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)
- 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!
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“Additional DPs from Best Savings Page Hard: #1”
This person later added a comment that it was actually a soft pull.
Thanks, will update that
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.
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.
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.
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.
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! 🙂
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!
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! 🙂
Can you invite me too? My email is frozenicecream@live.com
Thanks
Can you send me the link for referral
Could you plz send me a referral at daiyuda@gmail.com. TIA
Do you know if opening a checking will incur an additional Chex inquiry? If not, I will probably let you refer me also.
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.
Could you refer me as well? ia631ders@gmail.com
Thanks!
Sent you message.
You might as well send me a referral. Send me an email at humvee7@live.com.
Actually, looking at my Chex report, it looks like they do Chex for savings. At least I have one.
Could I also get an invitation? Email at dragonguy25@gmail.com. Thanks!
Please refer me. matt@mattivan.com
Could you kindly shoot me a referral as well? JL@drmail.net
Thank you.
Could you send me the referral as well? kkch3n@gmail.com
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.
Can you also invite me? lv7701@yahoo.com
Thanks!
Hi James Bond,
Any chance I can get a referral as well?
zine.chant@gmail.com
Thanks in advance.
Can you invite me? vanderbilt12@gmail.com
Can i get a referral please? markaw4@yahoo.com
referral
pls sa13doc@gmail.com
In addition to the DPs listed on your “Does Funding a Bank Account With a Credit Card Count as a Purchase or a Cash Advance” page, there are also DPs of successfully funding with CSP and CSR, respectively:
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/#comment-56662
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/#comment-588321
Also CIPs:
https://www.reddit.com/r/churning/comments/cprkvr/bank_account_bonus_week_of_august_13_2019/ex0nk5g/
https://www.reddit.com/r/churning/comments/bxffpp/data_points_central_thread_week_of_june_06_2019/eqoganj/
Thanks, I’ll add a link to your comment
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!
I’m 99% sure it was Q4 last year.
Does a savings account for under 18 (kids) also earn 6.17% interest on first $1000?
Yes, each child can have one primary savings account at the 6.17% rate
Metabank/Sunrise VGC to fund?
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.
I saw lot of previous DPs of Citi cards coding as cash advance. Is that still true? If not I will use Chase card.
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.
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.
Thanks!
It’s up to $5000, but it doesn’t let you select credit card option over $250
Yes the $1k funding coded as a purchase.
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.
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?
They did it for existing cardholders in January 2018 and January 2019. It’s for a six-month term.
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.
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%
They’ve been around for 30 years? Because they’re name is Digital so I figured they just popped up a year ago?
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.
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.
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?
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. 👍
For those that opened already, did you join Reach Out for $10 before signing up or is that part of the application process?
Part of the application process
Denied due to chex
Was it an immediate denial?
nope went to pending. received a denial letter after 4 days
Thanks for the info!
Would you also be willing to share how many accounts you opened recently? Thanks
opened 3 checking accounts last month . 7 checking accounts within 6 months
both
So a family of 4 can potentially earn 6.17% interest on $4000, not bad.
Does anyone know if the interest still qualifies for the 6.17% if it brings balance to over $1k?
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.
Do they place a chex inquiry?
Yes, for savings account