Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000. This makes DCU an excellent bank account that you should use as part of a super-high-yield savings strategy. The fact that you can get a signup bonus for opening an account is just icing on the cake.
Earning your $20 referral bonus is simple. There are a few ways you can earn your DCU referral bonus, but below is what I think is the easiest option:Â Â
- Open a free DCU checking account using a referral link (here is my DCU referral link).
- Within 90 days of opening your account, complete at least 5 qualifying transactions in the same calendar month (this includes debit/credit card transactions, ACH transfers, Point of Sale (POS) transactions, bill pay payments, balance transfers to your DCU Visa Credit Card, and Pay a Person transactions).
You can also earn your bonus by completing a direct deposit or by taking out a vehicle loan. I’ll briefly mention those options later in this post, but in general, completing the 5 qualifying transactions is the simplest and fastest way to earn your DCU referral bonus.
In the remainder of this post, we’ll take a deeper look at what you need to do to earn your DCU referral bonus. We’ll also go over how the 6.17% interest savings account works and why it’s worth doing. Before we get started though, let’s quickly go over what DCU is.
What Is DCU?
DCU is a not-for-profit, federally chartered credit union that serves over 900,000 members in all 50 states. As you can probably guess by its name, DCU (Digital Federal Credit Union) is primarily an online-based credit union, with most transactions completed via its website or mobile app. They offer the same products as any full-service bank (i.e. checking and savings accounts, loan products, etc), making DCU a solid and reliable choice for anyone looking for a bank.
There are two banking products DCU offers that are relevant to our purposes. The first is a free checking account. This account has no monthly fees or minimum balance requirements, which makes it an easy bank account to maintain. They also (at least temporarily) reimburse all ATM fees. Importantly, DCU also offers a $20 referral bonus if you open a free checking account and meet some fairly easy requirements. We’ll talk about that more in the bulk of this post.Â
The second banking product that DCU offers is a free savings account that offers an astounding 6.17% interest on the first $1,000 in the account. Everything above $1,000 earns 0.15%. This makes DCU an excellent savings account to park $1,000 of your emergency fund. We’ll go into more detail about this savings account later in this post as well.
DCU Referral Bonus: Step-By-Step Directions
Opening a DCU checking account isn’t difficult, but there are a few nuances that you need to know about. Here are the steps you need to follow to open your DCU checking account and earn your $100 referral bonus. Â
1. Open A DCU Checking Account With A Referral. The first thing you’ll need to do is open a DCU checking account using a referral link (again, here is my DCU referral link).Â
The referral link doesn’t mention the bonus terms, but you’ll know it’s a referral link because the URL will have my unique referral link. The terms for the referral bonus can be found here on the DCU website. So long as those terms are still there, you’ll know the referral bonus is still active. As a precaution, I recommend saving a PDF of that page just in case there are any issues and you need to show the terms to customer service.
2. Donate $10 To Reach Out For Schools To Qualify For Membership. DCU is a credit union, which means membership is limited. For our purposes, everyone can qualify for membership with DCU so long as they are a member of one of their partner organizations.
In this case, the cheapest organization you can join is Reach Out For Schools, a non-profit that raises money for schools. It costs $10 to join this organization and it’s a one-time fee. During the application process, you’ll see an option to make your donation. Once you’re a member of DCU, your family members will be eligible for DCU membership based on their relationship with you.
If you’re opening a checking account, you’ll earn your money back via the signup bonus. More importantly, though, the main reason we’re opening up the DCU checking account is to gain access to the 6.17% interest savings account.
In any event, there are worse ways to spend $10 than giving it to an organization that helps schools.
3. (Optional) Fund Your Checking Account With $250 Using A Credit Card. One advantage of opening a DCU checking account is that DCU allows you to fund up to $250 using a Visa or Mastercard. If you’re earning credit card rewards, this is an easy way to get some extra spending on your card without having to actually spend any money. Simply fund the account with a credit card, then pay the card with the money you funded into your account. You don’t have to do this, but I do recommend doing this if you can. Be sure to make sure that your credit card won’t charge the funding as a cash advance (Chase credit cards have the biggest risk of doing this).
4. Complete 5 Debit Card Transactions In One Calendar Month. The terms require you to complete 5 debit card transactions in one calendar month to earn your bonus. An easy way to do this is to reload your Amazon gift card balance using your DCU debit card. Amazon lets you reload as little as 50 cents at a time, so doing five 50 cent transactions is all you need to do to meet this requirement.Â
Alternatively, you can also earn your bonus by completing a recurring direct deposit of $500 per month or taking out a vehicle, RV, boat, or mobility loan. Both of those options are more difficult so I don’t recommend meeting the bonus requirements that way (but if you were going to take out a loan already, then you might as well get your bonus that way).
