Dover Federal Credit Union 5-Year CD Earns Up To 2.90% APY

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Deal Summary: Share Certificates – 3-year (2.60% APY), 4-year (2.76% APY), 5-year (2.90% APY), $100k minimum deposit.

Availability: Easy membership requirement; military relationship; 400+ SEGs

The last time I wrote about a Dover Federal Credit Union (Dover Federal) Share Certificate was during the 2016 International Credit Union Week. Coincidentally, today is International Credit Union Day and I’m writing about Dover Federal’s long-term Share Certificates, which were added to the most recent CD Rates Summary.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.90*%$100k-Dover Federal Credit Union5 Year IRA Share Certificate (Traditional, Roth, CESA)
OTHER TIERS: 2.70% $500 - $25k | 2.80% $25k - $100k
2.90*%$100k-Dover Federal Credit Union5 Year Share Certificate
OTHER TIERS: 2.70% $500 - $25k | 2.80% $25k - $100k
2.76*%$100k-Dover Federal Credit Union4 Year IRA Share Certificate (Traditional, Roth, CESA)
OTHER TIERS: 2.55% $500 - $25k | 2.65% $25k - $100k
2.76*%$100k-Dover Federal Credit Union4 Year Share Certificate
OTHER TIERS: 2.55% $500 - $25k | 2.65% $25k - $100k
2.60*%$100k-Dover Federal Credit Union3 Year IRA Share Certificate (Traditional, Roth, CESA)
OTHER TIERS: 2.40% $500 - $25k | 2.50% $25k - $100k
2.60*%$100k-Dover Federal Credit Union3 Year Share Certificate
OTHER TIERS: 2.40% $500 - $25k | 2.50% $25k - $100k
Rates as of December 6, 2019.

These three Share Certificates are also available as IRAs (Traditional, Roth, CESA), earning the same tiered APYs with the same deposit levels.

The Share Certificates have tiered APYs based on deposit level of $500, $25k, and $100k, with a uniform 10 bps difference between each tier. All three Share Certificates achieved their highest APYs ever in February 2019, with those rates lasting six months. In July, those rates were lowered, with the 3-, 4- and 5-year Share Certificates losing 20, 19, and 25 bps respectively. Nevertheless, these long-term Share Certificates remain competitive.

Partial withdrawals are not permitted; only early closures are allowed. As stated in the Share Certificate Truth-In-Savings disclosure, the Early Withdrawal Penalty for an early closure reads as follows:

For withdrawals made on certificates with an original maturity of more
than one year, the penalty we will impose will equal 180 days dividends.

Dividends can be withdrawn without penalty, but are subject to the following:

You can withdraw dividends only on the crediting dates. This dividend withdrawal limitation does not apply if you have made arrangements to have dividends paid to you or to another account in lieu of having them credited to this account.

Funding and Accessing Maturing Funds

Funding a CD can be done through an ACH transfer, wire transfer, check, or from an existing Dover Federal account. Unfortunately (and surprisingly), Dover Federal does not participate in the CO-OP Shared Branching network. Maturing funds will be distributed by cashier’s check, wire transfer ($20 fee), or transferred to an existing Dover Federal checking/savings account. There is a grace period of ten calendar days before a Share Certificate automatically renews.

Kasasa Cash

Dover Federal added the Kasasa brand to its product line in May. The Kasasa Cash account was introduced with an initial 3.25% APY on qualifying balances up to $30k and that rate is still in effect. Qualifying balances over $30k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.25*%-$30kDover Federal Credit UnionKasasa Cash
OTHER TIERS: 0.25% $30k+
Rates as of December 6, 2019.

Qualifying Requirements

  • At least 12 debit card purchases
  • Be enrolled in and agree to receive eStatements
  • Be enrolled in and log into online banking

The Kasasa Cash account has no minimum opening deposit requirement and no monthly service fee. Nationwide ATM fees will be reimbursed up $25 per month. There is a limit of one Kasasa Cash account per Social Security number.

Kasasa Saver

Dover Federal is also offering a companion Kasasa Saver account, earning 2.00% APY on qualifying balances up to $20k. If qualifications on the Kasasa Cash account are not met, any Kasasa Saver balance will earn 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00%-$20kDover Federal Credit UnionKasasa Saver
Rates as of December 6, 2019.

Availability

Headquartered in Dover, Delaware's capital, Dover Federal Credit Union’s field of membership (FOM) provides a way for almost every U.S. citizen or resident alien to join.

Easy Membership: Individuals who join the Friends of Bombay Hook, a non-profit working in conjunction with Bombay Hook National Wildlife Refuge, qualify for membership in Dover Federal. There are several levels of membership, with an individual membership costing $15.

In the past, out-of-state individuals had to join Friends of Bombay Hook (FBH) before applying for membership in Dover Federal. This has changed: all applicants (regardless of residency) can join FBH and Dover Federal simultaneously, using the Credit Union’s online application.

Credit Unions may only consider applications from their members. If you are not employed with, retired from, belong to or a member of one of the following, let us help you become a member by selecting Friends of Bombay Hook.

Military and Uniformed Services: Military personnel of the U.S. Government with duty locations in Delaware, and civilian employees of the U.S. Government working in Kent or Sussex Counties are eligible to join. Other qualifying military relationships are listed on the Become a Memberpage.

Employment: Employees of Bayhealth and Dover Downs (all locations), and employees/members of more than 400 Dover Federal Business Partners qualify for membership.

