Dept of Commerce Federal Credit Union Ups 24-35 Month CD Rates


Update 2:00pm 12/5/22: CD rates were lowered after the publication of this post. The 24-35 month CD APY fell to 4.50% APY ($25k minimum) or 4.40% APY ($500 minimum).

Deal Summary: 24-35 month CD – 4.71% APY, ($25k minimum) or 4.61% APY ($500 minimum).

Availability: Easy membership requirement

Following a recent 37 bps rate increase, the Department of Commerce Federal Credit Union (DOCFCU) 24-35 month CD (4.61% APY, $500 minimum deposit) currently offers the highest APY for nationally available 3-year CDs. Initial deposits of $25k or more receive an additional 10 bps; there is no stated balance cap.

DOCFCU’s unique term-length structure can be a bit confusing when trying to make a valid comparison. Depending on the term-length chosen, the 24-35 month CD can be compared to either a 2-year or 3-year CD. Interestingly enough, the 24-35 month CD compares more favorably to 3-year CDs than it does to 2-year CDs.

4.29%$500-Department Of Commerce Federal Credit Union24-35 Month CD
4.29%$500-Department Of Commerce Federal Credit Union24-35 Month Fixed IRA (Traditional, CESA, Roth)
Rates as of March 31, 2023.

The 24-35 month CD also available as an IRA CD (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

DOCFCU’s Relationship Rewards program awards points for services and balance levels. The points add up to free benefits like higher yields on certificates, with Bronze Members receiving an additional 5 bps, Silver Members receiving an additional 10 bps, and Gold Members receiving an additional 25 bps. In addition to the Relationship Rewards levels, initial deposits of $25k or more receive an additional 10 bps.

For example, if you are Gold Member opening a 24-35 month CD with at least $25k, the CD would earn an impressive 4.96% APY.

As stated in the fine print on the Relationship Rewards page,

All benefits and reward levels are subject to change. Member points will automatically be evaluated monthly for upgrades to higher levels. Once a member has established a reward level, they qualify for that level until the end of the year. New reward levels will be classified November 30th of each year and effective the beginning of the year. All transactions are per month unless otherwise stated.

According to the CDs & Savings page, the Early Withdrawal Penalty reads as follows,

If you withdraw funds from the CD prior to its maturity date, you will incur a penalty. CDs with maturities between 6 and 11 months will incur a 90-day interest penalty. The interest penalty for certificates of deposit with maturities between 12 and 84 months is 180 days.

CSR confirmed that only an early closure is possible, with partial withdrawals not allowed.

Funding and Maturing Funds

CSR stated the easiest way to fund a CD is through an internal transfer of funds. DOCFCU participates in the CO-OP Shared Branch network, enabling a relatively easy transfer of outside funds into a DOCFCU savings account. The “Share Certification Application” form for existing members asks where the funds are to come from.

Withdrawal [of funds] From: Savings, Checking, Money Market

Earned dividends can be added to the CD principal or transferred to a DOCFCU savings or checking account. Maturing funds will be distributed by check or transferred to a DOCFCU savings or checking account. There is a ten day grace period before a CD automatically renews.

Unlimited beneficiaries (equal shares) can be designated, with Social Security numbers required for all named beneficiaries.

Excess Share Insurance

DOCFCU offers its members the protection provided by the Excess Share Insurance, the nation’s largest provider of excess share insurance since 1993.

To further protect our members’ deposits, we provide the highest combination of federal/private share savings deposit insurance available: $500,000, which includes savings accounts, checking accounts, money market accounts and certificates of deposit.

Customer/Member Service

Several recent DA reviews have reported problems with DOCFCU's customer service. Readers had trouble connecting to a CSR, and once connected, the CSRs weren't able to answer important CD questions. Caveat emptor.


Headquartered in Washington, D.C., Department of Commerce Federal Credit Union’s field of membership (FOM) includes an easy membership requirement for all U.S. citizens and residents aliens (regardless of where they live) by joining the American Consumer Council (ACC).

In addition, individuals who live, work, attend school, or worship in the District of Columbia are also eligible to join.

Employees of the U.S. Department of Commerce or NOAA (and affiliates) also qualify for membership, as do the employees of the White House Management and Administration Office, and the Executive Office of the President.

Family members and household members of current DOCFCU members are also welcome to apply.

Joining DOCFCU can be done online, with an option to join ACC as part of the DOCFCU membership application. (Note: there’s a “Become a Member” on the upper right-hand corner of every page of DOCFCU’s website).

Joining DOCFCU and/or opening a CD can also be done in-branch. As stated on the COVID-19 & DOCFCU page,

HCHB & Silver Spring Branches are open Monday – Friday 8:30 AM – 3:30 PM

Effective August 30, 2021 all Visitors must complete a Vaccine Attestation form for entry in Commerce faculties. Forms are available at the guards desks.

