Digital Federal Credit Union (or DCU) is based out of Marlborough, Massachusetts and is the 14th largest credit union in the country by asset size with just over $10 billion. Despite having a small regional footprint with only 19 branches in Massachusetts and 4 in New Hampshire, they have members in all 50 states totaling just over 1 million.

Although DCU is a full service credit union, for the purpose of this review we will just focus on their CD (certificate of deposit) rates. Their CD accounts can be opened online by consumers in all 50 states.

If you don’t live near a local branch you can still join by becoming a member with one of their partner organizations or by employment if your employer is a participant of their network. You can see all the available paths to membership here, or take a look at some of the quickest and cheapest routes below:

• Join Reach Out For Schools (one-time $10 fee)
• Join the not-for-profit organization Sholan Farms (one-time $25 fee)
• Join SOLF, the Southborough Open Land Foundation (on-time $25 fee)

All of these organizations can be joined while you’re applying for membership.

To see if DCU’s CD rates are right for you, continue reading our review below.

DCU CD Rates + Account Details

Digital Federal Credit Union is a member of the NCUA (FDIC equivalent for credit unions) and all deposits held with them are federally insured up to $250,000 per depositor.

DCU offers 4 types of CD accounts to choose from. These are:

• Regular CDs with terms ranging from 3 to 60 months and minimum deposit requirements of $500.
• Jumbo CDs with terms ranging from 3 to 60 months and a minimum deposit requirement of at least $25,000.
• Jump-Up CDs with terms of 15 and 27 months that allow you to raise your rate once during the CDs duration.
• Quick Start CDs with terms ranging from 3 to 60 months, a minimum deposit requirement of just $100 and a maximum age of 23 years old.

Regular CD Rates

CD Term	APY
3 – 5 months	1.51%
6 – 11 months	1.51%
12 – 23 months	1.51%
24 – 35 months	2.02%
36 – 47 months	2.02%
48 – 59 months	2.02%
60 months	2.53%

To put these yields into perspective, the current national average for a 12 month and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

That said, there are a number of online banks and nationally available credit unions offering 5.00% and 4.50% APY on those same terms following the Fed’s most recent rate hike.

Jumbo CD Rates

CD Term	APY
3 – 5 months	1.51%
6 – 11 months	1.51%
12 – 23 months	1.51%
24 – 35 months	2.02%
36 – 47 months	2.02%
48 – 59 months	2.02%
60 months	2.53%

As noted, these require a minimum deposit of $25,000, however, per the time of this writing they provide the same yields as their standard CDs.

Jump-Up CD Rates

CD Term	APY
15 months	1.51%
27 months	2.02%

If these Jump-Up CD rates rise after you open one of them, you may notify DCU that you’d like your CD to ‘jump up’ to the new rate. You can do this once during the CD’s term.

Quick Start CD Rates

These products are only available to members under the age of 23 and come with a minimum deposit requirement of just $100.

CD Term	APY
3 – 5 months	1.51%
6 – 11 months	1.51%
12 – 23 months	1.51%
24 – 35 months	2.02%
36 – 47 months	2.02%
48 – 59 months	2.02%
60 months	2.53%

These rates are also the same as their Regular and Jumbo CD rates per the time of this writing.

Compounding and Crediting Interest

All DCU CDs come with daily compounding interest that is credited back to your account monthly.

Grace Period and Early Withdrawal Penalty

DCU CDs will automatically renew with the same term and the going APY if nothing is done at maturity during your grace period. Typically these grace periods are 7 or 10 day windows of time in which you may modify your CD or close it out before it automatically renews, however, when contacted DCU to find out this information after searching through their disclosure forms the representative stated that you’d need to contact them prior to its maturity to prevent it from auto-renewing (as in there is no grace period). If anyone has had a different experience with a DCU CD, please share in the comment section.

If you need access to the funds in your DCU CD prior to its maturity, you will face an early withdrawal penalty fee. The fee structure is as follows:

CD Term	Early Withdrawal Penalty
3 – 11 months	60 days’ simple interest
12 – 35 months	90 days’ simple interest
36 – 60 months	180 days’ simple interest

How to Open and Fund your CD

If you’re not currently a member, you’ll need to start here to proceed with the application. This should take about 5 minutes to complete.

To expedite the process, you’ll need to following personal information:

• email
• phone
• home address
• social security number
• driver’s license

Once you’ve joined DCU, you’ll need to fund your account. To complete this you’ll need:

• Your current bank or credit union’s routing number.
• Your current bank account number. This should be the account you’re using to fund your new Digital Federal Credit Union CD.

Flagstar Bank, headquartered in Troy, Michigan, is the 74th largest bank in the US by asset size, with just over $31 billion in total assets.

They have a robust offering of deposit accounts, however, they are only available to consumers in select regions. You’ll have to enter in your zip code in the beginning of your session to navigate through their products and rates.

