painless, smooth and surprising quick.   As the previous poster indicated the CD was opened with 2985/5/10 for the initial CD/savings account/new membership fee.  Once the account is opened you can increase the CD amount.  According to DCU CSR one can add monies to any CD under 12 months at any time.  Funds transfer is available by several means including ACH. No picture ID  was requested.  There are security questions you need to answer. Overall.....great customer experience and fast

2
Comment #7 by Scott (anonymous) posted on
Scott
Did the online application and got the request to fax in picture ID, did that and then next day got an email telling me account can't be opened due to my credit freeze. So first Cambridge Savings bank 2 weeks ago and now DCU.  Takeing hit on credit score for depositing money ****es me off

1
Comment #8 by Anonymous posted on
Anonymous
tip on depositing money : i live far from DCU , but they offer shared service with other credit unions . Took my deposit check to my local CU and deposited it immeadiately into DCU saving account from which i was able to open cd online .

1
Comment #9 by Anonymous posted on
Anonymous
For new accounts, do they hard pull on the credit score?  Per Scott's post, wouldn't a soft pull also be denied access to a frozen credit score?  In which case, if his scores weren't frozen, then wouldn't he not take a consequential "hit"?

1
Comment #10 by Anonymous posted on
Anonymous
DCU does a hard pull of Equifax when you apply for membership.

 

1
Comment #11 by Anonymous posted on
Anonymous
I am having trouble opening this account.  I have stellar credit (as they found out when they did a hard pull).  The max on the online defaulted to 25K.  No where did it say I could make that amount bigger.  A day after applying I received an email asking for a copy of my drivers license which I sent.  The next day I received another email asking for a copy of my SS card--which I have not has since it went through the laundry in college.  They responded that the acoount could not be open without the ss card...frustrating...

2
Comment #12 by Anonymous posted on
Anonymous
#11, you should give them a call regarding the opening process.  Opening the account did take a little time for me, but they never asked for a copy of my SS.  Just the DL, then scan a copy of another home location. They accepted a scan of Direct TV bill, emailed from my home computer.  Once the original max of $3000 is deposited and you receive the account number you may add any amount to the original 8-month CD.

2
Comment #13 by Anonymous posted on
Anonymous
#12 Thanks for your comment.  I thought the same thing and did give them a call.  After a long hold a guy said he did not understand why i was going through hoops to get an account and would handle it. i gave him my phone number and the string of past emails and he said he would get back to me.  The next day I receivd an email from him saving he was sorry but they would need the ss card....so weird.  I checked my credit files to see if some wrong information had been filed and it is fine...

1
Comment #14 by Anonymous posted on
Anonymous
I noticed that DCU is not showing the Special 8Mo CD 1.50% today on their site.  Looks like it might be gone!! 

2
Comment #15 by Anonymous posted on
Anonymous
Looks like the 8 month 1.50% APY CD special is gone since it is not shown on their website anymore.

1