Digital Federal Credit Union (DCU) Reviews — Savings, CD, Checking, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Digital Federal Credit Union checking account options

Free Checking account

Digital Federal Credit Union’s version of a no-frills, free checking account. Pay attention to its Relationship benefits.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union.
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

This is Digital Federal Credit Union’s basic checking account. You won’t earn any interest, but it won’t cost you much, either. Digital Federal Credit Union does offer you the option to earn some extra perks if you have what it calls Relationship Benefits, as described below. If you can meet all the requirements, it will also throw in an extra 100 “custom-style” checks per year for free.

To earn its Relationship benefits, you’ll need to do at least two of the following three things:

  • Have your paycheck or other income directly deposited into your account (unless you’re under 23 years of age)
  • Be signed up for electronic statements (unless you’re 65 or older)
  • Have an active loan or credit card with Digital Federal Credit Union

If you meet these requirements each month, you can use third-party ATMs for free, and you’ll receive up to $5 in ATM surcharge fee reimbursements per month (if you meet two of three requirements) or $15 in ATM surcharge fee reimbursements per month (if you meet all three requirements).

It can be a bit confusing just how the Relationship benefits are applied. If you meet the criteria for Plus benefits or Relationship benefits and make the required deposits in order to earn rewards, you can apply the rewards to any applicable account. Obviously, you won’t be able to order checks for your CD account for example, but the wording isn’t very clear on the credit union’s site, so we thought we’d clear that up.

The second benefits option is called the Plus Benefits level. There are only a few perks to making the direct deposits necessary for this option. You can get paid up to two days early for direct deposits, and can receive up to $10 in ATM fee reimbursements. You can also receive a 0.50% discount on most consumer loans with electronic payment.

When you open your account, you’ll be prompted to opt in or opt out of overdraft protection. This is part of a new regulation in the wake of the 2008 financial crisis; now, banks must ask your permission before auto-enrolling you in overdraft services.

How to get Digital Federal Credit Union’s Free Checking account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting one of the credit union’s branches.

As a part of the process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union. This account has no fees, and you don’t have to use it in the first place.

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HSA Checking account

An interest-bearing account to pay for qualified health care expenses for you, your spouse or your dependents.

APY

Minimum Balance to Earn APY

0.20%

Less than $1k

0.25%

$1k - $9,999.99

0.30%

$10k - $24,999.99

0.35%

$25k - $49,999.99

0.40%

$50k - $99,999.99

0.45%

$100k+

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking account section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

The HSA account is a decent free option, but it doesn’t offer anything above and beyond other HSA accounts. The interest rates — or annual percentage yields (APYs) — are low, but some people might find that the lack of minimum opening deposit and monthly account maintenance fees make up for it.

How to get Digital Federal Credit Union’s HSA Checking account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting one of Digital Federal Credit Union’s branches.

As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union. This account has no fees, and you don’t have to use it at all.

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How Digital Federal Credit Union’s checking accounts compare

As far as checking accounts go, Digital Federal Credit Union’s products are not your best options. Only one of its checking accounts offers any interest, and even then the product is only for health-related expenses. This credit union offers low rates compared with the best online checking accounts listed on our site.

Digital Federal Credit Union’s free checking account doesn’t come with a monthly maintenance fee, but it doesn’t come with much else, either. Still, if this meets your needs, it’s not a bad account — it’s just not the best you can find. Note however that signing up for the free checking account will also allow you to earn Plus and Relationship benefits that unlock more benefits for other account types.

Digital Federal Credit Union savings account options

Primary Savings account

This account establishes membership with Digital Federal Credit Union, and comes with a fantastic interest rate on the first $1,000 saved.

APY

Account Balance to Earn APY

6.17%

Up to $1,000

0.25%

Any balance over $1,000

  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fee: None for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

This is the basic savings account that establishes your membership with Digital Federal Credit Union. You’ll need to fund it with at least $5 and maintain that small balance in order to keep your membership current. Even though this account is required for membership, the good news is that it comes with an impressive APY, even if it’s only applicable to the first $1,000 in the account.

