Dedicated to Deposits: Deals, Data, and Discussion

5.75% 13-Month CD at a Multi-State CU (Chartway) - up to 6.51% possible.

POSTED ON BY

Chartway Federal Credit Union
[Update 7/2/07: This special CD has ended, but has been replaced with a new special. See post for more info.]

Chartway FCU is still listing a 5.75% APY 13-month share certificate. I first reported on this on May 13th, and I thought it was worth a reminder. The minimum deposit is $10,000 and the maximum is $250K per household.

A yield of up to 6.51% APY is possible with certain relationships. An extra 0.25% is added for those with Preferred Plus, Elite 50 Plus or Premier Checking accounts. And another 0.25% or 0.50% can be added. Direct Deposit, a credit card balance transfer of $500+ OR a new equity loan of $10K+ qualifies for 0.25% rate bump. Direct Deposit AND either credit card balance transfer of $500+ or a new equity loan of $10K qualify for the 0.50% rate bump.

Page 2 of the rate table (pdf) has a table that better describes these details to get the rates of 6.01% to 6.51% APY. The nice thing is that you can get 5.75% APY without any of this.

Field of membership includes those who live, work, worship or go to school in a defined geographic area served by the credit union's Virginia, Florida, Rhode Island and Texas branches. There are other ways to qualify for membership. A reader noted in the last post that the geographic areas are narrow, so please call to see if you are eligible.

Branches are located in Virginia, Georgia, Rhode Island, North Carolina, Texas, Florida, Ohio and New Jersey.

Chartway is federally insured by the NCUA (Charter # 13242). It has $1.2 billion in assets and 164,014 members.

Thanks to the reader who mentioned this CD promotion in the finding deals post.
  Tags: Chartway Federal Credit Union, Virginia, Georgia, North Carolina, CD rates, Rhode Island, New Jersey, Texas, Ohio, Florida

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
APY VS APR

Does it matter if the interest is calculated daily ?
OR only when it is compounded ??

1
Comment #2 by Anonymous posted on
Anonymous
Absolutely fabulous management in Rhode Island.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
The compounding of interest during the year is what causes the APY to be different than APR. I have more explanation here.

1
Comment #4 by Anonymous posted on
Anonymous
So if the bank says 6% APY ,calculated daily - compounded monthly, would the APR be approx 5.84 ?

On $100,000 how much would be earned in the first month ?

I have tried different calculators and they are not always the same

1
Comment #5 by Anonymous posted on
Anonymous
Usually the "RATE" is compounded to give you the higher "yield." If they are the same, then the rate is not compounded.

Also I have a question: This is listed under NC deals, it says they have a branch in NC, however, NC is not one of the states listed where it's offered. Is it offered in NC?

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Chartway has a branch in Elizabeth City, North Carolina so that's why I included it in the NC section. The products should be available to members regardless of where they live. However, their field-of-membership may not include those who live in any part of NC.

1