Digital Federal Credit Union Review (2024): Monthly fees and savings rate

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Digital Federal Credit Union (DCU) provides a range of personal and business banking accounts, along with personal and commercial loans. Customers across the United States can use over 80,000 ATMs without incurring additional fees, and they can also access 5,900 CO-OP Shared branches.

However, DCU’s physical branch locations are primarily in Massachusetts and New Hampshire. Due to these factors and others, Digital Federal Credit Union earned recognition from DollarSlate as one of the Top 100 Banks in 2022.

Digital Federal Credit Union (DCU) Pros & Cons


  1. Full-Service Banking: DCU offers a wide range of financial services, including various types of accounts, loans, and retirement planning. This means you can manage your day-to-day banking needs as well as plan for your future financial security all in one place.
  2. No Monthly Fees or Minimum Balances: DCU doesn’t charge monthly maintenance fees or require you to maintain a minimum account balance. This can help you save money on account upkeep.
  3. Competitive Interest Rates: DCU provides highly competitive interest rates on both savings accounts and loans. This means you can potentially earn more on your savings and pay less interest on loans compared to other financial institutions.
  4. Extensive Branch Network: With access to 5,900 CO-OP Shared branches and 23 DCU locations nationwide, you have a wide network of physical locations available for in-person banking and assistance.
  5. Inclusive Membership: DCU membership is accessible to a broad range of individuals, making it easier for most people to become members and benefit from its services.


  1. Overdraft Fees: DCU charges overdraft fees, which are charges incurred when you spend more money than you have in your account. These fees can add up if you’re not careful with your spending.
  2. Membership Requirement: To access DCU’s services, you need to become a member. While membership is open to many, this requirement can be seen as an extra step compared to some other banks that offer services without membership.
  3. Primarily Online Banking: DCU is primarily an online bank, which means that for customers outside of the New Hampshire or Massachusetts area, most interactions and transactions will be done online. This may not be suitable for individuals who prefer in-person banking or who live in areas without physical branches.

In summary, DCU offers a comprehensive range of financial services with competitive rates and an extensive branch network, but it charges overdraft fees, requires membership, and is primarily online for customers outside specific regions. These factors can influence your decision when choosing a bank based on your specific needs and preferences.

Digital Federal Credit Union Overview

Digital Federal Credit Union, often referred to as DCU, was founded in 1979 and is headquartered in Marlborough, Massachusetts. It has grown significantly over the years and now boasts over 900,000 members, making it one of the top 15 credit unions in the United States in terms of assets.

To open an account with DCU, you must become a member, as is the case with all credit unions. DCU’s membership is accessible to a wide range of individuals. You can become a member by meeting certain criteria, such as being employed by an eligible employer, residing in their service area, or joining one of several affiliated organizations. The cost to join starts at $10 per year.

Once you become a member and open an account, you’ll likely find it convenient to access their services. DCU operates 23 branches in New Hampshire and Massachusetts, and they also have access to an additional 5,900 CO-OP Shared branches, providing you with various locations for cash deposits and in-person assistance.

DCU Savings account

Digital Federal Credit Union offers various savings account options with different annual percentage yields (APYs) and requirements:

Primary Savings:

  • APY: Up to 6.17%
  • Minimum to Earn: $0.00
  • Minimum to Open: $5.00
  • Monthly Fee: $0.00
  • Description: This account helps you start saving with one of the highest national interest rates.

Advantage Savings:

  • APY: Up to 3.56%
  • Minimum to Earn: $0.00
  • Minimum to Open: $0.00
  • Monthly Fee: $0.00
  • Description: This account allows you to grow your savings faster with competitive interest rates.

Smart Savings:

  • APY: Up to 1.51%
  • Minimum to Earn: $0.00
  • Minimum to Open: $0.00
  • Monthly Fee: $0.00
  • Description: Your money is federally insured up to $3 million with an interest rate higher than the national average.

Money Market Savings:

  • APY: Starting at 1.71%
  • Minimum to Earn: $1,000
  • Minimum to Open: $5.00
  • Monthly Fee: $0.00
  • Description: The more you save, the more you can earn with this account.