One thing to be aware of is that you can only do a certain amount of transactions per month as per Federal Reserve’s Regulation D. This regulation mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. With most credit unions, you’re allowed to go over this limit if you pay a fee. However, Digital Federal Credit Union won’t allow you to go over this limit at all, unless you call and request a check to be mailed to you or make a payment on a loan at the credit union.

How to get Digital Federal Credit Union’s Primary Savings account

To open an account, you’ll need to provide some basic information, such as your name, Social Security number and address, as well as verify you are eligible for membership. You can open an account online, over the phone or by visiting a branch.

Ltd. Savings account

Digital Federal Credit Union’s Ltd. Savings account offers a higher interest rate, but you’ll need to bring a lot of cash to the table and keep your withdrawals limited.

APY

Minimum Balance to Earn APY

0.40%

$25,000

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None for Digital Federal Credit Union ATMs; $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

Digital Federal Credit Union’s Ltd. Savings account is a bit of an oddity. It’s the highest interest-earning savings account the credit union offers, but you pay for this higher rate with something else: very limited withdrawals. You can make only one free withdrawal per month from this account — although you can deposit money into it as often as you like. If you go over that limit, you’ll pay a $25 fee per withdrawal. The Fed’s Regulation D applies to this account as well, mandating certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle.

You’ll need to maintain a very high balance to earn the higher APY — at least $25,000 — otherwise you won’t earn anything. Still, if you like using Digital Federal Credit Union, are comfortable with making one or no withdrawals per month and have a lot of cash, this account might be worth your consideration.

How to get Digital Federal Credit Union’s Ltd. Savings account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting a branch.

As a part of the process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership.

Holiday Club Savings account

An automatic savings plan that can help make sure you’ve got enough cash once the holidays roll around.

APY

Minimum Deposit to Open

0.25%

$0.00

  • Minimum opening deposit: None, but you must set up automatic deposits of at least $20 per month.
  • Monthly account maintenance fee: None
  • ATM fee: None for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

If you find fretting about money come the holidays, consider opening a Holiday Club savings account. One of the conditions of this account is that you have to set up automatic deposits of at least $20 per month from your Digital Federal Credit Union checking or savings account, so it’s basically a forced savings plan. Each September, the balance of this account will roll over into your regular savings account for you to spend. For people who have difficulty saving, this account can definitely be worth it.

Typically, other banks’ holiday accounts allow penalty-free withdrawals only at certain times of the year. This account might be named the Holiday Club Account, but you can use it for any savings goal, really. The idea is to keep you honest with your deposit schedule.

Of course, you can set up automatic deposits and September withdrawals on any savings account. However, having an account expressly designed for the purpose might help motivate you to save even further. If you believe in the placebo effect, this could be a good savings option.

How to get Digital Federal Credit Union’s Holiday Club Savings account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify you are eligible for membership. You can open an account online, over the phone or by visiting one of Digital Federal Credit Union’s branches.

As a part of the process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish credit union membership. The account charges no fees and there’s no need to use the account at all.

Money Market Savings account

A tiered interest-rate money market savings account offering an APY that measures up against the competition.

APY

Minimum Balance to Earn APY

0.20%

$1k-$9,999.99

0.20%

$10k-$24,999.99

0.30%

$25k-$49,999.99

0.30%

$50k-$99,999.99

0.40%

$100k+

  • Minimum opening deposit: None, but you must set up automatic deposits of at least $20 per month.
  • Monthly account maintenance fee: None
  • ATM fee: None for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

This money market product offers a solid APY for savers looking to park their money in an account that earns an APY at market-competitive rates. Although it doesn’t carry the high APY for up to the first $1,000 of the Primary Savings account, the rate after that amount is considerably higher.

The account looks to reward those who invest regularly or who carry a high balance. The tiered interest-rate system is nothing new to money market accounts and there are higher rates out there. But this account has no monthly fee or minimum deposit. However, you do need to carry a balance of at least $1,000 to earn the APY.

How to get Digital Federal Credit Union’s Money Market Savings account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify you are eligible for membership. You can open an account online, over the phone or by visiting a branch.

