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 funding requirements.

While not qualifying for the CD Rates Summary, there are two other competitive CDs offered by DMCU: 36-month CD (2.80% APY) and 60-month CD (3.00% APY). The minimum deposit is also $200, but new money is not required. All of DMCU’s CDs are offered as IRAs, earning the same APYs with the same minimum deposits.

1.25%$200-Diversified Members Credit Union60 Month CD
1.25%$200-Diversified Members Credit Union60 Month IRA (Traditional, Roth)
1.00%$200-Diversified Members Credit Union36 Month CD
1.00%$200-Diversified Members Credit Union36 Month IRA (Traditional, Roth)
Rates as of September 23, 2020.

As stated in the New Account Booklet, 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.

Partial withdrawals are permitted, and a penalty is applied to the amount withdrawn. You cannot withdraw dividends from your account before maturity.

Funding a CD or 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.

Thanks to DA reader who emailed me about Diversified Members Credit Union.

Give Back Checking

DMCU’s Give Back Checking is structured a bit differently than the normal rewards checking account. Rather than earning a set APY on a specific qualifying balance,

Each month that you qualify, you’ll receive $10 deposited to
your checking account and refunds up to $25 of ATM fees.

The monthly qualification requirements are easily met:

  • At least 15 debit card transactions
  • Enrolled in eStatements and online banking


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 or a CD Special can be done online or at any of five southeast Michigan branches located in Clawson, Detroit (2), and Novi (2).

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 1.75% (excellent) based on June 30, 2019 data. DMCU has an excellent capitalization level (20.94%), the result of holding $399.99 million in assets with $83.76 million in equity. 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 40th largest credit union in Michigan, with more than 26,000 members and assets in excess of $400 million.

How the CDs Compare

When compared to 377 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, Diversified Members Credit Union's 36-month CD APY currently ranks first.

When compared to 397 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, Diversified Members Credit Union's 13-month CD Special APY currently ranks second.

When compared to 338 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, Diversified Members Credit Union's 60-month CD APY currently ranks sixth, but it’s the highest APY available on 5-year CDs offered on state-wide basis.

The above rates are accurate as of 11/14/2019.

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

Related Pages: Detroit checking accounts, reward checking accounts, 1-year CD rates, 5-year CD rates

  |     |   Comment #1
Also, I confirmed with a CSR at Diversified, that this credit union does soft pulls rather than hard pulls on savings products--so no impact on credit.

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