Member Described Savings:

  • APY: Up to 0.15%
  • Minimum to Earn: $100
  • Minimum to Open: $0.00
  • Monthly Fee: $0.00
  • Description: You can name this account for any purpose and earn interest on your savings.

These accounts offer various options to suit different savings goals and financial situations.

Benefits of DCU Savings accounts

  • Competitive Interest Rates: DCU offers competitive interest rates on its savings accounts, helping your money grow faster over time.
  • Easy Access to Funds: With online and mobile banking, you can easily transfer funds between your DCU savings and checking accounts, making it convenient to manage your finances.
  • No Monthly Fees: DCU does not charge monthly maintenance fees on its savings accounts, allowing you to save more of your hard-earned money.
  • NCUA Insurance: All DCU savings accounts are insured by the National Credit Union Administration (NCUA) up to $250,000, providing peace of mind and financial security.

DCU Checking account

Digital Federal Credit Union (DCU) offers two types of checking accounts:

Free Checking Account:

  • No fees are charged for this account.
  • You can earn interest on balances up to and including $1,000 when you activate the “Earn More” feature.
  • It requires no minimum initial deposit to open.
  • There is no monthly fee.
  • You can earn interest on balances up to $1,000.

HSA (Health Savings Account) Checking:

  • This account allows you to earn competitive dividends on your balance.
  • It also requires no minimum initial deposit to open.
  • There is no monthly fee.
  • Like the Free Checking Account, you can earn interest, starting at 0.10% APY, on your balance.

In summary, DCU’s checking account offerings provide options with no minimum opening deposit, no monthly fees, and the opportunity to earn interest on your balance, making them a cost-effective choice compared to some big banks.

Benefits of DCU Checking accounts

  • Free Online and Mobile Banking: DCU’s checking accounts come with free online and mobile banking, allowing you to conveniently manage your finances anytime, anywhere.
  • Surcharge-Free ATM Access: DCU is part of the CO-OP network, which provides access to thousands of surcharge-free ATMs nationwide.
  • Overdraft Protection: DCU offers overdraft protection options, including a line of credit and automatic transfers from your savings account, to help you avoid costly overdraft fees.
  • Easy Account Management: With DCU’s user-friendly online banking platform, you can easily track your transactions, set up bill payments, and view your account statements.


The key features of Digital Federal Credit Union (DCU) include:

1. Competitive APY Rates: DCU offers attractive Annual Percentage Yield (APY) rates on its accounts. For example, their Primary Savings account provides a 6.17% APY on the first $1,000, which is significantly higher than the national average for savings accounts. They also offer Certificates of Deposit (CDs) with APYs as high as 3.05%.

2. Low Opening Deposits: DCU stands out for its low minimum opening deposit requirements. Most of their accounts, including checking, savings, and money market accounts, don’t require a minimum opening deposit. Some savings accounts require as little as $5 to open, and CDs start at $100 to $500, with a jumbo CD option requiring a $25,000 minimum.

3. No Monthly Fees: DCU does not charge monthly fees on their accounts. This is significant because it can save you money over time compared to institutions that do charge fees. Even with a $5 monthly fee elsewhere, you could pay $60 in fees per year and $300 over five years.

4. Account Variety: DCU offers a range of banking products to suit different financial needs, including checking, savings, CDs, and a money market account.

5. Free Checking Account: Their Free Checking account has no minimum opening deposit or balance requirements, no monthly maintenance fees, and even offers a 0.10% APY on balances up to $100,000. They also provide an ATM payback feature and the possibility of getting direct deposits early.

6. Savings Options: DCU has four savings account options, including the Primary Savings account with a high APY on the first $1,000, and the Advantage Savings account with no minimums or monthly fees.

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7. Goal-Oriented Savings: They offer specialized savings accounts like the Holiday Club Savings and Member Described Savings, both with no minimum opening deposits, no minimum balance requirements, and no monthly fees. These accounts also offer dividends.