As a part of the process, you’ll also need to open a Primary Savings account with at least $5 in order to get credit union membership. You do not need to use the account, however, and it charges no fees.

Member Described Savings account

Essentially a regular savings account, but with the ability to name the account whatever you choose.

APY

Minimum Deposit to Open

0.25%

$0.00

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: Free for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

This account is a novel idea. Although the APY isn’t much, the fees are low, and for Type A personalities who take pleasure from categorization, this account might be a good idea. The ability to name the account whatever you want is a nice change from other banks, which only use their own basic names for dedicated accounts.

How to get Digital Federal Credit Union’s Membership Described Savings account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify you are eligible for membership. You can open an account online, over the phone or at a branch.

You’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership.

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How Digital Federal Credit Union’s savings accounts compare

In general, Digital Federal Credit Union’s savings accounts offer lower interest rates compared with competing products listed on our round-ups of the best savings accounts. The exceptions are the first $1,000 in your Primary Savings account, which comes with your membership, and the Ltd. Savings account. However with the latter, you’ll be expected to pony up at least $25,000. The Holiday Club Savings account is a nice idea, but the interest rate is low enough that most people won’t seriously consider it as an option.

Digital Federal Credit Union CDs

Regular Certificates

The option to add more money to shorter-term certificates of deposit (CDs) makes this product unique.

Term

APY

3-5 months

0.10%

6-11 months

0.20%

12-23 months

0.30%

24-35 months

0.40%

36-47 months

0.40%

48-59 months

0.40%

60 months

0.40%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty, which depend on the original term of the CD, are:
    • 3-11 months: 60 days’ worth of interest
    • 12-35 months: 90 days’ worth of interest
    • 36-60 months: 180 days’ worth of interest

You can also choose a couple of ways to receive interest payments: have them added to the balance of your CD account or paid to a linked checking or savings account each month. Another nice thing about CDs with a term of 12 months or less is that you can add extra money at any time, so long as you deposit at least $100.

When your CD comes close to maturity, Digital Federal Credit Union will send you a notice 15 days in advance. Once the CD matures, it will automatically roll over into another CD of the same type. However, you have a five-day grace period to make any changes to the CD or withdraw the cash.

How to get Digital Federal Credit Union’s Regular Certificates

To open a CD account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting one of Digital Federal Credit Union’s branches.

As a part of the process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership (this account has no fees and you don’t have to use it).

Jumbo Certificates

Earn a slightly higher interest rate if you have a bigger pot of cash with these CDs.

Term

APY

3-5 months

0.10%

6-11 months

0.20%

12-23 months

0.30%

24-35 months

0.40%

36-47 months

0.40%

48-59 months

0.40%

60 months

0.40%

  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty, which depend on the original term of the CD, are:
    • 3-11 months: 60 days’ worth of interest
    • 12-35 months: 90 days’ worth of interest
    • 36-60 months: 180 days’ worth of interest

If you want to earn the slightly higher APY and have more cash (at least $25,000), consider opening a Jumbo Certificate.

The rest of the rules for this CD are also the same as for the credit union’s regular certificates. You also have the option of adding more money to a shorter-term CD — 12 months or less — as long as it’s more than $100 per deposit. You can choose to have the interest payments credited to your Digital Federal Credit Union savings or checking account or let them pile up in your CD account.

When your CD reaches maturity, you’ll get 15 days’ notice before it automatically rolls over into another CD of the same term. If you need to make any changes or withdraw the cash at that point, you still have a five-day grace period after maturity to do so.

How to get Digital Federal Credit Union’s Jumbo CDs

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting one of Digital Federal Credit Union’s branches.

As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union. The account has no fees and you don’t have to use it at all.

Digital Federal Credit Union (DCU)

Jump-Up Certificates

With Digital Federal Credit Union’s Jump-Up Certificates, you get the option to raise your rate once per term — but you pay for it with a slightly lower interest rate from the start.

Term

APY

15 months

0.30%

27 months

0.40%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest.

