Savings Accounts
Saving is simple at Dover Federal. We have a variety of accounts to help you save for something special or invest for a lifetime. To make saving even easier, you can sign up for direct deposit or payroll deduction or by mailing us your deposit, stopping by any Dover Federal branch, or transferring your deposit using home banking access.
Share Savings Account
An important purpose of the Credit Union is to help you save on a regular basis. Each member of Dover Federal joins through our Share Savings Account. To add deposits to your account, sign up for direct deposit or payroll deduction, mail us your deposit, or stop by any Dover Federal branch.
- Open an account with a minimum deposit of $5.
- $100 Minimum to earn dividends.
- No monthly maintenance fees.
Share Savings | A.P.Y. |
| From $100 | .25% |
APY. is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates.
ATM Card
When you open a Share Savings Account, you can also fill out an application to receive Dover Federal's ATM Card, which allows you to access your accounts 24-hours a day to make cash withdrawals, deposits (this service may not be available at all locations), transfers, and balance inquiries at ATM machines nationwide.
Direct Deposit
Save time spent waiting in line to deposit your paycheck. Sign up for Direct Deposit and your paycheck, Social Security or retirement check will automatically be deposited into your Dover Federal account. Funds are available to withdraw the morning of your pay date. Plus, you'll never have to worry about your check getting lost or stolen.
To enroll for Direct Deposit from an employer, click here.
The Direct Express® logo. Go Direct® and Direct Express® are registered trademarks, and the Go Direct® logo are service marks of the U.S. Department of the Treasury, Financial Management Service (used with permission).
To enroll for Direct Deposit of your Social Security, Supplemental Security Income or Railroad Retirement Board benefits to your Dover Federal account, choose "Get Direct Deposit" on the
Go Direct website and complete the registration steps.
Payroll Deduction
Payroll Deduction allows you the ease and convenience of setting aside a certain amount each pay period to be deposited to the account(s) of your choice at Dover Federal.
To enroll in Payroll Deduction, provide the following information to your employer:
- DFCU Routing/Transit Number 231176648
- Member Number from your membership card
- Select either your savings or checking account for the deposit
Fees
| Account History | $5.00 |
| ATM Foreign Transaction Surcharge | $1.50 |
| ATM Withdrawal/Transfer: in Excess of 8 per Month (per item) | No fee on-us $1.00 over 8 on others |
| ATM/Debit Card Annual Fee | N/C |
| ATM /Debit Point of Sale Withdrawals | N/C |
| ATM/Debit Withdrawals in Excess of Available Funds | $25.00 |
| Audio Response Transactions | N/C |
| Closed Account Fee (if open less than 6 months) | $5.00 |
| Document Research (per 1/2 hour - 1/2 hour minimum) | $10.00 |
| Dormant Account Fee (after 5 years) | $75.00 |
| Fax or Photocopy | $5.00 |
| Legal Process Fee | $75.00 |
| Minimum Balance | N/C |
| Monthly Service Charge | N/C |
| Plastic Card Replacement | $5.00 |
| Returned Deposited Items-Self | $25.00 |
| Returned Deposited Items-Third Party | $15.00 |
| Returned Statement Fee | $10.00 |
| Rush Card Order | $45.00 |
| Rush PIN Mailer | $20.00 |
| Signature Guarantee Service | $20.00 |
| Statement Copy | $5.00 |
| Verification of Deposit | $10.00 per VOD |
$uper $aver Share Account
Our NEW $uper $aver Share Account is perfect if you are looking for a savings account with higher earning potential!
- Open an account with a minimum deposit of $5.
- $500 Minimum to earn dividends.
- No monthly maintenance fees.
Note: Share Savings Accounts- including those in the Youth Program- are not intended to be transaction accounts. You may make no more than a total of 6 withdrawals (unless in person), transfers to another credit union account of yours, or transfers to a third party per statement period. The methods used to access your account include (but are not limited to) preauthorized, automatic, online, or telephonic. Debits in excess of the allowed 6 will be returned and effective February 1, 2010 may be subject to a fee.
$uper $aver Share Account | A.P.Y. |
| From $500 | .40% |
APY. is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates.
