Offer at a glance
- Interest Rate: 6.17%
- Minimum Balance: $5
- Maximum Balance: $1,000 (0.25% on balances over $1,000)
- Availability: Nationwide (with $10 membership in Reach Out for Schools [part of application process, one time])
- Direct deposit required: No
- Helpful comment on setting up ACH transfers at DCU
- Additional requirements: None
- Hard/soft pull: Soft in my experience opening only a Primary Savings (Reports of Hard)
- ChexSystems: Yes (sensitive? DP-Yes, DP-No, DP-No)
- Credit card funding: Yes $250 (additional DPs, DP) [
Higher DP] - Monthly fees: None
- Household Limit: None
- Insured: NCUA
The Offer
- The DCU Primary Savings Account offers 6.17% APY on balances up to $1,000
The Fine Print
- Requires a $5.00 minimum balance to open the account and remain on deposit to maintain membership status.
- Rates are variable and may change after the account is opened and are subject to change weekly. Fees may reduce earning on the account.
- One Primary Savings account per person, additional memberships receive one savings account.
- Interest income is taxable
Avoiding Fees
- The account has no monthly fee
Our Verdict
Chuck has long had the DCU Primary Savings Account on his list of Best High Yield Savings Accounts, but I figured it should have its own dedicated post [despite its limited first year value of $61.70 in interest (given the small $1,000 maximum investment)].
Though missing a signup bonus, in my mind the primary savings account still offers good value. Assuming the above market rate holds into the future, it’s sort of a passive bonus – after the initial setup investment the account will continue to earn without additional churning effort.
The cost is managing another account, but with my spreadsheets and process already in place that marginal cost is pretty low for me. I never closed my Netspend accounts when the maximum investment fell to $1,000; I’m happy to leave them running on auto pilot with scheduled ACHs.
Also each person is eligible for their own primary savings account so this might be beneficial if you have for instance multiple family members in the same household:
- Those 18+ can apply online
- Those under 18 (kids) can still apply with a paper application
- All immediate family members after the first can qualify for membership based on the family member relationship (no additional participating organization membership/fee required)
I received no hard credit pull on a recent application (checked credit karma) to only open a primary savings account and was also able to place a $250 deposit on my citi double cash card (posted as a purchase).
All the Best!
Opened Primary Savings and Free Checking on 1/13 using referral from someone in the comments here. Made 5 debit purchases at grocery store self-checkout on 1/25 (ranging from $1.12 to $6.35 each). $20 bonus posted 1/27. Also interest for savings seems to post on the last day of each month.
How is their checking account for online billbay? Does that cost extra? Is it reliable?
How long does it take for an account to be opened here? I submitted the application and they charged my credit card for the funding, but I haven’t heard anything back so far about 2 days later.
I think it took just over a week in my case. Slow to open, but no problems with it so far.
In order to get the referral bonus, I plan to do #2 below. Anyone knows if any min $ amount for the transaction? Thanks.
*Qualifying accounts are one of the following:
1. Checking Account with recurring Direct Deposit of your net pay, pension, or Social Security
2. Checking Account with at least five debit/credit card transactions, bill payments, balance transfers, or P2P transfers in a calendar month
3. A vehicle, RV, boat, or mobility loan (purchase or refinance)
I don’t think there’s any minimum. I did 5 bill pays between $1.50 and $4.
Can someone please send me a referral?
jimmy.h.cheung [at] gmail dot com
Sent.
Would someone like to send me a referral, please? ericmak1992 [at] hotmail [dot] com
sent
can someone send me a referral? foxtrotecho55@gmail.com
Sent.
I would love a referral. Could someone please send one to zorb81 [a t] gmail [dot] com? Thanks
sent
I would like some to send referral to gulzarwilson@sbcglobal.net
sent
Thanks!
Would someone like to send me a referral, please? adamska1 [at] gmail [dot] com
sent
I would appreciate a referral please. Thank you. wanrudee@yahoo.com
sent
thank you!
Please delete my previous message. Thank you in advance. Applied and approved, funded $250 w BoA Cash Reward card.