Digital Federal Credit Union’s Jump-Up Certificates were designed to help you if interest rates should rise during your CD’s term. Normally, if interest rates rise, you remain locked in at the old, lower rate. But with a Jump-Up Certificate, you can choose to boost your APY once per term if interest rates do indeed rise. This also means you won’t be able to take advantage of rising rates, which is something to consider. In return for this guaranteed rate, however, you pay for it with a slightly lower APY.

You can choose to have your interest paid out to your savings or checking account, or have them accrue in your CD account (if you choose to have your interest paid out to your checking account, be warned that your actual APY may be lower than the stated rate). When your CD matures, it’ll be automatically rolled over into another similar CD unless you make any changes or withdraw the money during a brief five-day grace period after the CD matures.

How to get Digital Federal Credit Union’s Jump-Up Certificate

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting one of Digital Federal Credit Union’s branches in person.

As a part of the account-opening process, you’ll need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union. There is no need to use this account, which charges no fees.

QuickStart Certificate

This CD allows people under the age of 23 to get a head start on their savings.

Term

APY

3-5 months

0.10%

6-11 months

0.20%

12-23 months

0.30%

24-35 months

0.40%

36-47 months

0.40%

48-59 months

0.40%

60 months

0.40%

  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty, which depend on the original term of the CD, are:
    • 3-11 months: 60 days’ worth of interest
    • 12-35 months: 90 days’ worth of interest
    • 36-60 months: 180 days’ worth of interest

The QuickStart Certificate was specially designed to help young adults start a savings habit that they can carry throughout their lives. This CD is open only to people under age 23 and requires a super-low minimum deposit: just $100. Other than that, this CD works exactly the same way as Digital Federal Credit Union’s Regular Certificate.

You can choose to have your interest paid out in one of two ways: either deposited back into your CD account or paid out each month to your Digital Federal Credit Union savings or checking account. The listed APY assumes you’ll reinvest interest back into the CD account, so be warned that your actual interest rate may be slightly lower if you choose to have it paid out.

Digital Federal Credit Union will send you a notice 15 days before your CD matures. When it does mature, it’ll automatically roll over into another similar CD, but you’ll have a five-day grace period during which you can withdraw the money or make any changes to your CD.

How to get Digital Federal Credit Union’s QuickStart CDs

In order to open this CD, you’ll need to apply online, over the phone or by visiting a branch. You’ll need to provide some basic information, such as name, Social Security number and address.

As a part of the process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union. Don’t worry, this account has no fees and you don’t have to use this account at all, as long as you keep the $5 in it.

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How Digital Federal Credit Union’s CD rates compare

Digital Federal Credit Union’s CD rates fall somewhere in the middle compared to the best options listed on our round-up of the top CD rates. They’re certainly not the lowest rates out there, but they’re not the highest either. Digital Federal Credit Union also offers a very short grace period to make changes to your CD after it matures and automatically rolls over. A five-day grace period is shorter than that at many other banks, with a 7-day or 10-day period being more normal. This means you need to be on top of your CD maturity dates.

Digital Federal Credit Union IRA options

Certificate IRA

A basic, no-frills IRA Certificate with a low minimum balance requirement.

Term

APY

3-5 months

0.10%

6-11 months

0.20%

12-23 months

0.30%

24-35 months

0.40%

36-47 months

0.40%

48-59 months

0.40%

60 months

0.40%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty (by term length):
    • 3-11 months: 60 days’ worth of interest
    • 12-35 months: 90 days’ worth of interest
    • 36-60 months: 180 days’ worth of interest

This account comes with an easily achieved minimum opening deposit of just $500, making it super easy to get your retirement savings started in an NCUA-insured environment. You can also choose to open your IRA Certificates as Jump-Up Certificates, which allow you to boost your interest rate once per term if interest rates rise.

When your IRA Certificate matures, it’ll automatically roll over into another certificate with the same term length. You can choose to take the money out or change the terms of the CD, however, but you’ll get just a brief five-day grace period to do so after the CD matures.