8. CD and Money Market Options: DCU provides various CD terms ranging from 6 to 24 months, as well as a money market account with competitive rates. A minimum balance of $1,000 is required to earn dividends in these accounts.

9. Customer Service: DCU offers multiple customer service options, including secure email through online banking, phone support, and live online help. They have extended customer service hours to provide assistance when needed. Whether you have a question about your account, need assistance with online banking, or want to report a lost or stolen card, DCU’s knowledgeable and friendly customer service team is available to help.

10. Online and Mobile Banking: DCU’s online and mobile banking platforms provide a convenient way to manage your accounts and perform various banking transactions. With these digital tools, you can check your account balances, transfer funds between accounts, pay bills online, deposit checks using your smartphone, and much more. DCU’s online and mobile banking platforms are secure and user-friendly, ensuring a seamless banking experience.

11. Convenient ATM Access: DCU is part of the CO-OP network, a nationwide network of credit unions that provides surcharge-free ATM access to members. This means that you can conveniently withdraw cash or perform other banking transactions at thousands of ATMs across the country without incurring additional fees. The widespread availability of surcharge-free ATMs ensures that you can access your money whenever you need it, wherever you are.

In summary, Digital Federal Credit Union offers competitive APY rates, low opening deposit requirements, no monthly fees, a variety of account options, and accessible customer service, making it an attractive choice for individuals seeking a reliable and cost-effective banking solution.

How Digital Federal Credit Union stands out

Digital Federal Credit Union (DCU) stands out for its highly competitive rates on personal loans and savings products, which have contributed to its growth. One noteworthy feature is the 6.17% Annual Percentage Yield (APY) offered on its Primary Savings account, a rate not typically available at other financial institutions.

While this exceptional rate applies only to the initial $1,000 of savings, it remains superior to what most other banks or credit unions offer. In just one year, having $1,000 in this account could result in earning more than $63 in interest.

Digital Federal Credit Union vs. Competitors

When deciding on a financial institution, it’s important to compare what they offer to what their competitors provide. This helps you understand if the institution, in this case, Digital Federal Credit Union (DCU), is the best fit for your needs. It allows you to see the complete picture and make an informed decision.

Digital Federal Credit Union vs. BECU

Let’s break down the key differences between Digital Federal Credit Union (DCU) and BECU (Boeing Employees Credit Union) in terms of their financial offerings:

Credit Card Offers:

  • BECU provides a credit card with a special feature – 0% Annual Percentage Rate (APR) for the first 12 months. This means you won’t pay any interest on purchases and balance transfers during this initial year.
  • DCU, on the other hand, does not offer a 0% APR promotion on any of its credit cards. This means you would incur interest charges from the beginning if you use one of their credit cards.

Savings Account Interest Rates:

  • DCU offers a relatively high Annual Percentage Yield (APY) of 6.17% on the first $1,000 deposited into a Primary Savings account. This means you can earn substantial interest on your savings up to this limit.
  • BECU, while not specified, has a lower prime rate for its Member Advantage Savings account compared to DCU. This implies that the interest rate they offer on savings may be lower than DCU’s 6.17% for the first $1,000.

In summary, BECU is advantageous if you’re looking for a credit card with a 0% APR introductory offer for the first year. However, if you’re interested in earning higher interest on your savings, DCU stands out with its 6.17% APY on the first $1,000 in a Primary Savings account. Your choice between the two would depend on your specific financial priorities and needs.

Digital Federal Credit Union vs. Service Credit Union

In comparing Digital Federal Credit Union (DCU) and Service Credit Union, Service Credit Union offers a more beneficial Holiday Club savings account. This means that with Service Credit Union, you can earn a higher Annual Percentage Yield (APY) on your savings in the Holiday Club account when compared to DCU’s account.

However, it’s important to note that while Service Credit Union does provide a competitive APY of 0.25% on the first $500 balance in its Primary Savings account, it falls short of DCU’s rate for this specific account.

