Michigan-based Dow Chemical Employees’ Credit Union (DCECU) is currently offering a 36-month Premium Rate CD that earns 3.65% APY. The minimum opening deposit for the Premium Rate CD is $1k, with a balance cap of $250k. There is also a maximum total deposit of $250k per member. According to CSR, there is no specified end-date for the Premium Rate CD. In other words, it’s available until it's not.
CSR provided the following information in a Live Chat.
Me: If I am interested in opening the 36-month Premium Rate CD, how do I go about funding it?
CSR: It can be completed either online or over the phone, the funds just need to be in your account first. You would have the option of wiring funds to your account once it is open, or mailing a check to the credit union.
Me: Do you utilize ACH transfers for funding?
CSR: Absolutely. You’ll be provided with your ACH account number upon completing the membership application and can use that in conjunction with our routing number to have funds sent electronically.
Me: What is the early withdrawal penalty on the 36-month Premium Rate CD?
CSR: The penalty for early withdrawal is 365 days of interest on the amount withdrawn.
Me: Do you do a hard pull when I open a CD?
CSR: There is a credit inquiry completed upon approving your membership application, but not for opening subsequent shares like certificates.
Me: How can I get my money at the end of the three years?
CSR: We can schedule specific maturity instructions to either renew into a new certificate or be transferred back to any share in the account. For instance, you can have the funds transferred to the primary share (savings account) and then withdraw as you please.
Me: Finally, how long will this CD be available?
CSR: We don’t actually have a stated end date, so it can technically end at any time.
Thanks to DA reader, rockies, for posting this hot deal in the Forum.
While Dow Chemical Employees’ Credit Union’s name might suggest a narrow field of membership, DCECU offers almost any US citizen or legal resident a way to join.
Easy membership – Joining the Midland Center for the Arts, Alden B. Dow Museum ($35 fee) qualifies for DCECU membership. The third option under “I qualify for membership because …” on the online application is “I am a member of,” with “I want to join Midland Center for the Arts, Alden B Dow Museum.” Selecting this option enables you to join both DCECU and the museum simultaneously.
Employment – Employees and retirees of more than 65 companies are eligible to join. The largest of these companies are Dow Chemical Company, Dow Corning Corporation, and their affiliated companies.
Stock Holders – Individual owners of stock in The Dow Chemical Company, its affiliates or successor entity also qualify for membership. (“Individual owners of stock” refers to stock not held within a trust, retirement, 401K or other investment plan).
Family Relationship – Family and household members of membership-eligible individuals are welcome to apply.
Credit Union Overview
Dow Chemical Employees’ Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.40% (excellent), based on December 31, 2018 data. DCECU has an above average capitalization level (10.64%), the result of holding $1.63 billion in assets with $173.27 million in equity. Please refer to our financial overview of Dow Chemical Employees’ Credit Union (NCUA Charter # 60137) for more details.
Dow Chemical Employees’ Credit Union is currently Michigan’s ninth largest credit union, with nearly 65,000 members and assets in excess of $1.6 billion. DCECU was founded in 1937 after members of the Michigan Credit Union League explained the concept of a credit union to Dow Chemical management and labor representatives. The original FOM included all Dow Chemical employees, who were able to join with a 25¢ membership fee. Once membership was established, members could purchase shares in the Credit Union, at a cost of $5 each. At the end of the first year, DCECU had 338 members, assets of nearly $40k, and had issued nearly $4,990 in loans.
How the Premium Rate CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Dow Chemical Employees Credit Union’s 36-month Premium Rate CD APY currently ranks first.
The above rates are accurate as of 3/28/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.