Higher CD Rates at Department of Commerce FCU in Washington DC

POSTED ON BY

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.03%--Department Of Commerce Federal Credit Union60-84 Month CD
2.03%--Department Of Commerce Federal Credit Union60-84 Month Fixed IRA (Traditional, Roth, CESA)
1.72%--Department Of Commerce Federal Credit Union48-59 Month CD
1.72%--Department Of Commerce Federal Credit Union48-59 Month Fixed IRA (Traditional, CESA, Roth)
1.68%--Department Of Commerce Federal Credit Union36-47 Month CD
1.68%--Department Of Commerce Federal Credit Union36-47 Month Fixed IRA (Traditional, CESA, Roth)
1.27%--Department Of Commerce Federal Credit Union24-35 Month CD
1.27%--Department Of Commerce Federal Credit Union24-35 Month Fixed IRA (Traditional, CESA, Roth)
Accounts mentioned in this post. Rates as of October 1, 2016.

We didn't see many rate hikes in March, but there's one that I just noticed. Department of Commerce Federal Credit Union (DOCFCU) raised several of its CD and IRA CD rates by 5 to 15 basis points. Its mid-term and long-term CD rates are now very competitive. Below is a summary of the best rates as listed in DOCFCU's rates page as of 3/12/2013.

  • 2.05% APY 60-84 month CD and IRA CD
  • 1.80% APY 48-59 month CD and IRA CD
  • 1.60% APY 36-47 month CD and IRA CD
  • 1.35% APY 24-35 month CD and IRA CD

I couldn't find early withdrawal penalty details on the website, so I called the credit union at 888-626-9845. I was told the EWP for terms from 2-years to 5-years is 180 days of interest.

One odd thing that I was told is that gold member relationship status is required for the 84-month CD. Since the 60-month CD has the same rate as the 84-month CD, there's not much reason for the 84-month CD. The gold member relationship status also offers higher CD rates for all terms. For more details, please refer to DOCFCU's Relationship Rewards page.

Membership

In addition to employees of the Department of Commerce, membership is open to those who live, work, worship or attend school in Washington, D.C. Please refer to the credit union's membership page for the full details.

The credit union has an online application via Andera.com that allows you to join and open CD accounts. Membership requires a minimum $5 balance in the share savings account.

Credit Union Overview

Branches are located in Washington, DC and in Silver Springs, MD. DOCFCU is also part of the shared branching network which allows members to use branches at other credit unions around the nation for many common banking transactions.

The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 2.90% (excellent) based on December 2012 data. Please refer to our financial overview of DOCFCU for more details. The credit union is federally insured by the NCUA (Charter # 16410). The credit union also offers Excess Share Insurance (see my ESI review).

How The 5-Year CD Rate Compares

The best 5-year CD rate that's nationally available is 2.00% APY at Mountain America Credit Union. The best 5-year CD rate at a bank continues to be 1.85% APY at CIT Bank and at Barclays. These rates are accurate as of 3/12/2013.

Searching for the Best CD and IRA CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates table and the IRA CD rates table.

Comments
CD Rates Fall But Remain Competitive at Dept. of Commerce FCU in DC

Department of Commerce Federal Credit Union has recently cut its CD and IRA CD rates, but the rates remain competitive. The 5-year CD now has a 2.30% APY. Minimum deposit is $500. This also applies to terms over 5 years to up to 7 years. Some other noteworthy CD rates include a 1.25% APY 2-year CD and a 1.55% APY 3-year CD. These CD rates are listed at Dept. of Commerce FCU rates page as of 4/5/2012.

Some of the CD details are listed in the credit union certificates page. Note...

Continue Reading
Competitive CD Rates at Dept of Commerce FCU in DC - Local Only

Department Of Commerce Federal Credit Union is another Washington DC credit union that is offering some competitive CD rates. The long-term CD rates are not as high as the rates at US Senate FCU which I reviewed on Monday, and unlike US Senate FCU, they don't seem to provide an easy way for non-DC residents to join. Nevertheless, this credit union may be an option for some readers who prefer shorter-term CDs.

The two more competitive rates at Department Of Commerce Federal Credit Union are 2.80% APY for a 5-year CD...

Continue Reading