5. The Bonus Will Post After You Meet The Requirements. Your $20 bonus will post within 30 days of the five qualifying transactions successfully posting to your checking account.
If you’re meeting the requirements via the direct deposit or loan option, your bonus will post within 30 days of completing the direct deposit or funding your loan.
DCU Savings Account Strategy
Opening this account for the referral bonus is great, but what really makes DCU worth it is the super-high-yield savings account that they offer. You’ll get 6.17% interest on your first $1,000 in your savings account. Everything over $1,000 will earn 0.15% interest (so ideally, you only want to keep $1,000 in your savings account). Interest is paid monthly, so you’ll see the interest at the beginning of each month.Â
Doing the math, you’ll earn about $61 of interest per year on your $1,000. As a comparison, in a typical savings account earning about 0.5% interest, you’d need to have a little over $12,000 to earn the same amount of interest. That’s a huge difference that I think puts things into perspective and emphasizes why it’s worthwhile to take advantage of a savings account like this.Â
The best thing you can do is take $1,000 and park it in there. Since interest is paid monthly, if you don’t want to leave more than $1,000 in there, just pull the interest out each month into a different savings account that earns more interest.
Refer Your Friends And Family
DCU is a credit union that I support. And after you’ve opened your accounts, you’ll probably feel the same way. An easy way to earn a little bit of extra money is to refer your friends and family members using your referral. At the moment, you’ll earn $10 for each referral and the person you refer will earn $20.Â
You can find your referral link in the “Membership” section of the DCU website. When you’re logged into your account, click “Membership” in the top row, then on the next page, look for the section that says “Member Referral.”
From there, you’ll be able to get your referral link that you can use to refer other people. The nice thing is that, in contrast to how it used to be, DCU will now generate a single referral link that you can use as many times as you want. Previously, DCU required you to generate a new link each time you wanted to refer someone, which made it much more of a hassle.Â
Final Thoughts
DCU is a good credit union that I recommend because of the 6.17% interest savings account. It’s the highest-paying savings account currently available – nothing else even comes close. If you combine it with my strategy for other 5% interest options, you can have a decent chunk of cash earning a good rate of return in FDIC-insured savings accounts. The fact that you can earn a referral bonus as well makes this account one that I think everyone should open.
Right now, with interest rates where they are, I recommend using Raisin, which is a free high-yield savings option that you can set up in minutes. Check out my post on Raisin here.
If you’re interested in learning more about bank account bonuses, be sure to check out my post, The Ultimate Guide to Bank Account Bonuses. Â
For other mega-high-yield savings options, check out these posts:Â
- Where To Get 5% Interest Savings Accounts
- Netspend Account: The Ultimate Guide to a 5% Interest Savings Account
- The H-E-B Debit Card 6% Interest Savings Account
- Current Bank App – A 4% Interest Savings Account On Up To $6,000
- Service Credit Union – A Mega-High-Yield Savings Account For Up To $3,500
- Workers Credit Union Savings Account – Earn 3.56% Interest On Up To $1,000
And if you’re interested in earning your DCU referral bonus, please consider signing up for DCU using my referral link. I hope this post was helpful!
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- Moomoo (15 free stocks and 1 stock of Tesla or Google) – Moomoo is a free investing app currently offering 3 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Webull (12 free stock shares) – Webull's current promotion gives you 12 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($150) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Upgrade ($150) – Upgrade is a free checking account that’s currently offering a $150 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $150 Referral Bonus – Step By Step Directions.
- US Bank Business ($800) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($100) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $100 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Netspend ($40 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $40 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $40 to start! Make sure to check out my in-depth guide on how to set up these accounts.
- Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.25% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $800 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Looks like the rereferral amounts are now only $10 & $20.
They have been giving me a hard time for weeks now after completing all of the requirements. They keep adding extra hoops such as, wait another week, and then after I do, they ask for the referral link. Then after I sent them the link, they now want a referral code from Kevin.
I have no idea why they keep adding more excuses and misleading me.
Hey there! I left a comment before but not sure if you got it. I used your link and I made 5 purchases on the Amazon Load like you mentioned. I used the card after it came. Is that all I needed to do? Just want to make sure I did it right. I’m trying to get money before Christmas for my kids gifts but says it can take 30 days. About how long does it take you to get it after someone let’s you know they did it? Anyway let me know and talk to you soon. Have a HAPPY Holiday!!!
Hi Financial Panther,
Would you know any other bank or investment platform allows you to fund the account via credit card without fees?
The only other one I know so far is fundrise.
Can you get the referral if you already have a DCU savings account or do you have to be an entirely new customer?