How to apply for Digital Federal Credit Union account

To apply for a Digital Federal Credit Union (DCU) account, follow these steps:

  1. Fill out an application: Obtain an application form from DCU. This form is used to gather your personal information and account preferences.
  2. Provide personal details: In the application, you will be required to provide personal information, including your full name, address, date of birth, and Social Security number. This information is necessary for identity verification.
  3. Provide funding details: You will need to supply your existing bank account number and routing number. This information is used to transfer funds into your new DCU account. Ensure you have sufficient funds in your existing account for this purpose.
  4. Select the account type: Choose the type of account you wish to open with DCU. They may offer various options, such as savings accounts, checking accounts, or certificates of deposit (CDs). Select the one that best suits your financial needs.
  5. Sign the application: After completing the application and reviewing it for accuracy, sign it. Your signature confirms your agreement to DCU’s terms and conditions.
  6. Mail the application: Send the signed application to DCU via regular mail. Make sure you have included all required documents and information.

Alternatively, for faster service, apply online:

Instead of mailing the application, you can visit DCU’s website and apply online. This method typically speeds up the account opening process.

Once DCU receives your application and verifies your information, they will open your account. Be sure to read and understand the terms and conditions of your chosen account type to manage your finances effectively with DCU.

Who Digital Federal Credit Union is best for

Digital Federal Credit Union (DCU) is an excellent choice for individuals who want to build up savings or require loans for various purposes such as buying a vehicle or a home. DCU offers competitive interest rates, which can save you money over time or help your savings grow more quickly.

How much do I need to open a DCU account?

Certainly. Some banks and credit unions ask customers to put money into their new accounts when they’re first created. At DCU, you only need to deposit $5 to open an account.

Is DCU a real bank?

Yes, DCU (Digital Federal Credit Union) is a real bank. It has more than 900,000 members, operates 23 branches, and has a network of 5,900 Shared CO-OP branches across the United States.

Can I open DCU bank online?

Yes, you can open a DCU bank account online. To do so, you can use the Membership Application when you join DCU. For a quicker approval process, you can go to and open a new Checking or Savings account online. It’s important to note that online account applications are not currently offered for Trust or Fiduciary Memberships.

What do I need to open a DCU account?

To open a DCU (Digital Federal Credit Union) account, you must meet eligibility criteria through your employer, area of residence, or by affiliating with a partner organization, often requiring a minimum $10 deposit. You’ll also need to complete an application and supply personal identification information, including your address, date of birth, and Social Security number.

Is DCU bank FDIC insured?

Yes, DCU is a credit union, and it is insured by the NCUSIF, which is the equivalent of FDIC for credit unions. This means that your funds deposited with DCU are protected up to $250,000 per person.

How much does it cost to open a DCU account?

Opening a DCU (Digital Federal Credit Union) account is typically free. However, if you don’t meet the membership qualifications based on your workplace or residence, you can become a member by joining a partner organization. The cost for joining such an organization can start at $10 per year.

The bottom line

Digital Federal Credit Union, often referred to as DCU, could be an ideal option if you want a financial institution that offers several advantages. First, DCU does not charge monthly maintenance fees, which means you won’t incur ongoing expenses just for having an account with them. Additionally, they have low or sometimes no minimum deposit requirements, making it accessible for people who may not have large sums of money to start with.

One standout feature of DCU is its competitive savings account rates. This means that you can potentially earn more interest on your savings compared to other institutions, helping your money grow over time.

Moreover, DCU provides a variety of financial products, including checking accounts, savings accounts, certificates of deposit (CDs), retirement accounts, and specialty accounts. This diverse range of options allows you to choose accounts that suit your specific financial goals and needs.

In terms of customer service, DCU offers a range of options to assist you with your banking needs. Whether you prefer in-person assistance at their branches or need the convenience of online and phone services, DCU strives to provide convenient and accessible support.

In summary, Digital Federal Credit Union stands out for its lack of monthly fees, low minimum deposit requirements, and attractive savings account rates. They offer a wide array of financial products and provide multiple customer service channels to accommodate various preferences and financial requirements.