Dept of Commerce Fed Credit Union Has Across-The-Board CD Rate Increases

POSTED ON BY

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.70%$500-Department Of Commerce Federal Credit Union60-84 Month CD
4.61%$500-Department Of Commerce Federal Credit Union24-35 Month CD
4.59%$500-Department Of Commerce Federal Credit Union48-59 Month CD
4.57%$500-Department Of Commerce Federal Credit Union36-47 Month CD
4.40%$500-Department Of Commerce Federal Credit Union12-23 Month CD
4.29%$500-Department Of Commerce Federal Credit Union6-11 Month CD
Rates as of November 28, 2022.

Following across-the-board CD rate increases (16-32 bps) last week, the 36-47 month and 60-84 month now offer the most competitive CD rates. Although the higher CD rates are not listed on the DOCFCU Rates page, the Certificates of Deposit page states,

Open an account with a minimum deposit of $25,000 and receive an additional 0.10% APY

The CDs (with the exception of the 6-11 month) are also available as IRA CDs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.70%$500-Department Of Commerce Federal Credit Union60-84 Month Fixed IRA (Traditional, Roth, CESA)
4.61%$500-Department Of Commerce Federal Credit Union24-35 Month Fixed IRA (Traditional, CESA, Roth)
4.59%$500-Department Of Commerce Federal Credit Union48-59 Month Fixed IRA (Traditional, CESA, Roth)
4.57%$500-Department Of Commerce Federal Credit Union36-47 Month Fixed IRA (Traditional, CESA, Roth)
4.40%$500-Department Of Commerce Federal Credit Union12-23 Month Fixed IRA (Traditional, CESA, Roth)
Rates as of November 28, 2022.

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 60-84 month CD with at least $25k would result in an impressive 5.05% APY.

According to 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.

As stated on 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 no partial withdrawals allowed.

Funding and Other Particulars

  • Funding – ACH or Shared Branch transfer (more details in the Availability section).
  • CO-OP Shared Branch Network – Yes.
  • Dividends – compounded/credited monthly and can be deposited into a DOCFCU checking or savings account.
  • Maturing Funds – Cashier’s check or internal transfer to a DOCFCU checking or savings account.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers required.

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.

Availability

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 residency status) by joining the American Consumer Council (ACC).

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

Employees of the U.S. Department of Commerce or NOAA (and its 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 online membership application. (FYI – there’s a “Become a Member” at the top of every DOCFCU website page.)

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

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

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.

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

In addition to participating in the CO-OP Shared Branch network, DOCFCU is also a member of the MoneyPass and Allpoint ATM networks.

Credit Union Overview

Department of Commerce Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.68% (excellent) based on June 30, 2022 data. In the past year, DOCFCU has increased its total non-brokered deposits by $130.38 million, an excellent annual growth rate of 27.36%. 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 19,300 members and assets in excess of $666 million.

How the 36-47 month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com 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 36-47 month CD. The following table compares the 36-47 month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.67%36-47 Month CD, $25k min (EWP=180 days)Department of Commerce Federal Credit Union
4.61%36-Month CD, $500 min (EWP=180 days)Pelican State Credit Union
4.60%36-Month CD, $500 min (EWP=365 days)CFG Bank
4.57%36-47 Month CD, $500 min (EWP=180 days)Department of Commerce Federal Credit Union
4.55%36-Month CD, $25k min (EWP=180 days)Merrick Bank
4.50%36-Month Share CD, $1k min (EWP=the lesser of all earned dividends or 180 days)Alliant Credit Union

How the 60-84 month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $25k or less, only one credit union has a higher rate than currently offered on the Department of Commerce Federal Credit Union 60-84 month CD. The following table compares the 60-84 month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.97%60-Month CD, $500 min (EWP=270 days)Pelican State Credit Union
4.80%60-84 Month CD, $25k min (EWP=180 days)Department of Commerce Federal Credit Union
4.75%60-Month CD, $25k min (EWP=270 days)Merrick Bank
4.75%5-Year Bread Savings CD, $1.5k min (EWP=365 days)Bread Financial
4.70%12-23 Month CD, $500 min (EWP=180 days)Department of Commerce Federal Credit Union
4.42%5-Year Fixed CD, $500 min (EWP=600 days)Lafayette Federal Credit Union

The above information and rates are accurate as of 11/21/2022.