Within their suite of deposit products they offer both fixed-rate certificates of deposit and variable-rate accounts such as money market accounts, savings accounts and checking accounts.

Their high yield savings account doesn’t offer a competitive rate at the time of this writing and comes with a $35 monthly service fee if you don’t maintain a balance of $50k or more.

Their CDs (certificates of deposit) feature the most competitive yields out of all of Flagstar Bank’s deposit accounts.

In our review below, we will focus on the CDs offered by Flagstar Bank. They currently offer customizable CD terms ranging from 30 days to 10 years. They also have one promotional CD which carries the best APY (annual percentage yield).

Flagstar Bank CD Rates + Account Details

Flagstar Bank is a member of the FDIC. Consumer deposits are federally insured up to $250,000 or $500,000 for joint accounts.

Flagstar Bank CDs come with a minimum deposit requirement of $500. If you plan on depositing more than $110,000 into a CD you will need to visit a local branch. You can locate one here.

CD Rates

Term	APY
30 – 89 days	0.25%
90 – 179 days	0.25%
180 – 364 days	1.25%
13 month	4.00%
12 – 17 months	1.50%
18 – 23 months	1.75%
24 – 29 months	2.00%
30 – 35 months	2.00%
36 – 47 months	2.25%
48 – 59 months	1.75%
60 – 71 months	1.75%
72 – 83 months	1.75%
84 – 95 months	1.75%
96 – 107 months	1.75%
108 – 120 months	1.75%

To put these offers in perspective, the current national average for a 12 month CD and a 60 month CD sit at 1.21% APY and 1.28% APY, respectively, according to FDIC data.

That said, there are a number of online banks and credit unions with nationwide acceptance offering CDs with rates above 4.60% for both respective terms.

Compounding and Crediting Interest

Unlike many bank CDs which feature daily compounding interest which gets credited back to the account monthly, Flagstar Bank both compounds rates monthly and also credits interest payments on a monthly basis.

Grace Period and Early Withdrawal Fees

Flagstar Bank has a standard 10 calendar-day grace period in which you can add or withdraw funds from your certificate of deposit or close it out entirely without penalty. If nothing is done during this time, the funds will automatically renew into the same deposit term with the going APY at that time.

If you need access to your funds outside of the grace period, Flagstar Bank will impose an early withdrawal penalty.

Early withdrawal penalties are determined by the term length of your CD. Early withdrawal penalties are as follows:

Term	Penalty
30 – 179 days	30 days’ interest
180 – 364 days	90 days’ interest
12 – 35 months	180 days’ interest
36 – 120 months	364 days’ interest

Be sure to set up your own reminders to alert you when your grace period starts. Flagstar Bank will also send out notifications to let you know your CD will be maturing soon.

How to Open and Fund the CD

There are 2 ways to open a Flagstar Bank CD.

1. Give them a call at 844-645-0835
2. Stop by a local branch.

Flagstar does not provide an option to open a CD online at this time.

Once you’ve connected with a Flagstar representative either by phone or in-person you’ll need to have the following personal information to proceed with the CD:

1. Home Address
2. Phone Number
3. Email
4. Social Security Number
5. Driver’s License or State ID

Once you’ve opened the CD, you’ll need to fund it. This can be done by transferring funds from another bank account or with a physical check. If transferring funds from your current bank or credit union you’ll need to the following:

1. You current bank or credit union’s routing number
2. Your bank account number

Freedom Credit Union is an established financial institution serving Greater Philadelphia and controlling about $1.1 billion in total customer assets as of January 2023. It was founded in 1934 and today is more than 70,000 members strong. This credit union, also referred to as FCU, is known for its customer care and community outreach in Philly.

In terms of Freedom Credit Union’s banking products, they offer some highly competitive CD (certificate of deposit) rates to their members with their 5 year CD yielding 4.86% APY (annual percentage yield) is one of the highest offers in the country currently.

To see if this credit union and their CD rates are right for you, continue reading our review below.

Freedom Credit Union CD Rates + Account Details

Freedom Credit Union currently has only one type of CD account available and this is a standard certificate of deposit. Terms are available for between six and 60 months or five years. See the current rates on these accounts below.

CD Rates

Term	APY
6 months	4.13%
12 months	4.18%
18 months	4.24%
24 months	4.29%
30 months	4.29%
36 months	4.34%
48 months	4.60%
60 months	4.86%

To put these yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at 1.28% and 1.21% APY, respectively, according to FDIC data.

Even the top yields offered from FDIC-insured online banks are just barely inching over the 4.50% APY mark for both 12 and 60 month terms – so this 60 month CD offered by Freedom Credit Union is one of the most competitive CD rates on the market for 5 year terms.

