Dow Credit Union CDs
Dow Credit Union CDs
Dow Credit Union CD Rates
Dow Credit Union offers customers a couple of choices of CDs: simple CDs, standard CDs, bump rate CDs and even youth CDs.
The Simple CDs provided by Dow Credit Union offer highly competitive rates across various terms. Although the available terms are somewhat limited, with a maximum duration of 3 years, the advantage lies in the low starting minimum deposit requirement of just $500.
Dow offers some of the highest rates for 3-year CDs but lacks long-term CDs. For example, customers who are looking to put their money in 5-year CD won't find it with Dow.
By opting for Dow Credit Union's Simple CDs, you can enjoy the highest Annual Percentage Yield (APY) applicable to the chosen term. However, it's important to note that these CDs do not qualify for the potential year-end Member Saver Reward (more on this soon)
Dow Credit Union's Standard CDs provide rates that are not as competitive as their Simple CDs for all available terms.
Like the Simple CDs, the terms for Standard CDs are also limited, with a maximum duration of 3 years. Nonetheless, the starting minimum deposit of $50 remains low and
However, the advantage of choosing Standard CDs is that they are eligible for the Member Saver Reward program.
While the rates offered by Dow Credit Union's Standard CDs may not be as attractive, there is a benefit called the Member Saver Reward that customers can enjoy.
This reward program has been in place for many years, and it involves Dow Credit Union returning a percentage of their annual earnings to members in good standing.
In 2022, for instance, members who earned dividends or interest on their eligible deposits would have received a cash reward equal to 40% of the amount they earned.
For example, if you earned $500 in dividends or interest on your eligible Dow Credit Union deposits in 2022, the credit union would give you an additional $200 as a reward. On the right, you'll be able to see what is your potential APR, depends on the potential giveback:
With the bump rate feature, you can enjoy enhanced flexibility when investing for the long term. If interest rates go up, CD owners have the opportunity to increase their rate once during the CD term. It provides only long-term CDs, which can be relevant in case you aren't interested in short-term CDs that the Simple and Standard CDs offer.
The starting minimum deposit for these CDs is $500. Additionally, these CDs are eligible for the Member Saver Reward program, providing an additional benefit for our valued members.
Youth CDs are specifically designed for our members whose term maturity happens before their 18th birthday.
These CDs offer the flexibility of allowing additional deposits of $50 or more at any time during the CD term. To open a Youth CD, a starting minimum deposit of $500 is required, and the maximum total deposits allowed are $10,000.
This allows young savers to start building their financial foundation while having the opportunity to contribute more funds as they grow
What Other Financial Products Available?
Dow Credit Union offers a comprehensive range of financial products to its members.
On the deposit and banking side, they provide services such as checking accounts, savings accounts, certificates of deposit (CDs), health savings accounts (HSAs), and Deposit Trust Accounts.
In terms of loans, Dow Credit Union offers various options including mortgages, auto loans, home equity loans, student loans, credit cards, and personal loans. With this wide array of products, Dow Credit Union aims to meet the diverse financial needs of its members.
How To Join?
Joining Dow Credit Union is very easy and almost everyone is eligible to become a member.
First, check out the different options for employees and retirees of specific companies. However, if you don't fall into those categories, you can still join by making a $10 donation to the Dow Credit Union Members Endowed Scholarship Fund.
You can conveniently make this donation during your membership application process. The online application is simple, secure, and can be completed in 15 minutes or less.
About Dow Credit Union
Established in 1937 during a period of economic depression, Dow Credit Union is the 182nd credit union in Michigan. Its primary purpose is to offer Dow employees a financial solution for saving and accessing affordable credit. With over $2.1 billion in assets, Dow Credit Union takes pride in serving more than 74,000 members as of December 31, 2021.
For assistance, customer support is available from Monday to Friday, 7:00 a.m. to 6:00 p.m. ET. Urgent matters, such as lost or stolen credit cards, can be addressed 24/7. Additionally, a new chat experience is expected to be introduced soon, enhancing the overall member service.
Yes, the name was changed to “Dow Credit Union” in 2022. Previously, it was known as “Dow Chemical Employees' Credit Union.”
Absolutely. Your accounts at Dow Credit Union remain federally insured by the National Credit Union Administration (NCUA). This means that the funds in your accounts are protected for up to $250,000.
The Member Giveback program is an initiative by Dow Credit Union to maintain a healthy capital level. Any excess income beyond this level is returned to eligible members through various means. The Member Giveback may include a Loan Interest Rebate, Member Saver Reward, and Visa Debit Card Rebate.
The amount for the Member Giveback is influenced by several factors, including interest rate levels, yield curve, balance sheet composition and risk, capital (net worth), the present and future economic climate, and regulatory changes. These factors collectively help determine the appropriate allocation for the Member Giveback program.