Chartway Federal Credit Union is offering some competitive CD rates. The most competitive is its 12-month CD which has a top rate of 2.06% APY for a minimum deposit of $10,000. Other competitive ones include a 1.60% APY 6-month CD and a 2.26% APY 24-month CD. These yields require a Preferred Plus, Elite 50 Plus or Premier Checking. Without these checking accounts, the rates are 25 basis points lower. These rates are listed in the credit union's rates sheet as of 2/05/2010.
The checking account requirement does hurt this deal. All three of the qualifying checking accounts have a minimum balance requirement to avoid a monthly fee. The Preferred Plus checking and the Elite 50 Plus checking have a $10 monthly fee unless a minimum balance of $2,500 is maintained. These two would be preferable to the Premier Checking which has a $20 monthly fee unless a minimum balance of $5,000 and direct deposit are maintained.
Unfortunately, their eChecking account does not qualify for this CD. This is a reward checking account that pays up to 3.84% APY on a $20K balance (see review).
Another good deal at the credit union is the money market accounts. The top rate on the Money Market Plus and Link accounts is 2.02% APY for balances of at least $100K as of 2/05/2010. These rates don't require the above checking accounts.
Membership and Locations
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 employers. 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.
The credit union has some decent financial ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both are based on 9/30/09 data. Chartway is federally insured by the NCUA (Charter # 13242).