November 30, 2021
1,144 Comments
by Don L
Update 11/30/21: There is now a $100 checking referral bonus as well, more on that here.
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
- Additional DPs 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
Contents
- 1 The Offer
- 2 The Fine Print
- 3 Avoiding Fees
- 4 Our Verdict
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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1.1K Comments
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Z(@guest_1562240)
February 23, 2023 09:15
#1562240
Please email me for a referral, i respond quickly
Let me know your:
1. First Name
2. Last Name
3. E-mail to be used to sign up for DCU
You can email me at [emailprotected]
Thank you 🙂
Reply
Bill M.(@guest_1542335)
January 26, 2023 08:27
#1542335
Terrible!
I have been a customer for many years. When I first joined, you simply entered a transfer from an external account, no need to have it ‘linked’ or to give some 3rd party like Plaid access to your external account.
They changed their website and now you cannot access any previously entered transfers anymore, you can’t edit or modify them, and only cancel the next 2 scheduled transactions. I contacted them to tell them that my external account will be closed by the end of the month, and if they don’t cancel the transfer on file, I wont be responsible for any NSF charges they might encounter. The different employees I talked to just did not get it, they keep telling me I have to ‘unlink’ my external account, but they can’t explain why they can’t see it or do it for me. Because I never linked one!
So you are stuck with either giving some 3rd party organization access to your account information, or not be able to perform any bank-to-bank transfer without any charges nor fee. In my case. I will close my account and go any of the many other options, without this kind of headache (
The bad part is not that there is still a low quality of work and products, but that the people involved get dumber and dumber.
2
Reply
Thirdman(@guest_1517408)
December 23, 2022 10:41
#1517408
DP for the Savings account from a new user:
Not sure if others had the same issue, but they are allowing to only transfer $500 max per month for the first 90 days from an external account. I can still do DD from employer over that amount.
Just wanted to toss that out there. Was trying to cap the $1k amount for the 6%, but was getting errors.
1
Reply
William Charles Chuck received email today that $100 checking referral is back.
“Once your friend or family member open their membership and complete one of the qualifying activities, you’ll get $50 – and they’ll get $100. “
Referral is a link this time and doesn’t need emailing anymore.
1
Reply
OST
There is a referral post started today. I just found it by searching the site.
https://www.doctorofcredit.com//share-your-digital-federal-credit-union-dcu-2/
Reply
Eric
Eric thanks! I was on mobile and only found the old locked one
Reply
Taz(@guest_1451478)
September 23, 2022 21:27
#1451478
Applied as new member for Primary Savings and was able fund by credit card (Visa, MC, or Discover) max $250 including membership application for Reach Out for Schools. Putting in higher funding removes the option to fund with credit card.
2
Reply
Not seeing option to fund with CC any longer for checking or savings
Reply
Mike(@guest_1342381)
March 3, 2022 18:35
#1342381
I only received 4.60 USD for Feb
Reply
Mike
Sounds right, since Feb only has 28 days.
6
Reply
Sara R(@guest_1336883)
February 23, 2022 12:14
#1336883
AllenW
I did – digital not paper
1
Reply
Sara R
Did it include referral Bonuses $100? My account has been converted and i try to view my statements and i get an error. Sara R
Reply
Sara R(@guest_1336918)
February 23, 2022 12:56
#1336918
AllenW
No referral bonuses included in mine, just the interest I earned off the savings account in the form of a 1099-INT (however I did earn $130 in referrals for 2021). I think any referral bonuses would fall under a 1099-MISC but most banks only issue those over $600 (vs over $10 for 1099-INT), so unless you made $600 in referrals you likely won’t receive a 1099-MISC. Anyone else please chime in and correct if I am wrong.
1
Reply
Ian(@guest_1323885)
January 31, 2022 12:12
#1323885
Dang it’s a shame I missed it. How often do they have bonuses like that?
Reply
DW(@guest_1304614)
December 24, 2021 18:19
#1304614
Opened account for P2, but it keeps saying the login is incorrect. Tried using member number and last 4 of SSN, tried resetting password with phone number and member number, keeps saying it is incorrect and/or does not match. I know that the account was in fact opened, has anyone run into this before?
Reply
Terry(@guest_1304667)
December 24, 2021 23:46
#1304667
DW
Yes, I had the same problem. Finally called and they were able to get me logged in over the phone.
1
Reply
DW(@guest_1306815)
December 30, 2021 17:16
#1306815
DW
I was able to log in thru the app on P2’s phone with member number and last 4 of SSN. Tried doing it on desktop again after successfully logging in on the app and it still doesn’t let me. Kind of annoying, but not a deal-breaker.
Reply