Fees
| Account History | $5.00 |
| Audio Response Transactions | N/C |
| Closed Account Fee (if open less than 6 months) | $5.00 |
| Document Research (per 1/2 hour - 1/2 hour minimum) | $10.00 |
| Dormant Account Fee (after 5 years) | $75.00 |
| Fax or Photocopy | $5.00 |
| Legal Process Fee | $75.00 |
| Minimum Balance | N/C |
| Monthly Service Charge | N/C |
| Returned Deposited Items-Self | $25.00 |
| Returned Deposited Items-Third Party | $15.00 |
| Returned Statement Fee | $10.00 |
| Signature Guarantee Service | $20.00 |
| Statement Copy | $5.00 |
| Verification of Deposit | $10.00 per VOD |
Youth Programs
For Kids Ages 12 & Under
Dover Federal offers a special account for youth ages 12 and younger. It's a fun way to learn good savings habits at an early age. For more information, click here
Kids Making Cents Club Rates | APY |
| From $0.01 | .25% |
| From $2,500 | .25% |
APY. is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates.
For Teens Ages 13-17
#MyCash, is our cool new Teen Money Management Program. This is a great opportunity to help teens from ages 13 through 17 move towards financial freedom and independence. For more information, click here.
#MyCash, | APY |
| From $0.01 | .25% |
| From $2,500 | .25% |
APY. is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates.
Money Market Account
Dover Federal's Money Market Account is the ideal option when you need easy access to your money and want to earn a higher dividend rate than with a share savings account. Also, when your balance reaches the next tier level, your funds will automatically earn at a higher APY! (Annual Percentage Yield)
- Earn dividends on all balances over $1,000
- Monthly compounding and monthly crediting dividends
- Earn higher dividend rate on all balances over $25,000
- Monthly statements
- Free checks
(Note: This is not intended to be a transaction account. You may make only six debits from your Money Market Account during any calendar month. Other methods used to access your account include (but are not limited to) preauthorized, automatic, online, or telephonic. Debits in excess of the allowed 6 will be returned and effective February 1, 2010 may be subject to a fee.)
Money Market | A.P.Y. |
| From $1,000 | .30% |
| From $25,000 | .40% |
APY is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates.
Fees | |
| Account History | $5.00 |
| Audio Response Transactions | N/C |
| Closed Account Fee (if open less than 6 months) | $5.00 |
| Document Research (per 1/2 hour - 1/2 hour minimum) | $10.00 |
| Dormant Account Fee (after 5 years) | $75.00 |
| Fax or Photocopy | $5.00 |
| Legal Process Fee | $75.00 |
| Minimum Balance | N/C |
| Monthly Service Charge | N/C |
| Returned Deposited Items-Self | $25.00 |
| Returned Deposited Items-Third Party | $15.00 |
| Returned Statement Fee | $10.00 |
| Signature Guarantee Service | $20.00 |
| Statement Copy | $5.00 |
| Verification of Deposit | $10.00 per VOD |
Share Certificates
Dover Federal's Share Certificates are the perfect investment when you will not need immediate access to your funds. You will earn a higher yield than in the Share Savings or Money Market Account, and you can decide how long to invest.
- Terms ranging from 6 months to 5 years
- Invest in a Certificate with as little as $500
- Dividends are calculated and paid monthly
- There may be a penalty for early withdrawal
Share Certificate Rates
Term | Minimum Balance to | APY |
| 6-Month | $1,000 | .40% |
| 12-Month | $500 | .45% |
| 18-Month | $500 | .45% |
| 24-Month | $500 | .60% |
| 30-Month | $500 | .60% |
| 36-Month | $500 | .85% |
| 4-Year | $500 | 1.10% |
| 5-Year | $500 | 1.35% |
APY is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates.