How to get Digital Federal Credit Union’s IRA CDs

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify you are eligible for membership. You can open an account online, over the phone or by visiting one of Digital Federal Credit Union’s branches in person.

As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union. The account has no fees.

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How Digital Federal Credit Union’s IRA CD rates compare

Digital Federal Credit Union’s CD rates again fall in the middle range — they’re not the highest seen on our listing of the best IRA CDs, but they’re also not the lowest. We like the fact that the minimum opening deposit for the credit union’s IRA CDs is quite low, but other than that, there’s nothing fancy about them.

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Money Market IRA

This IRA offers a low minimum balance requirement and pays you higher interest if you save more money.

APY

Minimum Balance to Earn APY

0.20%

$1k-$9,999.99

0.20%

$10k-$24,999.99

0.30%

$25k-$49,999.99

0.30%

$50k-$99,999.99

0.40%

$100k+

  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

The Money Market IRA is also another easily accessible account for folks just starting out with their retirement savings. You can technically open this account with just one penny, but you won’t actually earn anything until you have at least $1,000 saved up in the account. After that, your interest rate will increase as you save more money.

Unlike an iron-clad CD, you can choose to make deposits at any time into your Money Market IRA. This account can be used as a traditional, Roth, SEP or a SIMPLE IRA account.

How to get Digital Federal Credit Union’s Money Market IRA account

To open an account, you’ll need to provide some basic information, such as name, Social Security number and address, as well as verify that you are eligible for membership. You can open an account online, over the phone or by visiting one of Digital Federal Credit Union’s branches.

As a part of the account-opening process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership with Digital Federal Credit Union (this account has no fees and you don’t necessarily have to use this account).

Savings IRA

This is a basic savings account — in IRA form.

APY

Minimum Deposit to Open

0.40%

$0.01

  • Minimum opening deposit: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: Free for Digital Federal Credit Union ATMs. $0.75 for non-Digital Federal Credit Union ATMs (plus any surcharge fees that the ATM’s owner may tack on).
  • ATM fee refund: None, unless you qualify for Plus or Relationship benefits and have a checking account with Digital Federal Credit Union (see Free Checking section).
  • Overdraft fee: $30 per overdraft or $5 for each automatic overdraft protection transfer.

Digital Federal Credit Union’s Savings IRA offers a lower rate than its Money Market IRA. However, you’ll start earning interest from day one, rather than having to wait until you’ve got at least $1,000 saved up in the account as the Money Market IRA requires.

Other than that, this is another no-frills account. It’s more flexible than a rigid CD because you can deposit and withdraw your cash at any time. This is a great holding account if you are moving money into or out of a CD.

One thing to be aware of is that you’re still subject to the limits of an IRA, meaning you can’t withdraw the cash before retirement age without a penalty. Also, withdrawals are still subject to the Fed’s Regulation D which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. But other than that, this is one of Digital Federal Credit Union’s most flexible IRA accounts.

How to get Digital Federal Credit Union’s IRA Savings account

In order to open a Savings IRA, you’ll need to apply online, over the phone or by visiting one of Digital Federal Credit Union’s branches in person. You’ll need to provide some basic information, such as name, Social Security number and address.

As a part of the process, you’ll also need to open a Primary Savings account and fund it with at least $5 in order to establish membership. Fear not, the account has no fees and you don’t even have to use it, as long as you maintain a $5 balance.

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How Digital Federal Credit Union’s IRA accounts compare

The IRA offerings march to the same beat as other Digital Federal Credit Union accounts: decent interest rates with low fees. There are other higher-earning offerings elsewhere, but you would be hard pressed to find ones with such low fees. The minimum investment requirements make the credit union’s accounts attractive, and the tiered rates ensure an appropriate reward for additional investment.

Overall review of Digital Federal Credit Union’s banking products

Digital Federal Credit Union offers a lot of great products, such as its Holiday Club Savings account and a wide range of CDs to fit your situation. In general, the credit union offers higher rates on its products than most big banks, which is good. However, if you’re looking to earn the highest returns possible on your money, we suggest passing on Digital Federal Credit Union. You can earn higher rates with other banks.

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