Minimum Deposit Requirements

The minimum opening deposit required for all certificates is $500 for members over the age of 25 or just $250 for members equal to or younger than 25 years old. This is a unique rule that may make these accounts slightly more attractive to young adults, for whom CDs and other savings accounts probably aren’t top of mind.

Compounding and Crediting Interest

Dividends are compounded and credited monthly for standard certificates with Freedom Credit Union.

You are permitted to withdraw your interest each month without penalty by transferring the funds to another account with FCU or a separate bank, or you can just leave it in there to continue compounding.

Grace Period and Early Withdrawal Fees

Freedom Credit Union has a standard grace period of 10 days upon the maturity of your CD. During this 10 day window you can modify your CD – either by deposit amount or term – or close it out entirely.

If nothing is done during the grace period your CD will automatically renew into a new CD with the same term and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will face an early withdrawal penalty fee.

Early withdrawal fees are as follows:

• Early withdrawal from a certificate of less than or equal to six months will incur a penalty fee equal to 90 days’ worth of interest
• Early withdrawal from a certificate of between 12 and 36 months will incur a penalty fee equal to 180 days’ worth of interest
• Early withdrawal from a certificate of between 48 and 60 months will incur a penalty fee equal to 360 days’ worth of interest

If you withdraw within six days of taking out a CD, you’ll pay a penalty fee equal to seven days’ worth of interest.

All CDs with Freedom Credit Union are federally insured by the NCUA up to the permitted limit of $250,000 per account, per depositor.

Freedom Credit Union does not offer any non-standard types of certificates such as bump-up CDs or no-penalty CDs.

How To Join Freedom Credit Union

Unfortunately, not just anyone can start banking with Freedom Credit Union. Only those living, working, going to school, or otherwise finding themselves often in select counties around Philadelphia, Pennsylvania, are eligible to join. These counties are:

• Bucks
• Chester
• Delaware
• Montgomery
• Philadelphia

Attending church or volunteering in these counties also counts. Basically, you just need to be associated with one of the qualifying counties to be eligible for membership. 

If you’re nowhere near one of these counties and you don’t have a direct family member who’s a member, you won’t be able to join Freedom Credit Union. And unlike many credit unions, particularly larger ones that are online-only, there is no workaround for people to join through other means such as becoming a member of a particular nonprofit or making a charitable donation.

For those who do qualify for membership, there are a couple of things you’ll need to do to join the credit union. First, you’ll fill out an application by providing your personal information, employment information, social security number, and mailing address. Normal stuff. 

Then, you’ll follow the steps to open a Primary Share account. This is a savings account that serves as your ticket to membership and represents your share of the credit union. You’re only required to deposit $5 when signing up but can deposit as much as you want. This account does earn interest at a rate of 0.50%, which isn’t great compared to the – albeit much higher than it normally is – national average of 0.33%. We don’t really recommend using this account for most of your savings because it isn’t going to come close to beating (or in 2023 times, softening the blow of) inflation. For that, go for a high-yield online savings account.

Once your share account is set up, you can open any other accounts you’re interested in now or come back to the site later to start that process.

You can open an account completely online or visit an in-person branch to do this along with a banker. That said, there are only four branch locations around Philadelphia. You can find all of Freedom Credit Union locations by using the aforementioned link.

Member Perks

Freedom Credit union offers a number of exclusive member perks such as discounts at resorts and attractions in the community. Stay at the Great Wolf Lodge in Pocono Mountains; unwind at the CoCo Key Resort at Mt. Laurel; or visit Six Flags in Jackson, New Jersey; Washington, D.C., or Lake George, New York; at discounted rates just for being a member.

Freedom Credit Union Customer Sentiment

Reviews of Freedom Credit Union’s customer support are overwhelmingly positive. Especially if you do most of your banking in person at a branch, you can expect quality customer service. This credit union seems to put emphasis on taking time with its members and this is reflected in the fact that many people stick with FCU for many years, even decades.

As for the less-than-ideal parts, some members complain about the sign up and application processes to open new accounts saying that they’re lengthy or frustrating. To us, these don’t seem to be any different from the standard.

The Freedom Credit Union mobile app is what we like to see with high ratings for both Apple and Android users. As of January 2023, the app has a rating of 4.8 out of 5 stars on both Google Play and the App Store. 

It’s fairly common to see traditional banks and credit unions still using outdated systems or practices, but Freedom Credit Union’s app is reliable and intuitive with smooth functionality. It’s not weighed down with the bells and whistles that come with other banking apps, and this is a strength. But it’s still modern enough to not be infuriating to younger folks.

Final Thoughts

If you’re in the market for a long term CD and are fortunate enough to join Freedom Credit Union, then their 48 month and especially their 60 month CDs are going to be hard to beat.

That said, their shorter term deposits are competitive, but similar rates can also be found with other credit unions that have nationwide acceptance as well as online, FDIC-insured banks.