Dover Federal Credit Union

Savings Accounts

Easy Ways to Save
Insured by NCUA
Share Savings Account
Switch Kit
ATM Card
$uper $aver Share Account
Youth Programs
Money Market Accounts
Share Certificates
Individual Retirement Accounts (IRAs)
Christmas/Vacation Club Account
Savings Calculators

Easy Ways to Save
Saving is simple at Dover Federal. With options to save for something special or invest for a lifetime, we have a variety of accounts to help you. Making it even easier to save, you can sign up for direct deposit or payroll deduction, mail us your deposit or stop by any branch, or transfer your deposit using home banking access. To check out our dividend rates, click here.
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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.

Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts:
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, through December 31,2012, all funds in ‘‘noninterest-bearing transaction accounts ’’are insured in full by the National Credit Union Administration. This unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules. The term ‘‘noninterest-bearing transaction account’’ includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no dividend. It does not include any transaction account that may earn dividends, such as a negotiable order of withdrawal (‘‘NOW’’) account, money-market account, or Interest on Lawyers Trust Account (‘‘IOLTA’’), even if share drafts may be drawn on the account. The temporary full insurance coverage of ‘‘noninterest-bearing transaction accounts’’ expires on December 31, 2012. After December 31, 2012, funds in noninterest-bearing transaction accounts will be insured under the NCUA’s general share insurance rules, subject to the Standard Maximum Share Insurance Amount of $250,000. For more information about NCUA insurance coverage of transaction accounts, visit www.ncua.gov.
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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.

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Switch Kit
MAKE THE CHANGE
We've written up some form letters to help make your change-over easier. Use these convenient 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.

Switch Kit
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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.
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$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 make may 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.
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Youth Programs
For Kids Ages 12 & Under
Check Out the New Look!

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.

For Teens Ages 13-17
New Teen Program!

$$MX, Money to the Max, is our cool new Teen Money Management Program offered at Dover Federal. This is a great program to help your teen move towards financial freedom and independence. For more information, click here.
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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.)
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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

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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!!

*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.
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Christmas/Vacation Club Account
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 October 15th.
Add to your account through direct deposit or payroll deduction.

Deposit additional funds at any time in person or via transfer.

On approximately October 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.

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Savings Calculators
Savings Calculator
Use our Savings Calculator to estimate how much you need to save toward your major spending goals, such as buying a car or saving for a down-payment on a home.

Saving and Spending Plan Calculator
Use our Saving and Spending Plan Calculator to keep track of your income. Find how much money you are saving versus how much you are spending.

College Savings Calculator
Use our College Savings Calculator to help you start planning for your child's college education. The College Savings Calculator will provide an estimate to determine how much both you and your child need to save.
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