Metro Credit Union (Metro) has over 200,000 members, making it one of the largest credit unions in the city. But how does it compare to largest credit union in the state?
Digital Federal Credit Union (DCU) has been gaining more popularity and is known as the largest credit union in Massachusetts. It has over $12 billion in assets and 1.1 million members as of January 2024.
Metro | DCU | |
HQ | Chelsea, MA | Marlborough, MA |
Assets | $3.4 billion | $12 billion |
Members | 207,444 | 1,108,918 |
Deposits | $2.7 billion | $10.4 billion |
Source: NCUA as of December 31, 2023
The above table shows that DCU manages almost 4x what Metro does and has over 5x the membership.
Who Offers Better Rates?
Metro takes the lead with a higher yield on their interest earning checking account. However, they require a large balance to earn it. Comparatively DCU offers higher rates for their checking and savings accounts without excessive requirements. Finally, DCU not only offers higher earning CDs, but interest is compounded daily. Metro has conflicting information on their compounding frequency, with one line of their membership agreement mentioning daily compounding, while the next line stating there is none.
Metro | DCU | |
Checking | 0.50% | 0.20% |
Savings | 0.10% - 4.00% | 0.05% - 6.17% |
CDs | 3.50% - 4.40% | 3.40% - 5.00% |
Req. Membership Share | $5.00 | $5.00 |
*APYs as of November 15 2024. Check Metro or DCU for current rates.
Can a Boston Resident Join DCU?
While DCU has a healthy membership criteria list, being a Boston resident isn't on it. Instead, you'll have to be...
related to a DCU member
work for, be retired from, or be related to an employee or retiree at a DCU participating employer (don't worry -- there are over 800 on the list)
belong to, join, or be a family member of someone at a DCU partner organization
live, work, worship or go to school in a DCU participating community
To summarize, if you live in Boston and really want to join DCU, you can join one of the organizations on their membership list, like OARS in Concord, MA.
Does DCU Have a Boston Branch?
No. While there are 19 locations in the state. The closest one to Boston is in Waltham, MA.
Why Is DCU So Popular In Boston?
We think DCU raised to fame with the 6.17% rate on their savings account. There are very few online banks that offer that rate, but no other institutions (that we know of) in the state that do.
The catch is DCU's 6.17% is only on the first $1,000. If you have more in your savings, the rate drops to a whopping 0.05%. Say you have $2,000 in your account. You're only earning 3.11% on the entire balance. The more savings you have, the more that number drops.
If you were planning to only keep $1,000 in the account, and store the rest of your money elsewhere -- you're looking at earning a little over $60 for the year.
Of course, high rates aren't the only reason to choose a bank. Finding an institution that's honest, secure, and convenient are also important. We hope we helped clarify the difference between Metro and DCU, as well as helped you figure out if they're a right fit for you. And if you're open to other options, we have a list of Boston banks and credit unions here.
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