New Mexico-based Del Norte Credit Union (DNCU) is currently offering two Share Certificate Specials (SCS): 13-month (5.65% APY) and 8-month (5.13% APY). The 13-month SCS has the highest rate and the most competitive rate in the DNCU CD product line. The minimum opening deposit is $1k, with no stated balance cap.
Both SCS are available as IRA Certificate Specials (Traditional, Roth, CESA), earning the same APYs with the same minimum deposit requirements.
Early Withdrawal Penalty
According to CSR, the Early Withdrawal Penalty for either Share Certificate Special is 90 days of dividends. A Share Certificate Special can only be closed early, and the principal will be reduced if it is closed within 90 days of account opening.
Headquartered in Santa Fe, New Mexico, Del Norte Credit Union’s field of membership (FOM) has expanded to include an easy membership requirement. U.S. citizens/residents aliens (18 years or older) with a valid tax identification number who join the Del Norte LOV Foundation qualify for credit union membership.
Joining the Del Norte LOV Foundation is free (although they will gladly accept a donation) and can be done through the DNCU online membership application.
The Del Norte LOV Foundation is an independent foundation associated with Del Norte Credit Union, and is an employee-driven 501(c)3 nonprofit organization with a mission to improve lives of youth and families in New Mexico.
Note: While I have no reason to doubt the easy membership requirement is available nationwide (theoretically), there is a possibility that the nationwide availability could change if DNCU is inundated with out-of-state applications. Let’s see what happens.
Other Eligibility Criteria
Individuals who live or work in the New Mexico counties of Chaves, Colfax, Guadalupe, Harding, Los Alamos, Mora, Quay, Rio Arriba, San Miguel, Sandoval, Santa Fe, Taos, Torrance, or Union are also eligible for membership.
Individuals in states contiguous to New Mexico who live or work within 150 miles of Raton, New Mexico also qualify for membership. This includes portions of southern Colorado and the panhandle areas of Oklahoma and Texas.
Employees of the Los Alamos National Laboratory (LANL) and other personnel assigned to LANL are also eligible to join.
Immediate family members of anyone who qualifies for membership is also qualifies for membership.
Joining DNCU can be done online or at any of eight full-service New Mexico branches, Espanola (2), Los Alamos, Rio Rancho, Santa Fe (3), and White Rock. In-branch and virtual appointments are available and can be scheduled online.
Opening a Share Certificate Special can be done in-branch at any of the above-mentioned locations or by phone (877.818.3628). A Share Certificate Special cannot be opened online.
A $5 minimum deposit in a Share Savings Account establishes an DNCU membership.
DNCU participates in both the CO-OP Shared Branch network and ATM network.
Funding and Other Details
The Truth-in-Savings disclosure is available on the DNCU online application, but only after entering all personal information; the following is from a conversation with CSR.
- Funding – ACH, wire, check, internal transfer, or Share Branch transaction. Funds must be on deposit at DNCU before a Share Certificate Special can be opened.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or trust (in-branch only).
- Dividends – Compounded/credited monthly; dividends can be automatically transferred to a Share Savings Account, but that must be set up when the Share Certificate Special is opened.
- Maturing Funds – Transferred into a DNCU Share Savings Account.
- Beneficiaries – Unlimited, with equal shares; Social Security numbers are not required.
- Grace Period – 10 calendar days before automatic renewal. (13-month will renew as a 12-month and 8-month will renew as a 9-month.)
- Credit Check – ChexSystems.
Credit Union Overview
Del Norte Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.97% (excellent) based on September 30, 2023 data. In the past year, DNCU has increased its total non-brokered deposits by $23.07 million, an above average annual growth rate of 2.5%. Please refer to our financial overview of Del Norte Credit Union (NCUA Charter # 64759) for more details.
Established in 1954, Del Norte Credit Union was originally known as the Los Alamos Scientific Laboratory Credit Union and re-branded as Los Alamos Employees Credit Union five years later. As the names suggest, the FOM was exclusive to the employees of Los Alamos National Laboratory, one of sixteen Department of Energy research and development laboratories. The FOM expanded in 1975 to include the residents of Los Alamos County and the name was changed to Los Alamos Credit Union. A community charter granted in 1981 and mergers with two other credit unions (located in Raton and Roswell) expanded the FOM. In 1999, following the merger with Santa Fe Federal Employees Federal Credit Union, the Del Norte Credit Union re-brand occurred. Del Norte Credit Union is currently the seventh largest credit union headquartered in New Mexico, with more than 60,000 members and assets in excess of $1 billion.
How the 13-month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Del Norte Credit Union 13-month Share Certificate Special. The following table compares the 13-month Share Certificate Special to the four highest-rate similar length-of-term CD APYs from other banks/credit unions with nationwide market areas..
The above information and rates are accurate as of 1/15/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.