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.
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 In Savings page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year:
The penalty we may impose will equal 180 days dividends.
Thanks to the DA reader who let me know about this deal.
Dover Federal Credit Union offers membership to individuals who meet any of the following qualifications:
Military and Uniformed Services: Military personnel of the U.S. Government with duty locations in Delaware.
Employment: Employees of Bayhealth and Dover Downs (all locations), and employees or members of more than 400 Dover FCU’s Business Partners.
Family Relationship: Immediate family or household members who qualify.
Other: By joining Friends of Bombay Hook, a non-profit working in conjunction with Bombay Hook National Wildlife Refuge. To make joining as easy as possible, Dover FCU will pay the membership fee.
Complete details on membership eligibility can be found on Dover FCU’s "Join Now"page.
Opening a CD can be done online, or in person at any seven Delaware branches located in Dover (3), Dover Air Force Base, Milford, New Castle, and Smyrna.
Credit Union Overview
Dover Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.42% (excellent), based on March 31, 2015 data. In the past year, Dover FCU has increased its total deposits by $12.51 Million, an excellent annual growth rate of 3.47%. Please refer to our financial overview of Dover Federal Credit Union 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. Today, Dover FCU has over 41,000 members and assets in excess of $418 Million.
How the CD Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, Dover Federal Credit Union’s 57-month Term Share Certificate clearly stands out.
The above rates are accurate as of 6/18/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.