Posted by Don L on September 8, 2019
Bank Account Bonuses

Published on September 8th, 2019 | by Don L

207

Digital Federal Credit Union (DCU) – 6.17% APY On Balances Up To $1,000 Primary Savings Account

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)
    • Additional DPs Hard: #1 (Later noted soft per PYT)
    • Additional DPs Soft: #1, #2, #3
  • 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

Direct link to 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!



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payyoutuesday
payyoutuesday

“Additional DPs from Best Savings Page Hard: #1”

This person later added a comment that it was actually a soft pull.

Katie
Katie

I just applied. There were three options for overdraft protection. I’m assuming this probably follows the normal pattern– if you decline overdraft protection, it’s a soft pull, but if you accept, then they might do a hard pull.

ycx
ycx

Can confirm that there was no HP on my end on any of EQ EX TU.

Might also be worth it to get a referral from the old thread https://www.doctorofcredit.com/join-dcu-credit-union/ for an additional $20 mini-bonus.

007
007

There is also a referral bonus of, from memory, $20 for the person being referred and $10 for person referring. However, you have to invite the person first so need first and last name and email, can’t just click on a link without being invited. Also free Equifax FICO 5 which is used for mortgage applications.

Katie
Katie

Don L I’d be very interested in signing up for this if we can start a referral chain. Any rules on posting and receiving referrals here?

007
007

I don’t think you can have a link per se. Don L or whoever refers you would have to have your first and last name and email address to send you a personalized referral tied to your name & email.

Katie
Katie

Ah… thanks 007 . I should have read that more carefully. I’d still be interested in receiving a referral if anyone here is willing and able. I’d post a gmail address here I’m willing to make public and then give my actual email address and name to the person referring once contacted at that address. Tag me if interested! 🙂

007
007

Katie I can refer you if you want. I did notice that the terms seem to have changed slightly:

https://www.dcu.org/services/additional-services/member-referral-program.html

Specifically, 5 P2P transactions (basically ACH to your own bank account from the Savings account at DCU using their interface) have always been required. However, now the requirements are conflicting in that you MAY also need to open a Checking account to get the bonus.

Specifically, under “About Qualifying Accounts” it suggests that a Checking or Loan product is needed. However, under “When will I get my money?,” it suggests that only a membership (and thus, Savings account only) would be okay: “Membership with five monthly debit/credit card transactions, transfers, or payments — bonuses will be credited once five qualifying transactions are completed within one calendar month.”

In any case, it may now be YMMV, but I’m happy to refer you if you post the public gmail address to which I should email you to get your first name, last name, and real email address for the referral. Thanks!

Katie
Katie

Thanks, 007 . You can reach me at gr245rb @gmail.com. Thanks also for the heads up about hoops to jump through. Kind of a lot to try for this amount even when I factor in referring my P2, but what the heck… I want the high interest savings anyway so I’ll be a guinea pig for this! 🙂

007
007

Katie Sent you a message to that gmail address. Basically, you just fund with credit card and then do 5 ACH transfers from DCU side to your other bank account (“P2P transfers”). Or at least that is what I did previously to get the bonus.

Ven
Ven

007 Can I get a referral as well at ven.katasai40@gmail.com. TIA

007
007

Ven Sent you an email.

Cc
Cc

Can you invite me too? My email is frozenicecream@live.com
Thanks

007
007

Cc Sent you an email.

Luis Del valle
Luis Del valle

Can you send me the link for referral

Y
Y

Could you plz send me a referral at daiyuda@gmail.com. TIA

007
007

Y Sent you an email.

007
007

Ven Got your referral bonus. Hope you got your $20 and are having a good experience with DCU!

Eric
Eric

Do you know if opening a checking will incur an additional Chex inquiry? If not, I will probably let you refer me also.

007
007

Unfortunately, I can’t tell you as I don’t have a checking account with them. It looks like the terms have changed as I received the bonus as did P2 without ever opening a checking product.

Bo
Bo

Could you refer me as well? ia631ders@gmail.com
Thanks!

007
007

Sent you message.

007
007

Bo Sent you a message.

Eric
Eric

You might as well send me a referral. Send me an email at humvee7@live.com.

007
007

Eric Message sent.

007
007

Actually, looking at my Chex report, it looks like they do Chex for savings. At least I have one.

Chang
Chang

Could I also get an invitation? Email at dragonguy25@gmail.com. Thanks!

007
007

Chang Sent you a message.

007
007

Chang Received bonus for referring you. Hope you got you bonus also!

Matt

Please refer me. matt@mattivan.com

007
007

Matt Sent you a message.

JL
JL

Could you kindly shoot me a referral as well? JL@drmail.net

Thank you.

007
007

JL Sent you a message.

Kevin
Kevin

Could you send me the referral as well? kkch3n@gmail.com

007
007

Kevin Sent you a message.

Drew
Drew

https://www.dcu.org/services/additional-services/member-referral-program.html

The person being referred would have to open a checking account and do one of the following.
– Direct Deposit
– Five debit/credit card transactions, bill payments, balance transfers, or P2P transfers in a calendar month.

lvla
lvla

Can you also invite me? lv7701@yahoo.com
Thanks!

007
007

lvla Sent you a message.

