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.