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, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
RYP
  |     |   Comment #1
DOCFCU uses a third party answering service to answer calls when they are busy. They misrepresent themselves as MSRs, but they are not employees of DOCFCU. If you give them your member#, they have access to at least some of your account info. They will ask your date of birth and the last 4 of your SS#. Then they tell you they will submit it to a "specialist" and it will be opened within one day. I don't recommend using them because they make mistakes. At least they have on mine. If you're lucky enough to get a MSR, they are knowledgeable, component, and professional. They can open it while you're on the phone and I've never had a problem. DOCFCU is not good at returning calls or replying to emails.
Rickny
  |     |   Comment #2
Many helpdesks, customers service and IT for major corporations including banks are outsourced to other companies.
Choice
  |     |   Comment #3
One cannot outsource responsibility nor can it be delegated…like saying it’s a supply chain problem. There are very few supply chain problems…it’s always a management problem. Reminds me of the recent changes in/at Disney!
mzahir
  |     |   Comment #5
RYP, Thank you for the comments. DOCFCU makes every effort to contact members within 24 hour of contacting our after hours support staff. I apologize for any delay of service.
RYP
  |     |   Comment #6
mzahir...You might call them "after hours support staff", but you're using them during normal business hours. The only mistakes I've had have been made by them.
P_D
  |     |   Comment #7
Nothing like the feeling of getting some call center in Bangladesh and having to tell them all you most confidential information. Don't know much about this particular scenario but I have had cases where I've literally hung up the phone in the middle of the conversation because I did not feel comfortable giving out that information to the person I was talking to.

Security is an increasingly concerning issue. There seems to be more and more outsourcing going on in the consumer banking space and it's concerning. Long gone are the days when you actually knew your banker. That seems like such an obsolete concept now, but there was something to it.
dale26s
  |     |   Comment #8
RYP, did they correct the error when you called it to their attention? The rate is appealing to me since I have maxed out other credit union with good rate
RYP
  |     |   Comment #9
dale26s...If there is an error on the interest rate, they will correct it. I think the best way to correct it is to contact mzhair who made a comment above. I think his title is Experience Coordinator at DOCFCU. As you can see, he monitors this website. If you call and get the answering service, things could get worse. My errors were the following: 1. Requested a 39 month CD and received a 36 month. 2. On two CDs, I requested the interest be transferred to my savings account monthly. It was compounded . Once in the certificate, it's creates an early withdrawal penalty to get it out. The two CDs I opened with the answering service were opened the next day, not the same day. So, you lose a day of interest. There was no offer to back date them. Not a lot of money involved, but why the delay. You don't have these problems if you talk to a MSR. They open it while you're on the phone.
daylilly
  |     |   Comment #4
C- capitalization. It looked great until I saw that.
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...

Continue Reading
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...

Continue Reading
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...

Continue Reading
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,...

Continue Reading
Dept of Commerce Federal Credit Union Has Rate Leading Long-Term CDs
Deal Summary: 48-59 month CD (1.31% APY, $500 minimum deposit), (1.41% APY, $25k minimum deposit)

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

In the past five months, Department of Commerce Federal Credit Union (DOCFCU) long-term CD rates have been on an upward trajectory. Following a 14 bps increase this week (and 65 bps since May), the 48-59 month CD currently earns a very competitive 1.31% APY.

While not having dramatic rate increases like the 48-59 month CD, the 36-47 month CD (1.12%...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.