Delta Community Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Wednesday, July 1, 2020

Delta Community Credit Union checking account options

Delta Community Credit Union Personal Checking Account

A basic, free checking account. Though it earns interest, the rate is so low and balance requirement is so high it may as well be a non-interest account.
APYMinimum Balance Amount to Earn APY
0.01%$5,000
0.03%$25,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 each

Delta Community Credit Union’s Personal Checking account does not have a minimum opening deposit requirement. This account is also completely free and does not have a monthly maintenance charge, regardless of your balance.

The Personal Checking account earns interest, but only if you have a balance of  $5,000 or more. The rate is also very low, even if you earning the highest rate with a balance of $25,000. If you make purchases using the account debit card, you’ll earn reward points which you can redeem for travel, merchandise, gift cards and cash back. The account earns one point for every $3 made in eligible purchases. Terms apply.

You can make free withdrawals from any Delta Community ATMs, as well as any ATMs in the CO-OP network. If you use another ATM, Delta Community doesn’t charge anything, but they will not refund any fees from the ATM owner.

Before you can open a Personal Checking account, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

You can open a Delta Community Personal Checking account at the same time using this information — there’s no initial deposit requirement, so you can set up an account without adding money.

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on Delta Community Credit Union’s secure website

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How Delta Community Credit Union’s checking accounts compare

Delta Community Credit Union only offers one checking account, which does a respectable job delivering banking basics. The account has no minimum balance requirement and no monthly fee, and you can also access thousands of free ATMs through the CO-OP network. At a time when large banks are increasing fees and balance requirements, a free checking account with decent ATM access isn’t bad.

But if you want more than the basics, Delta Community account doesn’t deliver. Though their checking account claims to pay interest, the rate is extremely low. Even worse, you need a minimum balance of $5,000 or more to earn interest. We also don’t like that Delta Community doesn’t refund out-of-network ATM fees. While the CO-OP network gives you access to large network of free ATMs, chances are you’ll still make the occasional out-of-network withdrawal — which means fees.

That’s why you can do better than Delta Community’s checking account. If you want to actually earn interest, these are the best online checking accounts on the market. They pay much more than Delta Community and include generous ATM refund programs.

Delta Community Credit Union savings account options

Delta Community Credit Union Personal Savings Account

Every member of Delta Community Credit Union is required to open this savings account. The rate is decent enough that we could see people using this account even if it wasn’t required.
APYMinimum Balance Amount to Earn APY
0.15%$0.01
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 each

To join Delta Community Credit Union, you need to open their Personal Savings account as part of your application. You must deposit at least $5 when you open and keep at least $5 in the account to maintain your membership. However, this account does not charge a monthly maintenance fee regardless of your balance.

Delta Community’s Personal Savings account earns interest on all deposits and the rate is respectable. It always stays the same so you won’t earn more for a larger balance.

Since this is a savings account, there are limits on how often you can take money out because of a government rule, Reg. D. Each statement cycle, you are allowed to make up to six certain withdrawals/transfers including debit card purchases, checks, bill payments and transfers to other accounts. If you try to make more than six, Delta Community will deny the transaction. This rule does not apply to ATM withdrawals, so you’re able make as many of those as you need without any problems.

Before you can open a Personal Savings account, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. You will also need to make your deposit of at least $5. As you apply for the Personal Savings account for your membership, you can also open other Delta Community deposit accounts at the same time.

SEE DETAILS Secured

on Delta Community Credit Union’s secure website

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How Delta Community Credit Union’s savings accounts compare

You can’t join Delta Community Credit Union without opening their savings account — fortunately, they offer decent terms for this mandatory account. First, it offers a respectable savings account interest rate. Even though you just need a $5 minimum balance, the savings rate is high enough that we could see people depositing more.

We also like that the account never charges a monthly fee. It also caught our attention that Delta Community does not charge a fee when you make too many transactions mandated by Regulation D — they just deny the transaction. Other lenders charge a costly fee when this happens, but Delta Community lets you off the hook; it’s convenient if you ever lose track.

Though this is a good savings account, if you put in your due diligence you can find others which are even better. We’ve reviewed the very best savings accounts here if you’d like to earn the highest possible rate for your money.

Delta Community Credit Union’s CD rates

Delta Community Credit Union Certificates of Deposit

Delta Community Credit Union’s CD rates are just average. They’re not the worst deals out there, but there are other lenders paying much more.
Term
APY
6 months0.35%
12 months0.85%
24 months1.25%
36 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For a 6-month term, the penalty is 60 days of interest. For a 12-month term, the penalty is 90 days of interest. For 24 or 36-month terms, the penalty is 180 days interest. For a 60-month term, the penalty is 270 days interest.

