Diversified Members Credit Union (MI) Has Two Short-Term CD Specials


Deal Summary: CD Specials – 13-month (0.85% APY), 18-month (1.10% APY), $200 minimum deposit, new money.

Availability: Michigan residents

Diversified Members Credit Union (DMCU) is currently offering two limited-time CD Specials: 13-month (0.85% APY) and 18-month (1.10% APY). The CD Specials can be opened with a $200 minimum deposit of new money (defined as funds not on deposit at DMCU) and there is no stated balance cap. While the CD Specials are promoted as limited-time products, no end-date is available on DMCU’s website. According to CSR, no specific end-date has been set.

Both CD Specials are available as IRA CD Specials (Traditional and Roth), earning the same APYs with the same deposit requirements, including the new money stipulation.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

The penalty for a 6-month Certificate of Deposit is equal to 90 days of dividends.
All other Certificate of Deposit terms have a penalty equal to 180 days of dividends.

Funding a CD Special can be done by ACH, wire transfer, or check. Maturing funds will be distributed by bank check or wire transfer, or transferred into an existing DMCU savings account. There is a seven calendar day grace period before a CD automatically renews.

DMCU participates in the CO-OP Shared Branch and ATM networks, giving its members access to more than 5,500 credit unions and nearly 30,000 surcharge-free ATMs nationwide.

In addition to our CO-OP Shared Branches, you can also access your
account for free at any credit union that participates in the Xtend Network.

Unlimited beneficiaries (equal shares) can be named, with a Social Security number required for each beneficiary.


Headquartered in Detroit, Diversified Members Credit Union’s field of membership (FOM) is residency based, with individuals (18 years or older) who live or work anywhere in the state of Michigan, eligible for membership.

Joining Diversified Members Credit Union and/or opening a CD Special can be done online or at any of four southeast Michigan branches located in Clawson, Detroit (2), and Novi. According to the Coronavirus Impact page, the branches are open for transactions, but appointments are required for other services (like opening a CD). An appointments can be scheduled online.

Join with a $5.00 initial deposit into a savings account to
become part of a member-owned, not for profit credit union.

Credit Union Overview

Diversified Members Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.67% (excellent) based on September 30, 2020 data. In the past year, DMCU has increased its total non-brokered deposits by $66.5 million, an excellent annual growth rate of 22.02%. Please refer to our financial overview of Diversified Members Credit Union (NCUA Charter # 62339) for more details.

Established in 1929 as the Detroit Municipal and Detroit Metropolitan Credit Union, Diversified Members Credit Union opened its doors for business only three days after the Wall Street Crash occurred. DMCU weathered the Great Depression, as it continued to serve Detroit city workers. The FOM didn’t expand until 2009, when membership was opened to the residents of three Detroit area counties. A new name was needed to attract new members and the Credit Union rebranded as Detroit Metropolitan Credit Union. Five years later, a merger with the Iron Workers Local 25 Credit Union in Novi further expanded DMCU’s footprint and eventually led to a state-wide charter expansion. The new FOM needed a descriptive name and Diversified Members Credit Union was the best fit. DMCU is currently 41st largest credit union in Michigan, with more than 26,000 members and assets in excess of $458 million.

How the CD Specials Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to all Michigan residents, Diversified Members Credit Union's 18-month CD Special APY currently ranks first.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to all Michigan residents, Diversified Members Credit Union's 12-month CD Special APY currently ranks first.

The above rates are accurate as of 2/5/2021.

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

Related Pages: Detroit CD rates, 1-year CD rates

Previous Comments
  |     |   Comment #1
Hello, may I ask for an opinion ASAP as this is a new experience to me and not sure whether it'll work please?
I just opened a CD at Evansville Teachers FCU for 2 yrs at 0.90%. I now see here this 18 month for 1.10% and I'm wondering whether I can ask them to cancel and return the money? Also, should I tell them it's for another Credit Union and to wire it to them? Or tell them I need it for a sudden emergency and wire it to me? Lastly, is it worth it all this extra work? Anticipating my biggest thanks for any ideas. :o)
  |     |   Comment #5
How long is just opened? Does the early withdrawal penalty cut into the principle?
  |     |   Comment #7
Thank you Blazer, I wired them the CD amount yesterday, Friday Feb. 25 and they acknowledged it through a letter signed by their VP. Is it true all accounts being opened have at least a 10-day grace period to cancel and get the money back? About the penalty I hadn't read it as I never expected to find a much better offer (of course, I don't know whether I'm eligible for the Diversified Member CU. I'll have to check that before canceling). I could ask them but hate to do it...maybe I'll just have to ask them after all.... :(
  |     |   Comment #8
10 day Grace period is for when a CD you have has ended, and you have 10 days to tell them you want that CD to start all over again, at maybe a higher or lower interest rate.

you said "I don't know whether I'm eligible for the Diversified Member CU"

You have put yourself in an odd situation. It may not be worth the TIME and trouble for interest rate difference and term of CD . Do the math.
  |     |   Comment #9
Thanks again, I'm the worst in math and I appreciate your opinion. You're right that it's not worth the trouble as it would be a lot of trouble. Too bad I didn't see this one before, so I'll be satisfied and...that's life, lol!
Diversified Members Credit Union (MI) Offers 12-Month Add-On CD
Deal Summary: 12-month Save to Win CD, 1.00% APY, $25 minimum deposit, additional deposits allowed throughout the term. Limit of one Save to Win CD per member.

Availability: Michigan residents

The 12-month Save to Win CD (1.00% APY) offered by Diversified Members Credit Union (DMCU) is an add-on CD, which allows unlimited deposits (in any amount) throughout the term. The minimum opening deposit is $25, with no stated balance cap. There is a limit of one Save to Win CD per member

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Diversified Members Credit Union Offers 3% APY On 60-Month CD
Deal Summary: 13-month CD Special (2.50% APY), $200 min deposit, new money. 36-month CD (2.80% APY) and 60-month CD (3.00% APY), $200 min deposit.

Availability: Michigan residents

One of the “New To Summary” CDs included in last week’s CD Rates Summary was Diversified Members Credit Union’s (DMCU) 13-month CD Special (2.50% APY). The minimum opening deposit is $200 of new money, with no stated balance cap. The 13-month is also available as an IRA (Traditional and Roth), earning the same 2.50% APY with the same...

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