Chant
Chant

Hi James Bond,
Any chance I can get a referral as well?
zine.chant@gmail.com
Thanks in advance.

007
007

Chant Sent you a message.

-t
-t

Can you invite me? vanderbilt12@gmail.com

007
007

-t Sent you a message.

Mark Williams
Mark Williams

Can i get a referral please? markaw4@yahoo.com

007
007

Mark Williams Message sent.

sa13doc
sa13doc

referral
pls sa13doc@gmail.com

007
007

sa13doc Message sent.

payyoutuesday
Drew
Drew

I’ve had the account since April 2018. The APY was 5.12% then. I don’t remember when it went up to 6.12%. It has been a very easy account to maintain. I highly recommend it!

AL_PF
AL_PF

I’m 99% sure it was Q4 last year.

Happy
Happy

Does a savings account for under 18 (kids) also earn 6.17% interest on first $1000?

Brian
Brian

Metabank/Sunrise VGC to fund?

Kelly
Kelly

I tried to fund with a vgc and it didn’t work, however, I was able to fund $1k with Citi DC. I should’ve tried to fund $5k.

RB
RB

I saw lot of previous DPs of Citi cards coding as cash advance. Is that still true? If not I will use Chase card.

RB
RB

The post says they were able to fund the account with a $250 deposit. What is the maximum CC funding available? I see you mention $1K. Is it $250 savings and $1K checking? Clarification needed please.

Kelly
Kelly

I only opened a savings account and the funding option had up to $5k when I did it. It’s possible the transaction will not go through it’s currently showing as pending on my card. Also, I have my cash advance set to $0 on Citi DC.

RB
RB

Thanks!

Lucian
Lucian

It’s up to $5000, but it doesn’t let you select credit card option over $250

Jay
Jay

Kelly , any update on what happened with your account funding (amount, coding as purchase/cash advance) would be highly appreciated… 🙂

Kelly
Kelly

Yes the $1k funding coded as a purchase.

Gerald
Gerald

DCU has excellent customer service. I’ve been a member for over 30 years. If you’re interested in 0% APR no-fee balance transfers, their Visa card is worth having, since they seem to do this every January.

Steve

Do you mean they give a balance transfer offer to existing cardholders every January? Or it’s a sign-up bonus for a new card?

Gerald
Gerald

They did it for existing cardholders in January 2018 and January 2019. It’s for a six-month term.

Murray
Murray

There are many, many reports of terrible customer service at depositaccounts. Personally, I had a bad experience and was unable to open the account – with two attempts. They take days to respond to email and are not helpful.

The 6.17% on first $1000 is a teaser. It wasn’t worth the effort/hassle in my view.

Billy Bob
Billy Bob

I’m even overseas and they opened mine after messaging my social security card and bank statement without any hassle piece of cake.. easy 6%

Billy Bob
Billy Bob

They’ve been around for 30 years? Because they’re name is Digital so I figured they just popped up a year ago?

Bill
Bill

Been a member for over 20 years. This point reminds me that those under 18 in the same household should probably join DCU as well.
DCU has been great for a few car loans as well. When I met my P2, we refinanced P2’s car loan to DCU and saved five percent. P2 has a EQ Fico over 800, but at the time anyone with 673 qualified for that same rate.

anthonyjh21
anthonyjh21

They’re the loan provider for our Solar system. Didn’t select them by choice as it was the default for our system. I did open the 6% savings because I already have an account there. Was not a hard pull to join.

At any rate I’ve had quite a few issues with them, including their system not even accounting for a payment even after two calls to confirm there were no issues. Their system was off by a month of the loan origination date. Only due to my OCD nature with accounts (thanks churning) I caught it before 30 days and it didn’t hit my credit report. Their online system is also convoluted. I can’t pay principal payments automatically to my solar loan. It has to go through their DCU savings account. A representative flat out told me the solar loan process is a bit complicated and doesn’t always begin smoothly.

Overall I’m far from impressed with DCU and cannot in good conscience recommend them. Perhaps it’s different if you’re not a solar customer but either way, it’s still a branch of their CU.

Samus
Samus

are you drunk? why are you taking about solar systems? lol I couldn’t follow your comment.. and what does this have to do with the 6% interest?

anthonyjh21
anthonyjh21

I think you need to slow down and reread my comment. If that doesn’t work not sure what else to tell you because my connection is obvious.

I’m providing my experience with DCU in regards to both customer service, their interface and clunky design in regards to transfers. You don’t have to like it and you can have a different opinion. It’s ok to disagree and still feel secure about yourself there little buddy. 👍

Eric
Eric

For those that opened already, did you join Reach Out for $10 before signing up or is that part of the application process?

Chong786
Chong786

Denied due to chex

RB
RB

Was it an immediate denial?

chong786
chong786

nope went to pending. received a denial letter after 4 days

RB
RB

Thanks for the info!

Samosa
Samosa

So a family of 4 can potentially earn 6.17% interest on $4000, not bad.

M
M

Does anyone know if the interest still qualifies for the 6.17% if it brings balance to over $1k?

AL_PF
AL_PF

6.17% on up to $1K, 0.25% on amounts over. So if you had $1,001.00 in the account, you’d get the highest rate on $1K, and 0.25% on $1.00.

Joe
Joe

Do they place a chex inquiry?

007
007

Yes, for savings account

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