Delta Community Credit Union offers five different CD terms, ranging from six months up to 60 months (five years). You need to deposit at least $1,000 to open a Delta Community CD and keep this much in the account to earn the APY.

Delta Community’s CD rates are average and straightforward: you earn more by committing to a longer amount of time.

If you take money out of your CD before the maturity data, Delta Community charges an early withdrawal penalty. The penalty depends on your CD term:

  • For a 6-month term, the penalty is 60 days of interest.
  • For a 12-month term, the penalty is 90 days of interest.
  • For 24 or 36-month terms, the penalty is 180 days interest.
  • For a 60-month term, the penalty is 270 days interest.

These CDs automatically renew after the maturity date unless you tell Delta Community not to continue. If your CD renews, you have a 10-day grace period to cancel without an early withdrawal penalty.

Before you can open a CD, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

You can open a Delta Community Certificate of Deposit at the same time using this information. You will need to provide your deposit along with the application.

SEE DETAILS Secured

on Delta Community Credit Union’s secure website

NCUA Insured

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How Delta Community Credit Union’s CD rates compare

Delta Community Credit Union’s CDs don’t leave much of an impression, good or bad. Their rates definitely aren’t the worst. They pay much more than some of the large national banks, but at the same time, there are other CDs which earn a whole lot more.

There also isn’t much variety with Delta Community’s CDs. They only have five options and they are all the standard, fixed-rate CDs. There’s no way to customize the length of your CD or include other features, like the ability to adjust your rate partway through the term.

Now, a boring CD isn’t necessarily a bad thing if it comes with an exciting interest rate. But Delta Community doesn’t offer that. For a CD rate you can actually get excited about, check out these CD options instead.

Delta Community Credit Union money market account options

Delta Community Credit Union Personal Money Market Account

Money market accounts typically comes with high monthly fees, but not at Delta Community Credit Union. Their account is completely free. It would be an attractive choice if only the rates were higher.
APYMinimum Balance Amount to Earn APY
0.25%$1,000
0.35%$10,000
0.45%$25,000
0.55%$50,000
0.62%$100,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $35 each

Delta Community Credit Union’s Personal Money Market account does not have a minimum opening deposit requirement. You can set one up for any amount or even with no deposit at all.

This account does not charge a monthly maintenance fee. It stays free no matter how low your balance drops. However, you will need a balance of $1,000 or more before you start earning interest. The interest rates gradually increase as you deposit more, before maxing out at a balance of $100,000. Still, Delta Community’s Money Market rates are just OK.

Since this is a money market account, there are limits on how often you can take money out because of a government rule, Reg. D. Each statement cycle, you are allowed to make up to six certain withdrawals/transfers including debit card purchases, checks, bill payments and transfers to other accounts. If you try to make more than six, Delta Community will charge a $20 excess transfer fee on the extra transactions.

While Regulation D does not apply to ATM and bank withdrawals, Delta Community also puts a monthly limit on these. You are allowed up to 10 free withdrawals per month, and if you make more, Delta Community charges a $20 fee on the additional withdrawals.

Before you can open a Personal Money Market account, you first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

You can open a Delta Community Credit Union Personal Money Market account at the same time using this information. There’s no initial deposit requirement, so you can set up an account without adding money.

SEE DETAILS Secured

on Delta Community Credit Union’s secure website

NCUA Insured

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How Delta Community Credit Union’s money market accounts compare

Money market accounts typically come with large balance requirements and high monthly fees, so we respect that Delta Community Credit Union offers a completely free account. If your balance falls below $1,000, all that happens is you stop earning interest, but there’s never a fee — even this $1,000 cutoff to earn interest is low by money market account standards.

It’s just too bad Delta Community doesn’t pay more interest. The rates aren’t bad, but they don’t quite match the truly top-tier money market accounts available today. Even at the highest rate, for a deposit of $100,000, you still won’t earn what we would consider a quality rate.

For more generous rates, you could use something on this list of the best money market accounts in the country. While Delta Community’s money market account isn’t bad, with these other options you could earn more — and you won’t have to deposit $100,000 to make it happen.

Delta Community Credit Union IRA account options

Delta Community Credit Union IRA CD Rates

Most of Delta Community Credit Union’s CDs can be used through an IRA. Once again, the rates are just average.
TermAPY
12 months0.85%
24 months1.25%
36 months1.50%
60 months1.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For a 12-month term, the penalty is 90 days of interest. For 24 or 36-month terms, the penalty is 180 days interest. For a 60-month term, the penalty is 270 days interest.