Fees | |
| Account History | $5.00 |
| Audio Response Transactions | N/C |
| Closed Account Fee (if open less than 6 months) | $5.00 |
| Document Research (per 1/2 hour - 1/2 hour minimum) | $10.00 |
| Dormant Account Fee (after 5 years) | $75.00 |
| Fax or Photocopy | $5.00 |
| Legal Process Fee | $75.00 |
| Minimum Balance | N/C |
| Monthly Service Charge | N/C |
| Returned Deposited Items-Self | $25.00 |
| Returned Deposited Items-Third Party | $15.00 |
| Returned Statement Fee | $10.00 |
| Signature Guarantee Service | $20.00 |
| Statement Copy | $5.00 |
| Verification of Deposit | $10.00 per VOD |
Individual Retirement Accounts (IRAs)
At Dover Federal, our staff is trained on the latest IRA provisions and can assist you in choosing an account that meets your needs. Contributions may be deposited in "lump sums" or throughout the year by regular deposits to IRA share accounts. IRA Share Certificates are also available.
- Earn monthly dividends
- IRA share certificates are available with a minimum deposit of $2,000
Traditional IRAs
A Traditional IRA offers the advantage of tax-deductible contributions now, building earnings until you need them, and deferring taxes on your earnings until they are withdrawn.*
Don't Cash It Out - Roll It Over!
If you leave your job or retire, and you have earned benefits in a qualified retirement plan, you can keep the tax-deferred status of the funds by rolling them over directly into a Traditional IRA! Through direct rollover, you postpone paying taxes and avoid the mandatory 20% federal income tax withholding.*
*Not intended as tax advice. Please consult a tax professional.
Roth IRAs
A Roth IRA offers flexibility by allowing you to pay taxes now and reap the benefits in the future. Within qualifying limits, Roth IRA contributions and earnings may be withdrawn tax-free.* You do not have to take mandatory distributions at age 70.
*Please consult your tax advisor about your particular situation.
Coverdell Education Savings Account
The Coverdell Education Savings Account (formerly known as the Education IRA) is a savings account that will help pay for your child's education. You can contribute up to $2,000 per year to help pay for your child or grandchild's qualified educational expenses, tax-free.*
*Please consult your tax advisor about your particular situation.
IRA Brochures
- Roth IRA vs. Traditional IRA - Taking a Closer Look at Eligibility
- Roth IRA vs. Traditional IRA - Exploring Your IRA Options
- Traditional IRAs - Answers to Your Questions
- Roth IRAs - Answers to Your Questions
- Retirement Plan Rollovers - Rolling Your Way to a Better Retirement
- IRAs - Growing Your Savings During Every Stage of Life
- Coverdell Education Savings Accounts - Answers to Your Questions
- Conversions - Moving Into a Roth IRA
I.R.A. Share Rates | APY |
| From $100 | .30% |
I.R.A. Share Certificate Rates
Term | Minimum Balance to | APY |
| 1 Year | $2,000 | .45% |
| 2 Year | $2,000 | .60% |
| 3 Year | $2,000 | .85% |
| 4 Year | $2,000 | 1.10% |
| 5 Year | $2,000 | 1.35% |
APY is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates.
Fees | |
| Audio Response Transactions | N/C |
| Closed Account Fee (if open less than 6 months) | $5.00 |
| Document Research (per 1/2 hour - 1/2 hour minimum) | $10.00 |
| Dormant Account Fee (after 5 years) | $75.00 |
| Fax or Photocopy | $5.00 |
| Legal Process Fee | $75.00 |
| Minimum Balance | N/C |
| Monthly Service Charge | N/C |
| Returned Deposited Items-Self | $25.00 |
| Returned Deposited Items-Third Party | $15.00 |
| Returned Statement Fee | $10.00 |
| Signature Guarantee Service | $20.00 |
| Statement Copy | $5.00 |
| Verification of Deposit | $10.00 per VOD |
Christmas/Vacation Club Accounts
Dover Federal provides an easy way to build up savings throughout the year so that you will have extra cash on hand for holiday or vacation expenses.
Christmas Club Account
- Visit one of our friendly Member Service Officers to open your Christmas Club Account. Feel free to set up an account at anytime during the year! A $5 minimum deposit is all it takes to get started.
- Determine how much money you would like to save by dividing the amount you would like to save by how many paydays there are between your start date and December 15th.
- Add to your account through direct deposit or payroll deduction.
- Deposit additional funds at any time in person or via transfer.
- On approximately December 15th, the balance plus accrued dividends (except for the $5 minimum balance) is automatically transferred to your Dover Federal Checking Account.
- Your Christmas Club Account direct deposits will automatically continue for the next year.
