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DCU Primary Savings Account review

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Earn 6.17% on the first $1,000 in your account — but only 0.25% after that.

The DCU Primary Savings Account helps you get a jump start on savings with an unheard of 6.17% APY and no monthly fees. But you’ll only earn this rate on the first $1,000 in your account and you must be a Digital Federal Credit Union member to open one.

Up to 6.17%

APY

$0

Fee

$5

Minimum deposit to open

Details

APY6.17% on balances of $0 to $1,000
0.25% on balances of $1,000.01+
Fee$0
Minimum deposit to open$5
Minimum balance to earn interest$0
Interest compoundingDaily
More Info

Expert review

Cassidy Horton

Review by


Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The DCU Primary Savings Account is ideal for individuals who are just getting started on their savings journey. You’re rewarded with no monthly fees, a low $5 opening deposit and 6.17% APY — but only on the first $1,000 in your account.

As you save more and your balance grows, this APY becomes less appealing. After crunching the numbers, we recommend it to anyone who keeps less than $7,000 in their savings account. Why? Because once your balance exceeds this limit, you reach a tipping point where you’ll earn more with a regular high-yield savings account.

For example, if you have a $10,000 balance, you’ll earn $84.20 in interest with DCU’s tiered rates. But you’d earn $110 in an account that earns 0.6% APY on your total balance — such as the Ally Online Savings account.

What are the benefits of a DCU Primary Savings Account?

The DCU Primary Savings Account is NCUA-insured and comes with these benefits:

  • High APY. You’ll earn 6.17% on the first $1,000 in your account and 0.25% on your remaining balance. So, with a $1,500 balance, you’ll earn $62.95 in interest each year.
  • No monthly fees. You won’t pay anything to open or maintain a DCU Primary Savings Account.
  • Low opening deposit. You only need $5 to get started.
  • ATM card. Dip your ATM card into any DCU or CO-OP ATM nationwide for free. DCU doesn’t charge fees for non-network ATMs, but the operator might.

What should I look out for?

The DCU Primary Savings Account has these drawbacks:

  • APY may not be worth it. If you keep more than $1,000 in this account, you may earn more money each year with another high-yield savings account.
  • Limited branches. DCU has a few branch locations in Massachusetts and New Hampshire, so in-person support is limited if you live outside this area.
  • Membership requirements. You’ll need to join Digital Federal Credit Union to open this account. If you don’t qualify under its normal field of membership, you can join when you make a $10 donation to Reach Out For Schools, DCU’s partner charity.

If you’re looking for an account with easier membership requirements, compare your options until you find one that suits your needs.

Compare DCU Primary Savings with other accounts

Use the table to compare DCU Primary Savings to other top-rated savings accounts. Sort the table by APY, minimum deposit to open and features.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
0.60%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Go to site
View details
A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Money Market
0.60%
$0
$100
Go to site
View details
A savings account with a higher-than-average rate and minimal fees.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Go to site
View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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How do I open a DCU Primary Savings Account?

Open your DCU Primary Savings Account in six steps:

  1. Go to the DCU website, click the Bank tab, then Primary savings.
  2. Click Open now.
  3. Click Join DCU!
  4. Add any extra savings accounts you wish to open and click Continue.
  5. Enter your email address and phone number, scan your driver’s license and click Continue.
  6. Follow the prompts to enter your personal information, verify your account and make your initial deposit.

Eligibility

To open this account, you’ll need to meet a few requirements:

  • At least 18 years old
  • Social Security number
  • US residential address
  • Current DCU membership
  • $5 opening deposit

Required information

Have this information ready when you open your DCU Primary Savings Account:

  • Full name and date of birth
  • Government-issued photo ID
  • Social Security number or individual taxpayer ID Number (ITIN)
  • Proof of address
  • Funding information

How do I deposit or withdraw my money?

There are several ways to access money in your DCU Primary Savings Account:

Deposit

  • Cash or checks at a local branch
  • Direct deposit
  • Wire transfer
  • Mobile check deposit
  • Transfer from another bank account

Withdrawals

  • Cash withdrawal at a local branch
  • ATM
  • Wire transfer
  • Transfer to another bank account

What other savings options does DCU offer?

DCU has several savings accounts:

  • Money Market. Open with at least $1,000 and earn up to 0.5% APY on your total account balance.
  • Ltd Savings. There’s no minimum balance to open, but you’ll need at least $25,000 to earn dividends.
  • Holiday Club Savings. Set aside money for the holidays throughout the year with this designated account.
  • Member Described Savings. Saving for a specific goal? Earn 0.25% on balances of $100 or more.
  • Regular CD. DCU’s CDs have lower-than-average deposits starting at $500. Terms are flexible and range from three months to five years.
  • Jumbo CD. Get access to higher APYs on terms ranging from three to 60 months when you have a minimum $25,000 deposit.
  • Jump-Up CD. Open this CD with a minimum $500 balance and get a jump up in your rate once before your term expires.
  • Quickstart CD. Individuals under the age of 23 get a “quick start” on their savings when they open any regular CD with a low $100 deposit.

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