Family Relationship: Immediate family or household members of eligible individuals also qualify for membership.

Complete details on membership eligibility can be found on the Become a Member page.

Joining Dover Federal and/or opening a CD or Kasasa Cash account can be done online, or at any of seven Delaware branches located in Dover (3), Dover Air Force Base, Middletown, Milford, New Castle, and Smyrna.

Membership begins with a required $5 deposit into a primary share account.

Credit Union Overview

Dover Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.18% (excellent), based on June 30, 2019 data. In the past year, Dover Federal has increased its total non-brokered deposits by $3.91 million, an above average annual growth rate. Please refer to our financial overview of Dover Federal Credit Union (NCUA Charter # 12443) for more details.

Dover Federal Credit Union was first chartered in 1958 by a group of Air Force and civilian workers at Dover Air Force Base. Currently Delaware’s second largest credit union, Dover FCU has more than 41,400 members and assets in excess of $461 million.

Dover Federal Credit Union believes in the philosophy of "People Helping People." We are committed to giving back to the communities we serve. Throughout the year, Dover Federal raises funds and awareness for charities in need.

Every month, Dover Federal highlights a different charity. In 2019, the recipient charities are the Green Beret Project, Attack Addiction, Down Syndrome Association of Delaware, Autism Delaware, National Alliance on Mental Illness Delware, C.E.R.T.S., Inc., USO, Central Delaware Habitat for Humanity, Food Bank of Delaware, Boys & Girls Clubs of Delaware, First State Animal Center and SPCA, and Andrew McDonough B+ Foundation.

How the Share Certificates Compare

When compared to 176 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Dover Federal Credit Union’s 4-year Term Share Certificate APY currently ranks first, regardless of minimum deposit requirements.

When compared to 189 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Dover Federal Credit Union’s 5-year Term Share Certificate APY currently ranks fourth, regardless of minimum deposit requirements.

When compared to 212 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Dover Federal Credit Union’s 3-year Term Share Certificate APY currently ranks fourth, regardless of minimum deposit requirements.

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

How Kasasa Cash Compares

When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $30k, Dover Federal Credit Union’s Kasasa Cash APY currently ranks second.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

The above rates are accurate as of 10/17/2019.

Related Pages: Philadelphia checking accounts, Salisbury checking accounts, reward checking accounts, 5-year CD rates, nationwide deals

Comments
kcfield
kcfield   |     |   Comment #1
Weiss ratings give Dover Credit Union a below average rating of "C-" and of concern is that the return on assets is only .31% compared to the average credit union ROA of .96%. I personally would not invest here.
(source: https://www.creditunions.com/financial-performance/return-on-assets-roa/)
Stats from Weiss Ratings copied below:
Dover Federal Credit UnionDover, DE


 C-




Data as ofJune 30, 2019 Risk Based
Capital Ratio8.58 Leverage
Ratio8.52 Return On
Assets0.31% Total
Assets461.56M 
Capital39.61M Total
Deposits428.09M Net
Income715K
Dover Federal Credit Union Adds Kasasa Cash, 3.25% APY Up To $30k
Deal Summary: Kasasa Cash, 3.25% APY on qualifying balances up to $30k.

Availability: Easy membership requirement; military relationship; 400+ SEGs

Dover Federal Credit Union (Dover Federal) has added the Kasasa brand to its product line and is currently offering a Kasasa Cash account that earns 3.25% APY on qualifying balances up to $30k. Qualifying balances over $30k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

Qualifying Requirements

  • At least 12 debit card purchases
  • Be enrolled in and agree to receive eStatements
  • Be enrolled in and log into...
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Dover FCU Celebrates International Credit Union Week With 5-Year CD
Availability: Easy membership requirement for Delaware residents (and possibly others*); military relationship; 400+ SEGs

*Note: Determining the field of membership (FOM) for a credit union is usually a straightforward process, but based on the comments below from many DA readers, Dover Federal’s FOM is not clear cut. If you join Dover Federal, any pertinent information about the FOM you can share would be greatly appreciated.

Since 1948, International Credit Union Day has been celebrated on the third Thursday of October. Dover Federal Credit Union (Dover Federal) has chosen...

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Dover FCU Offers Top Rate 57-Month CD For Only Two Days

UPDATE 6/18/2015: Based on the experience of two DA members (see comments below), it may not be possible to join Dover FCU and fund a CD within the 2-day window.

Availability: Easy membership

For two days only, June 18 and 19, Dover Federal Credit Union (Dover FCU) is offering a 57-month Term Share Certificate (2.57% APY).

The 57-month Term Share Certificate (CD) is part of Dover FCU’s 57th anniversary celebration, and requires a minimum opening deposit of $2.5K with no maximum balance cap.

As stated on Dover FCU’s Truth...

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Top Long-Term CD Rates at Dover Federal Credit Union in Delaware

Dover Federal Credit Union is offering some very competitive long-term CD and IRA CD rates. Minimum deposit is $500 for CDs and $2,000 for the IRA CDs. Below are the best CD rates as listed in the credit union's rates page as of 8/22/2012.

  • 2.25% APY 5-year CD
  • 2.00% APY 4-year CD
  • 1.75% APY 3-year CD
  • 1.60% APY 30-month CD

Credit union membership is open to many US military members based in Delaware. There's also a long list of select groups and organizations. Employees and members of these may also be eligible for credit union...

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