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.
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.