Dedicated to Deposits: Deals, Data, and Discussion

No Longer Offered - Competitive Savings Account at Chartway Federal Credit Union - Limited Membership

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Update: Chartway is no longer offering new eChecking or eSavings accounts.

I first reported on Chartway Federal Credit Union's reward checking account called eChecking in July 2008. The rates have remained unchanged since then, but the best deal is now the companion savings account called eSavings. It's a tiered-rate account with a top rate of 2.25% APY for balances of at least $100K. As shown below, rates are also competitive for lower tiers. These rates are listed in Chartway's eProduct Rates sheet as of 2/14/2011:

  • 2.25% APY $100K+
  • 2.00% APY $50K-$100K
  • 1.75% APY $25K-$50K
  • 1.50% APY $10K-$25K
  • 1.00% APY $5K-$10K
  • 0.00% APY $0-$5K

The important requirements listed in Chartway's eSavings page include:

  • Must have an eChecking account
  • Active eBranch
  • Active eStatement service

As I described in my 2008 Chartway eChecking review, the eChecking is a reward checking with a unique rate tier structure. It currently has a rate of 5% on the portion of your balance from $5K to up to $20K, 0% interest rate on the first $5,000, and 1.00% rate on the portion of the balance over $20K. This results in an APY of 0% for a $5,000 balance to an APY of 3.84% for a $20,000 balance. As the balance grows, the APY starts falling towards 1.00%.

If you have a large savings balance, you'll want to keep exactly $20K in the eChecking account and the rest in the eSavings account.

Membership Eligibility

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. One reader commented in 2009 that Chartway accepts city/federal employees from all states under "Civil Service" category. 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.

Credit Union Overview

Branches are located in Virginia, Georgia, Rhode Island, Texas, Florida, Arkansas and New Jersey. Most of its branches are located in the Norfolk/Virginia Beach metro area. Other cities with branches include Houston, Texas; Jacksonville and Saint Petersburg, Florida; Alpharetta, Georgia; and Warwick, Rhode Island. It also has branches in Utah due to its recent acquisition of HeritageWest Credit Union.

Chartway is a large credit union with $1.75 billion in assets. The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 11.70% (excellent) based on September 2010 data. Please refer to our financial overview of Chartway Federal Credit Union for more details. Chartway is federally insured by the NCUA (Charter # 13242).

Other High-Interest Savings Accounts

There are a few banks and credit unions which offer savings accounts with their reward checking accounts. Most of these savings accounts have low balance caps like the reward checking accounts. However, a few have no caps or large caps. I covered some of these in my reward checking/savings review. To find the best high-yield savings accounts, please refer to our savings accounts and money market accounts tables.


  Tags: Chartway Federal Credit Union, Virginia, savings account, checking account, Rhode Island, Texas, Florida

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Comments
5 Comments.
Comment #1 by Rita (anonymous) posted on
Rita
membership should be National wide instead of limited.

 

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Comment #2 by O-Qua Tangin Wann (anonymous) posted on
O-Qua Tangin Wann
Rita, if membership was open to everyone nationwide, at their incredible 2.25% rate, Chartway would be inundated with so much money being deposited, they would no longer be able to afford that 2.25% rate. Subsequently, Chartway would be forced to drastically lower the rate.

O-Qua Tangin Wann

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Comment #3 by Anonymous posted on
Anonymous
Membership is open to students at designated schools.  If you register for an online continuing education course at a designated school, then you are a student, and consequently you are eligible for membership.  I tried this and was successful in becoming a Chartway member.

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Comment #4 by Anonymous posted on
Anonymous
the e checking requires an ACH transfer or direct deposit of $500.oo per month AND 8 debit card transactions.  A fee of $4.95 is required IF you sign up for bill pay and do not have a minimum of 3 transactions per month... Don't sign up for bill but instead complete the 8 transactions. 

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Comment #5 by Anonymous posted on
Anonymous
Spoke to CSR today and was informed that this e product is no longer being offered.  The accounts previously opened will continue to pay the same interest rates for now.

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