Our White House Branch remains closed until further notice

As stated in the FAQ section on the CDs & Savings page,

How do I open a Certificate of Deposit?

Click here to request a CD or give us a call at 202.808.3600.

The Share Certificate Application is more of a “Contact Me” form than an actual application and can only be used by existing members.

Opening a Regular Share Savings with a minimum $5 deposit establishes a DOCFCU membership.

DOCFCU participates in the CO-OP Shared Branch network, as well as the MoneyPass and Allpoint ATM networks.

Credit Union Overview

Department of Commerce Federal Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 4.67% (excellent) based on Se[tember 30, 2022 data. In the past year, DOCFCU has increased its total non-brokered deposits by $138.71 million, an excellent annual growth rate of 29.19%. Please refer to our financial overview of Department of Commerce Federal Credit Union (NCUA Charter # 16410) for more details.

Department of Commerce Federal Credit Union was established in 1932 for the benefit of the employees of the Department of Commerce. In 2005, DOCFCU expanded its FOM to “adopt” the city of Washington, D.C., giving its more than 571,000 residents the opportunity to join. The 2015 merger with the White House Federal Credit Union instantly increased the number of members, but the recent change to a “easy membership” charter has the power to increase the membership exponentially. Currently the District’s third largest credit union, DOCFCU has more than 30,000 members and assets in excess of $838 million.

How the 24-35 month CD Compares

When compared to similar length-of-term CDs tracked by that are available nationally and have minimum deposit requirements of $25k or less, no banks or credit unions have higher rates than currently offered on the Department of Commerce Federal Credit Union 24-35 month CD. The following table compares the 24-35 month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 12/5/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Washington CD rates, 5-year CD rates, IRA CD rates, nationwide deals

  |     |   Comment #1
Unfortunately the 60-84 month CD went down ...
  |     |   Comment #25
yep, 4.49% APY now. 25K can get 4.59% APY. you can't open a CD until you already have $ in your account. I just moved $ to my saving which showed up in my account today, and now I am moving it out.
  |     |   Comment #2
And the 24-35 month CD (500 min) already went down to 4.40% APY. 4.61% only lasted for a few hours! I did see it on their site a few hours ago.
  |     |   Comment #3
Yes. I just called and found same thing. Here is the rate sheet. As Ken noted for this outfit, Caveat Emptor
  |     |   Comment #4
Crescent Bank another that took a big dive over the weekend:
  |     |   Comment #8
How much did Crecent Bank's rates dive? I'm keeping tabs on the 5 year rates for CD's.
  |     |   Comment #9
Just replying to myself and it looks like Crescent dropped from 4.6 for (5) years all the way down to 3%. That is a huge drop = not good...
  |     |   Comment #10
wow that is a significant drop and quite alarming..let's see if more banks follow suit this week.
  |     |   Comment #5
Dept of Commerce is famous for posting rates that only last a VERY short time. Ken needs to remove them from here foe good.
  |     |   Comment #6
Could it be a classic Bait And Switch routine?
  |     |   Comment #7
The rates posted on DA today at DoC FCU have actually been in effect for the past week or two. Unfortunately the rates changed today.
I'm not surprised to see rates go down at some FI's today given the big decline in treasury rates last week.  The 10 year treasury has declined from 4.2% to 3.5% over the past month or so as an example.
  |     |   Comment #11
We may see plenty of 5% + short term CDs in the coming months but the long term yields may actually have dried up. The big question continues- jump into these 4%+ 5 year cd's now or wait and have them also possibly vanish.

I want to see one of the big online banks like capital one / AMEx/ Discover/ Barclays drop their 60 month CD's from 4.25...then all hell will break loose, people will start jumping out of windows and panic in the streets. (those of us dummies that are still waiting) Gotta love the thrill of this rate chase gamble though lol.
  |     |   Comment #12
I am watching the rates on the 5 year at the big banks that you mentioned like a hawk. I'm hoping that 5 year and long term cd rates are just taking a breather before another leg higher but that remains to be seen. Hopefully AMEX, Discover, Barclays and Sallie Mae's rates jump into the end of the year following the next rate hike (finger's crossed).

My goal was 4.5% on 5 year cd's but I haven't pulled the trigger yet. I guess maybe I'm getting greedy and hoping for that 5% level. I'm just not sure how much higher (if any) the 5 year cd's will go even with 100bps more of rate hikes? Like you mentioned we'll probably see more action in the short term cd's unfortunately. You can go out 10 years with Discovery so there's always that:)

I did see that the WSJ's Fed Whisperer Nick Timiraos is out with a piece today titled "Fed To Weigh Higher Interest Rates Next Year While Slowing Rises This Month." It's actually a pretty decent read:
  |     |   Comment #13
Listedguru, Don't worry you're not alone...I'm checking those big bank 5 year rates 2x a day. I'm sure it'll be big news on the forum if they drop.

