Dayton Firefighters Federal Credit Union (DFFCU) ended November by raising the rates on two of its long-term Money Market Share Certificates: 48-month (2.14% APY) and 60-month (2.33% APY). Both Money Market Share Certificates (DFFCU’s version of CDs) require a minimum deposit of $2K to open, with no stated balance cap.
The 48-month and 60-month are available as IRAs (Traditional, Roth, and CESA), earning the same APYs with the same funding requirements.
Since January, there have been nine rate changes for both Money Market Share Certificates. This week’s increases of 70 basis points have resulted in the highest APYs in more than five years.
As stated on DFFCU’s Savings Rates page, the Early Withdrawal Penalty reads as follows:
The penalty for early withdrawal is forfeiture of dividends equal to the lesser of dividends
since date of issuance or 90 days dividends for certificates with original maturity of 24 months
or less (2% of the certificate principal amount for certificates 36 months or longer in maturity).
While the Credit Union’s name might suggest a field of membership (FOM) based on employment, membership in Dayton Firefighters Credit Union is open to all those who live, work, worship, or attend school in the Ohio counties of Montgomery, Green, and Miami. (Green and Miami Counties have been part of the FOM for less than three months.)
Joining DFFCU and/or opening a CD requires an in-person visit to the sole Ohio branch located in Dayton. While joining DFFCU requires only an initial $5 deposit, a minimum of $50 must be on deposit within ten months of joining.
Credit Union Overview
Dayton Firefighters Federal Credit Union (NCUA Charter # 395) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 2.22% (excellent) based on June 30, 2016 data. In the past year, DFFCU has increased its total deposits by $219k, an average annual growth rate of 0.49%. Please refer to our financial overview of Dayton Firefighters Federal Credit Union for more details.
Dayton Firefighters Federal Credit Union was originally organized in June 1935 as the Dayton (Ohio) Firemen Federal Credit Union. As the name suggests, all the original charter members were Dayton Fire Department employees. The FOM remained limited to Fire Department employees and Department of Telegraph and Signals employees for 68 years. In September 2003, membership was opened to all residents of Montgomery County, and about two months ago, residents of Green and Miami Counties also became eligible to join. Today, Dayton Firefighters Federal Credit Union has more than 4,200 members and assets in excess of $52 million.
How the Money Market Share Certificates Compare
When compared to the 211 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Dayton Firefighters Federal Credit Union's 48-month Money Market Share Certificate APY currently ranks first.
When compared to the 211 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Dayton Firefighters Federal Credit Union's 60-month Money Market Share Certificate APY currently ranks first.
The above rates are accurate as of 12/3/2016.