Chartway Federal Credit Union just brought back its 7% APY 7-month CD certificate special. The minimum deposit is $2,500, and the maximum is $7,000. New members are immediately eligible for this CD. Existing members must refer a new member to be eligible. The new member who is referred must either open the 7% CD or a checking account with direct deposit of $500+ per month. The existing member can open up to three of these CDs (one per referral). Money must be new to the credit union. Certificate details are described on page 2 of the certificate rate sheet (pdf).
The $7K max is not too bad, and if you're able to open three of these CDs with a $7K deposit, you'll earn about $183 over what you would earn in a 5.50% CD.
This new special seems to replace the 5.75% CD special that Chartway had been offering for the last few months (see post).
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. A reader noted in a previous post that the geographic areas are narrow, so please call to see if you can be eligible. Membership requires a $5 minimum deposit into the Prime Share savings account.
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 148,633 members.
Existing Chartway Members: Feel free to use this post to request new members. Unfortunately, new members don't have much incentive to be referred. If you can identify ways that new members can qualify for membership, that may help.
Thanks to the reader who emailed me info on this new special.