Banking » Reviews » Dow Credit Union CDs Review: Is It Worth it?
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Dow Credit Union CDs Review: Is It Worth it?

Dow Credit Union offers simple, standard, bump rate and youth certificates with highly competitive rates. But there are only 5 terms.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: October 20, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: October 20, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Dow Credit Union CDs

Dow Credit Union logo
Dow Credit Union logo

Dow Credit Union CDs

APY Range

3.17% – 4.70%

Minimum Deposit

$500

Terms

6 months – 5 years

Our Rating

4.3
4.5/5

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)

In general, DoewCredit Union provides some of the most competitive credit union CD rates, especially if you're considering short-term options.

CD Term
APY
6 Months
12 Months
18 Months
24 Months
36 Months

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.  

CD Term
APY
6 Months
3.90%
12 Months
3.48%
18 Months
3.33%
24 Months
3.17%
36 Months
3.33%

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:

Dow Credit Union Member Saver Reward

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.

CD Term
APY
48 Months
3.85%
60 Months
3.85%

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.

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FAQs

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.

How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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