Nearly all of Delta Community Credit Union’s CDs can be set up as part of an IRA; the only one that isn’t available is the 6-month CD. Everything else can be used as an IRA CD and the rates are the same.

You must deposit at least $1,000 to open a Delta Community IRA CD and keep at least this much in your account to earn the APY.

If you take money out of your IRA CD before the maturity data, Delta Community Credit Union charges an early withdrawal penalty. The penalty depends on your IRA CD term:

  • For a 12-month term, the penalty is 90 days of interest.
  • For 24 or 36-month terms, the penalty is 180 days interest.
  • For a 60-month term, the penalty is 270 days interest.

Before you can open an IRA CD, you’ll first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

Once you’re a member, you can apply for a Delta Community IRA CD. However, these accounts are not available through their online portal; instead, they ask you to download the IRA application form through their website. You can either complete the application at home and mail/fax to Delta Community’s IRA department or you can visit a branch to complete everything in-person.

SEE DETAILS Secured

on Delta Community Credit Union’s secure website

NCUA Insured

Delta Community Credit Union IRA Savings Account

If you want the flexibility to take money out of your retirement plan, Delta Community Credit Union offers an IRA Savings account. The rates are respectable for this type of account, but lower than an IRA CD.
APYMinimum Balance Amount to Earn APY
0.22%$0.01
0.32%$10,000
0.42%$25,000
0.52%$50,000
0.60%$100,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None

Delta Community Credit Union also offers an IRA Savings account to go along with their IRA CDs. There is no minimum opening deposit requirement so you can set one up for any amount. In addition, this account does not charge a monthly fee.

Delta Community’s IRA Savings account earns interest on all balances. You earn more for larger deposits before the rate maxes out at balances of $100,000+.

The IRA Savings account rates are lower than their IRA CDs. In exchange, this account gives you more flexibility to take money out. There is no early withdrawal penalty and you can move money out when you want.

Before you can open an IRA Savings account, you first need to join Delta Community Credit Union; you can apply online or by visiting one of their branches.

The application asks how you qualify for membership, and requires you to provide your address, Social Security number and a form of government ID. As part of the application, you’ll also need to open a Delta Community Savings account with a deposit of at least $5. Every member is required to have this account.

Once you’re a member, you can apply for a Delta Community IRA CD. However, these accounts are not available through their online portal; instead, they ask you to download the IRA application form through their website. You can either complete the application at home and mail/fax to Delta Community’s IRA department or you can visit a branch to complete everything in-person.

SEE DETAILS Secured

on Delta Community Credit Union’s secure website

NCUA Insured

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How Delta Community Credit Union’s IRA CD rates compare

Delta Community Credit Union’s IRA CDs are middle of the pack. Their rates are much better than what’s available at the large national banks, yet nowhere near the top options out there. Another potential downside is that Delta Community doesn’t offer much variety. There are only four IRA CD terms to choose from, so it’s hard to customize your retirement plan.

Their IRA Savings account is decent. There’s no minimum deposit or balance requirement and the rates are above average for this type of account. However, these accounts pay a lot less than IRA CDs and limit how much your retirement savings will grow. It’s usually a better move to use an IRA CD, unless you can’t meet the deposit requirements or really might need your money in the short-term.

In the end, Delta Community’s IRA CDs just don’t provide enough earning power for your retirement goals. Want a more respectable return? We’ve tracked down the very best offers for every IRA CD term so you can find a great match for any savings timeline.

Overall review of Delta Community Credit Union’s banking products

When a lender designs their deposit accounts, it’s always a tradeoff. Do they create a few exceptional offers while sacrificing the quality of the others, or do they keep everything at a solid, but not spectacular, level? Delta Community Credit Union has gone with the second approach.

All their accounts are good. They keep the fees low, pay mostly fair interest rates and have low deposit and balance requirements. The downside is that none of Delta Community’s accounts are great. Their rates just do not compete with the best offers in the country.

Since they’re a regional bank, we guess they created accounts to impress at a statewide level. They aren’t trying to reach the hyper-competitive, national market online. This makes sense since Delta Community’s membership requirements mean most of their customers either live or work in Georgia.

If you live in Georgia and want a credit union where all the accounts are decent, Delta Community Credit Union makes sense. But if you’re on the hunt for the truly best deposit account rates, you should look elsewhere.

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