I believe you can. But shoot me an email and I’ll see if I can refer you. If I can’t, it’ll say you’ve already been referred and won’t let me refer you.
hi—i tried to set up an account with dcu but i got this message. i tried 5 different credit and debit cards and a bank account but nothing worked. anyone have any idea’s ?
The card funding transaction was declined. Please provide a different card or choose another funding option.
I recommend you just call them. It will be a pain in the ass to get a hold of someone but it’s worth it to get your acct. Set up
Hi Kevin and thanks for this thorough guide!
I sent you a message through your contact form so as to get a DCU checking and savings referral from you.
Did you get it?
Thanks in advance!
In case you have not recd referral code from Kevin. Msg me (Kevin not in any way am I trying to take from you, I just want M1 to benefit from DCU the way I have), I am being honest when I say this Credit union literally has changed my life. Lol, sounds so dramatic I know. But , read my above comments regarding my experience with them. This credit union saved me about $6,700 on a car I bought in Feb. I am and will forever be a loyal DCU and Financial Panther follower!!
Hi Ariri, I have also sent a message and have not heard back. Would you be willing to share your referral?
the link is in the post, you don’t need a referral code. I just signed up and didn’t need one and I’m getting the $100 because it said I was signing up under him just by clicking the link he posted in the blog post. 😀
Thanks for the guide! I am not working on the 5 transactions… any idea if I can do them all at once or if they would get flagged as fraud if they aren’t spaced out?
You can do them all at once. Shouldn’t be a problem.
Hey there! I just wanted to say thank you! I signed up under you about a week ago. I’m still waiting for my card so wanted to ask if adding the bank account info to Amazon, and loading my gift card or buying 5 inexpensive items. Would that work? I wasn’t sure about the ach transfers either. Is that like sending money to Cash App?
Hi Kevin!
Thank you so much for such helpful information! Like the Netspend accounts, I’m only interested in the savings. Is there an inactivity fee or monthly minimums for the checking account? Wasn’t sure if the same setup would apply where I need to setup a reoccurring deposit every 60-90 days.
Thank you in advance as always!
I opened a savings just for the interest. But soon realized how awesome this credit union is! My credit not great so I also opened a Credit Builder Loan . My credit score went up after only 3 payments. I then purchased a car and financed thru dealer 8.64% interest. I then received an offer from DCU to refinance an auto loan and get 1.9% and $150 bonus. I had not even made 1 payment on my car. I thought for sure I would not be approved. I placed a phone call and did the whole application over the phone, and was approved! Not just that I rec’d a much better deal on the following…
Dealer GAP $895. DCU GAP $295. SAVED $600
Dealer service contact $3,700. DCU service contract $1,395.00. SAVED approx $2,700
Dealer interest $8,000 DCU $1, 300 SAVED $6,700
Then because I now have a “RELATIONSHIP” with DCU (checking, savings, refinance loan, credit building loan) the loan agent working with me on the auto loan said I qualified for the DCU credit card. Which I was approved $10,000 interest 8%. Which was amazing to me since my other credit cards are at 22-23%. No annual fee, or balance transfer fees it’s a great card!
Another perk about the ATM fee is that you can withdrawal anywhere and they will pay you back. $7.00 was reimbursed back it to me from a casino ATM. They have many different types of loans that can really help people out such as a loan to modify your home due to a disability, or to install heating. This credit union is amazing.
Update on how amazing this credit union is… Since I have had my checking open for 6 months I now qualified to earn interest on my checking balance 0.50% which I will take. Sure why not! I’ve banked my whole adult life with WellsFargo and never have rec’d the interest Ive collected with less than a year of being a member. Also, I qualified to opt in for overdraft coverage which is another bonus. Oh annnd I just opened a Holiday Savings Acct. With them.
What?! A 6.17% interest savings account? You’d be lucky to get a 7% annual return on your money investing in equities, that sounds like a phenomenal deal.
Hello Panther
You are Great with this Insights, Im also doing the five 5% Nestpend cards, I used the All Access one I think by mistake, and I Stumbled into that they do 6% on the saving account upto the first $2000.
I have literally $60k cash in a shoe box in my closet that I’ve put away in the last 3 years and I want to put that cash to work, my Girl and I are doing the 10 NetSpend accounts but thats only 10k, I also bought into Permanent/ Whole Life Insurance that Accrues a nice Cash Lump Sum, But I want a bank thats compounds daily, What can you suggest ??
They charge $5/month for the savings account and the fee cannot be waived FYI.
Wow, 6.17%?!?!?!? This is even better than the Netspend accounts! I opened all of the Netspend accounts that I could. so this is fantastic news. Thanks for sharing!
Be sure to check out this post for more ideas. If you’re someone who’s done the Netspend accounts, there’s many more you’ll want to take advantage of too.
Where To Get 5% Interest Savings Accounts Now That Insight Is Gone