Following significant rate increases (up to 131 bps) last week, the DEXSTA Federal Credit Union (DEXSTA) mid-term and long-term Certificates are now offering rate-leading APYs. Of the four Certificates reviewed in this blog post, the 36-month (5.90% APY) and 48-month (5.64% APY) have the most competitive rates. All DEXSTA Certificates can be opened with a $1k minimum deposit, with no stated balance cap.
The Certificates are also available as IRA Certificates (Traditional and CESA), earning the same APYs but with a lower minimum opening deposit of $100.
While many CD product lines currently have an inverted yield curve, the DEXSTA Certificate product line is more of a hill-top curve.
As stated on the Certificates, IRAs and ESAs page, the Early Withdrawal Penalty reads as follows:
You may be assessed a penalty if you withdraw any of the principal before the maturity date. If dividends have already been paid, the penalty will be deducted from principal. Penalties are as follows:
- 6-Months: 6-Month Certificates have a penalty equal to the lesser of two amounts: Dividends since the date of issuance or 90 days’ dividends.
- 12-Months or more: Regular Share Certificates and IRA Certificates with a term of 12 months or more have a penalty equal to the lesser of two amounts: Dividends since the date of issuance, or 180 days’ dividends.
Headquartered in Wilmington, Delaware, DEXSTA Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, attend school, or volunteer in the Delaware counties of Kent or New Castle, or in Cecil County, Maryland, eligible to join.
Immediate family members of anyone who is membership-eligible also qualifies for membership, regardless of where they live.
Joining DEXSTA can be done online or at any of the five Delaware branches, located in Middletown, New Castle, Newark, and Wilmington (2). The membership application is also available as a download that can be returned in person to any branch or by fax (302.225.0618).
Opening a CD can be done at any of the above-mentioned branch locations or by phone (302.571.0522).
Membership requires just a $5.00 deposit as a "Membership Share."
DEXSTA participates in CO-OP Shared Branch Network.
By sharing branches with hundreds of credit unions across the country, you can conduct transactions in branches of participating credit unions, just as if you were in a DEXSTA Federal Credit Union branch.
Funding and Other Details
The following information was obtained from the DEXSTA website and a conversation with CSR.
- Funding – Internal transfer, shared branch transaction, or check (if opening in-branch).
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or trust.
- Dividends – Compounded/credited monthly (on the 15th) and can be withdrawn without penalty.
- Maturing Funds – Internal transfer to a DEXSTA savings account.
- Beneficiaries – Unlimited and percentages can be assigned; Social Security number required for all beneficiaries.
- Grace Period –7 calendar days before automatic renewal.
- Credit Check – Hard pull when applying for membership.
Credit Union Overview
DEXSTA Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 9.43% (excellent) based on March 31, 2023 data. In the past year, DEXSTA’s total non-brokered deposits decreased by -$5.72 million, an average annual growth rate of -1.49%. Please refer to our financial overview of DEXSTA Federal Credit Union (NCUA Charter # 2187) for more details.
Established in 1937 as the DuPont Experimental Station Employees Federal Credit Union, the founding members were 22 DuPont Experimental Station employees who had attended a presentation about credit unions, given by a member of a Philadelphia credit union. While each founding member contributed $5 for an initial share,
One of the charter members, James McVey, withdrew $500 [the equivalent of approximately $10,600 today] from his bank savings account and deposited it in the credit union so it could make loans.
DEXSTA is currently the fourth largest credit union in Delaware, with more than 36,000 members and assets in excess of $418 million.
How the 24-, 36-, 48-, and 60-Month Certificates Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the DEXSTA Federal Credit Union 24-, 36-, 48-, and 60-month Certificates. The following table compares the Certificates 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 8/14/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.