Update 11/04/08: The maximum deposit for the 5% 7-month CD special has been reduced to $15,000.
Chartway Federal Credit Union continues to offer a special 5.00% APY 7-month certificate. The minimum deposit is $15,000, and the maximum is $25,000. New money is required. There's a limit of one certificate per member.
When I first reported on this special last week, the special wasn't listed at Chartway's website. It was only advertised in Rhode Island. However, this special is now listed at the credit union's Certificate Rates page. At this page, click on the "All States" link. This brings up the rate table as a PDF document. The special is listed at the bottom of the rate table.
Membership is open to 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. You can also be eligible via schools and select employer groups. The online application has a list of eligible schools and emloyers. Please refer to their Membership Page for more details. 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 also has a reward checking account that pays 5% APY on balances up to $20K. Please refer to this post for more details.
The credit union has some decent financial ratings for soundness: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both are based on 6/30/08 data. Chartway is federally insured by the NCUA (Charter # 13242).
Chartway is federally insured by the NCUA (Charter # 13242). It has $1.3 billion in assets and 154,477 members.