Vacation Club Account
- Visit one of our friendly Member Services Officers to open your Vacation Club Account. Feel free to set up an account at anytime during the year! A $5 minimum deposit is all it takes to get started.
- Decide how much you need to save by dividing the amount you would like to save by the number of paydays before your vacation starts.
- Add to your account through direct deposit or payroll deduction.
- Deposit additional funds at any time in person or via transfer.
- Withdraw your funds, or transfer them to your checking, when you are ready for vacation.
- Your Vacation Club Account direct deposits will automatically continue for the next year.
Vacation/Christmas Club | A.P.Y. |
| From $100 | .25% |
| From $2,500 | .25% |
APY. is Annual Percentage Yield and is accurate as of June 1, 2013. APY may change at any time as determined by the Board of Directors. Fees may reduce earnings on accounts. Penalties may be imposed for early withdrawal of funds on Share Certificates
Direct Deposit
Save time spent waiting in line to deposit your paycheck. Sign up for Direct Deposit and your paycheck, Social Security or retirement check will automatically be deposited into your Dover Federal account. Funds are available to withdraw the morning of your pay date. Plus, you'll never have to worry about your check getting lost or stolen.
To enroll for Direct Deposit from an employer, click here.(Note: Members must print out the Direct Deposit Authorization Form and submit the form to their employer's payroll department.)
The Direct Express® logo. Go Direct® and Direct Express® are registered trademarks, and the Go Direct® logo are service marks of the U.S. Department of the Treasury, Financial Management Service (used with permission).
To enroll for Direct Deposit of your Social Security, Supplemental Security Income or Railroad Retirement Board benefits to your Dover Federal account, choose "Get Direct Deposit" on the Go Direct website and complete the registration steps.
Payroll Deduction
Payroll Deduction allows you the ease and convenience of setting aside a certain amount each pay period to be deposited to the account(s) of your choice at Dover Federal.
To enroll in Payroll Deduction, provide the following information to your employer:
- DFCU Routing/Transit Number 231176648
- Member Number from your membership card
- Select either your savings or checking account for the deposit
Fees | |
| Account History | $5.00 |
| Audio Response Transactions | N/C |
| Closed Account Fee (if open less than 6 months) | $5.00 |
| Document Research (per 1/2 hour - 1/2 hour minimum) | $10.00 |
| Dormant Account Fee (after 5 years) | $75.00 |
| Fax or Photocopy | $5.00 |
| Legal Process Fee | $75.00 |
| Minimum Balance | N/C |
| Monthly Service Charge | N/C |
| Returned Deposited Items-Self | $25.00 |
| Returned Deposited Items-Third Party | $15.00 |
| Returned Statement Fee | $10.00 |
| Signature Guarantee Service | $20.00 |
| Statement Copy | $5.00 |
| Verification of Deposit | $10.00 per VOD |
Savings Calculators
Wondering how long it will take you to become a millionaire? Discover the power of compound interest. Use this calculator to find out how long it will take for your savings to grow to a million dollars.
How long will it take to become a millionaire?
Use this calculator to find out how long it will take you to reach your savings goal.
How long until I reach my savings goal?
Are you saving for a big ticket item? A car? A boat? A motorcycle? Use this calculator to figure out how long it will take you.
How can I save for a big ticket item?
Does your investment portfolio include a certificate account? (Credit unions usually call these "Share Certificates" and banks usually call these "CDs"). Find out how much they will be worth at maturity.
How much will my CD be worth at maturity?
Account Reconciliation Summary Form
We have eliminated the Account Reconciliation Summary from your member statement in order to reduce the amount of pages you are receiving. Please use this form for your reconciliation in the future. The forms are also available in our branch offices.
Account Reconciliation Summary Form
Switch Kit
MAKE THE CHANGE
We have written up some form letters to help make your change-over easier. Use these convenient Switch Kit forms to close your accounts and change your Direct Deposit and automatic withdrawals. If you need help completing any of them, just stop by Dover Federal Credit Union or give us a call.
Insured by NCUA
You can take comfort knowing your deposits are insured up to a combined $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government. In addition, Individual Retirement Accounts (IRAs) are insured separately up to $250,000 by the NCUA. To calculate insurance coverage for your accounts, click here.