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.
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Dividends can be withdrawn without penalty, but are subject to the following: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.
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.
|0.25*%||-||$30k||Dover Federal Credit Union||Kasasa Cash|
|OTHER TIERS: 0.05% → $30k+|
- 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.
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.
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.