Same boat as you except my long term outlook has changed a bit. 4.5 % came and went and so did 5%. I had multiple chances to jump in but i was waiting for 5.5/6.
Now i think if i get another chance at 5%/5 years, i'm gonna go all in and not look back. Like many others have said, nobody can predict the future and there are so many moving parts. Seems like these days, anything can happen and long term CD rates are not following any logical trendline with the FFR(at least these last 2-3 weeks). I think at the end of the day i'll be happy with 5% regardless of what comes next.

If the long term yields don't make it back up, I'll have to settle for the current 5 year 60 month rates which are still VERY good all things considered. I mean, i was drooling over a 3.5% 60 month CD over the summer. It's all relative. I'm waiting but also watching like a HAWK. Good to know there are others in the same boat and on top of it as well on here.
  |     |   Comment #14
Great Article. Many of us on this site who are waiting basically have the same reasoning. In a world where the FFR rate is 5%, it's hard to imagine there not being widespread 5%+ CD's. But as the last 2 weeks have shown, treasury yields and Cd rates don't always follow that predictable route. Maybe things will level off as time goes on. We will see!
  |     |   Comment #15
Where is the added business/loan activity to justify FIs needing more funds and pay higher...% apy? It's just not there!
  |     |   Comment #16
The economy is booming and wages are spiraling out of control. Go to your local target and look at the lines out the door. Homes are.being snatched up in my local market despite the high interest rates. Bmw is selling so many cars they can’t keep up with demand or keep inventory on the lots. Bold enough to do a substantial SECOND mid year price hike on January 1. I guess maybe it’s a tale of two Americas but money is flowing like honey. The more wages rise the more prices will keep rising. 
  |     |   Comment #17
We also forget many of these banks have large credit card operations and we know what's going on with cc debt these days. There's no more free money from the Fed available for banks so there's no choice but to offer high APY savings and CD's. I think they'd be happy to take money at 5% and lend it out at 18%...(esp. if the FFR is 5.5-6)
  |     |   Comment #18
Look at the financials of FIs..they do the financing...explain why they don't need the money?  Or, why are all the "best" rates short term?  They don't need long term money for loan/business purposes.
  |     |   Comment #19
I will eat my hat if there are no 5-yr 5%+ CDs if the FFR is 5% or higher. That would be the first time I have seen this in my 40 years of investing.
  |     |   Comment #20
You don’t wear a hat!  You can use mine
  |     |   Comment #21
  |     |   Comment #22
I am by no means brilliant and Lou's been investing longer than i've even been alive but from the in-depth reading & research i've done on the Fed, FFR, CD rates, inflation etc. I've come to the same conclusion and would be willing to throw my hat in the ring as well. Caveat being - the FFR has to get to 5%
  |     |   Comment #23
Unless we have an incredible inflation report in 9 days, it is basically almost guaranteed. There is a high probability it will go significantly higher than 5% by April, May or June.
  |     |   Comment #24
Hence that major caveat- last month's minor dip was turned into an "incredible inflation report" and the market, yields, banks, Fed all ran with it.
  |     |   Comment #26
Re: #19
Well then speaking of what else you haven't seen in the past 40 years. But that's just market noise, right?

"Spread on 2- and 10-year Treasury yields shrinks past minus 80 basis points, remains at most inverted level in 41 years"
  |     |   Comment #27
This Is my first post here so I want to say hello and thank everyone for all of the great comments and well-informed conversations.
I’m posting because I did manage to get a long term high rate at commerce FCU - 4.8 apy for a 5, 6, and 7 year CD. It was an ordeal, but it actually happened so it is possible.
The reason I’m posting and the important thing to know is that they are honoring the rate when you opened your account. The rate when I opened my account was 4.7, but if you put more than $25,000 into a CD they give you an extra 0.1%.
So Outtempster, I think you should be able to get the higher rate.
I opened my account online on 11/29, and it wasn’t until the afternoon of 12/6 that I was able to get the CDs, so that tells you some thing.
  |     |   Comment #28
I can confirm this also. Opened my account 12/1 and opened CD 12/8 when funding deposited to the share account. I had sent an application for the CD last week, but it took a while for the ach funding to get there, pushed via external FI. Very generous of the credit union.
  |     |   Comment #29
Just to add to the comment above by Katie77 and others:

BAD NEWS: I applied online for new accounts with DOCFCU about 3 weeks ago, and got an email acknowledgement the very next day that they had my application pending. So far, so good. And then after that, NOTHING for two weeks. Then began calling by phone, and hard to get any meaningful answers, other than that they were busy with a crush of applications because of their good rates. Multiple insistent calls on my part seeking the actual status of my application ensured... Then finally this week, I got thru directly to a rep in their new accounts section, and they had my accounts opened within the next day.... almost 3 weeks after my original application.

