At the top of the “Under 1-Year CD Rates” category in yesterday’s CD Deals Summary is Dover Federal Credit Union’s (Dover Federal) new 6-month High Rate Certificate. This limited-time offer has tiered rates: 5.00% APY ($100k minimum) or 4.00% APY ($500 minimum). As stated on the landing page, “Offer is valid for new money only.” (FYI – CSR stated that new money is only required for deposits below $100k (4.00% APY), but I’m not 100% confident in that statement.)
As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty for an early closure reads as follows:
If your account has an original maturity of one year or less:
The penalty we may impose will equal 90 days dividends.
CSR explained that partial withdrawals are not allowed: a 6-month High Rate Certificate can only be closed early.
Headquartered in Dover, Delaware's capital city, Dover Federal Credit Union’s field of membership (FOM) provides a way to join for virtually all U.S. citizens or resident aliens, 18 years or older, with a valid Social Security number.
Easy Membership: Individuals who join the Friends of Bombay Hook, a non-profit in conjunction with the Bombay Hook National Wildlife Refuge, qualify for Dover Federal membership. There are seven levels of membership, including a $15 individual membership.
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 status) 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 575 other 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 High Rate Certificate can be done online (there is an “Apply” button at the top of every page of the Dover Federal website) or at any of nine Delaware branches located in Camden, Dover (3), Dover Air Force Base, Middletown, Milford, New Castle, and Smyrna. Appointments are available and can be scheduled online.
Membership begins with a required $5 deposit into a primary share account. If the balance in your Share Savings account falls below $5.00, you may be terminated from membership at the end of the quarter.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, or check.
- CO-OP Shared Branch Participant –No.
- Dividends – Compounded/credited monthly and can be transferred to a specified Dover Federal savings/checking account.
- Maturing Funds – Wire ($20 fee), cashier’s check, or transfer to an existing Dover Federal checking/savings account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are NOT required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull when joining.
Credit Union Overview
Dover Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.82% (excellent), based on September 30, 2022 data. In the past year, Dover Federal has increased its total non-brokered deposits by $10.47 million, an above average annual growth rate (1.86%). 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 44,000 members and assets in excess of $628 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.
Recent recipient charities include the Andrew McDonough B+ Foundation, Attack Addiction, Boys & Girls Clubs of Delaware, Central Delaware Habitat for Humanity, CULAC Many Donors One Voice, Down Syndrome Association of Delaware, First State Animal Center and SPCA, Food Bank of Delaware, Green Beret Project, Kent-Sussex Industries, Nemours Children’s Health System, and USO.
How the 6-Month High Rate Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, no banks or credit unions have higher rates than currently offered on the Dover Federal Credit Union 6-Month High Rate Certificate, regardless of minimum deposit requirements. The following table compares the 6-Month High Rate Certificate to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 1/5/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.