GOOD NEWS: In finally talking directly with the new accounts rep, without me even having to ask or say anything, she noted that they had lowered their CD rates lately more than a week after they had received my application, and thus now would be honoring the higher CD rates in effect at the time of my original application for the CDs I'm opening with them now... That's an honorable, decent thing to do, under the circumstances, so they get points for that....

Thus, the key word with DOCFCU right now, I'd say, is PERSISTENCE. And unfortunately, the frontline reps who answer their customer service calls basically know nothing about where applications stand in the review process, and, in my experience, it's hard, but possible, to get them to put you in touch directly with the reps that do handle new applications.
  |     |   Comment #30
@Katie77 "The rate when I opened my account was 4.7, but if you put more than $25,000 into a CD they give you an extra 0.1%."

fyi, I learned in discussions with DOCFCU staff that they'll only apply that additional 0.10% rate bump if you put at least $25K into a SINGLE CD with them.

If you put a total of $25K or more into new CDs with them but divide your funds into several smaller amount CDs that meet the $25K total, then they will NOT add the 0.10% rate boost.

Not sure I understand the sensibility or rationale of that approach (after all, you're still putting $25K+ of new money into CDs with them), but that is their policy, and they're sticking to it.

But as Katie77 noted above, DOCFCU does in fact honor their promise of honoring their CD rates in effect at the time you originally to open a new account/accounts with them, which is a good feature.
Dept of Commerce Fed Credit Union Has Across-The-Board CD Rate Increases
Deal Summary: CDs – 36-47 month, 4.67% APY ($25k min), 4.57% APY ($500 min); 60-84 month CD – 4.80% APY, ($25k min), 4.70% APY ($500 min).

Availability: Easy membership requirement

Seven months ago, District of Columbia-based Department of Commerce Federal Credit Union (DOCFCU) became an ‘Easy Membership Requirement” credit union and subsequently upped its CD APYs to rate-leading levels. Although those outstanding APYs were short-lived, DOCFCU CDs became competitive again this fall.

Following across-the-board CD rate increases (16-32 bps) last week, the 36-47...

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Dept of Commerce Federal Credit Union Bumps Up 12-23 Month CD Rate
Deal Summary: 12-23 month CD – 3.13% APY, ($25k minimum) or 3.03% APY ($500 minimum).

Availability: Easy membership requirement

Just a few months ago, most DA readers weren’t that familiar with Department of Commerce Federal Credit Union (DOCFCU). That all changed in April when DOCFCU became an Easy Membership Requirement credit union and raised its CD APYs to rate-leading levels. Those outstanding APYs lasted slightly more than two weeks before a series of rate drops began. By mid-June, the CDs were no...

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Dept of Commerce Federal Credit Union 6-11 Month CD APY Leaps Up
Deal Summary: 6-11 month CD, 2.22% APY, $500 min deposit. Deposits of $25k+ earn 10 bps more.

Availability: Easy membership requirement

Just two months ago, Department of Commerce Federal Credit Union (DOCFCU) CDs sprang to the head of the rates peloton with APYs ranging from 1.35% (6-11 month) to 3.03% (60-84 month). These rates lasted for about two weeks before a series of three rate drops began. After the rate decreases, DOCFCU CDs were no longer competitive enough to appear in DA’s bi-weekly...

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Dept of Commerce Federal Credit Union CD Rates Tower Over All
UPDATE 4/29/2022: Department of Commerce Federal Credit Union is now open to all U.S. citizens and residents aliens.

Deal Summary: CDs – 6-11 month CD (1.35% APY), 12-23 month (2.12% APY), 24-35 month (2.80% APY), 36-47 month (2.97% APY), 48-59 month (2.99% APY), 60-84 month (3.03% APY), $500 min deposit. Deposits of $25k+ earn 10 bps more.

Availability: Easy membership requirement for residents of DC, DE, MD, PA, VA, and WV.

Rather than write an introductory sentence or two, I thought I would...

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Dept of Commerce Federal Credit Union Boosts CD Rates
Deal Summary: CDs – 24-35 month (1.05% APY), 36-47 month (1.27% APY), 48-59 month (1.42% APY), 60-84 month (1.54% APY), $500 min deposit. Deposits of $25k+ earn 10 bps more.

Availability: Easy membership requirement for residents of DC, DE, MD, PA, VA, and WV.

For the fourth time in seven months, Department of Commerce Federal Credit Union (DOCFCU) has raised its long-term CDs rates, with APYs which are rate (or near-rate) leaders. Any of these CDs can be opened with a minimum $500 deposit,...

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