Dedicated to Deposits: Deals, Data, and Discussion

Special 1-Year CD Rate at Chartway Federal Credit Union - Easy Membership


Chartway Federal Credit Union

Chartway Federal Credit Union is offering four specials in November. One of these might interest savers. That's a special 1-year share certificate with a 1.25% APY. Minimum deposit is $10,000. Premium level checking is required. Rate is not available in Rhode Island. This special CD and rate is listed in the credit union's promo page as of 11/15/2012.

Lower rates are available for smaller balances. All the rates and checking requirements are listed in the Chartway's certificate rate sheets. Three checking accounts appear to qualify for this premium level checking rate: Preferred Plus Checking, Elite 50 Plus and Premier Checking. All have minimum balance requirements to avoid a monthly service fee. The Elite 50 Plus and the Preferred Plus Checking require a $2,500 minimum. This Chartway checking chart allows you to compare the checking account features.

It's Now Easy to Qualify for Membership

Membership into Chartway FCU used to be limited to certain geographic locations around the country and to certain employee groups. However, Chartway has added a foundation that anyone can join to its field of membership. I found out about this in the second page of Chartway's online application. In the eligibility page, the following is stated:

Qualify for membership by becoming a friend of the We Promise Foundation with a one-time $10.00 donation. Click here to donate.

Once you join this foundation, you can select "WePromise" in the organization list in that eligibility page of the online application.

The link to the online application page is available at the Chartway membership page.

Credit Union Overview

Chartway 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 (The 1.25% CD is also available at HeritageWest).

Chartway is a large credit union with $1.9 billion in assets. The credit union has an overall health score at of 3 stars (out of 5) with a Texas Ratio of 15.62% (average) based on June 2012 data. Please refer to our financial overview of Chartway Federal Credit Union for more details. Chartway is federally insured by the NCUA (Charter # 13242).

How the CD Rate Compares

The highest 1-year CD rate that's nationally available is 1.26% APY at Pentagon Federal Credit Union. The highest at an internet bank is 1.11% APY at AloStar Bank of Commerce. The best deal for a $25K minimum deposit is at CIT Bank with a 1.10% APY. It offers a one-time option to bump up the rate and a one-time option for an additional deposit.

Searching for the Best CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of

  Tags: Chartway Federal Credit Union, Virginia, Rhode Island, Texas, Florida, Utah

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Comment #1 by me1004 posted on
Something confusing at Chartway's Web page. Why does the CD rates page give rates only for Virginia, Texas, Florida or Rhode Island? That certainly makes it sound like those are the only places eligible. There is no place to tell you CD rates if you live in any other state.

Also, I can't even find out what fees might be involved with the Premiere Checking. At the checking page it says:

"Fee and Charges

The Fees and Charges that will be assessed to your account are reflected in the Disclosure of Fees and Charges."

Yet, in the only disclosures I can find on the Website, under checking, it doesn't mention anything about any fees and charges, one way or the other.

I can say, there is a minimum of $2,500 required in that checking in order to accrue interest (0.4% APY). And a $1 minimum to open it. But I have no idea what fees might be involved (other than you have to buy your checks) or if there is any way to avoid them. 

Comment #2 by me1004 posted on
Oh, wait! I finally just found it. OK, you need a minimum balance of $5,000 in the checking in order to avoid a monthly fee of $20. So,that is $5,000 locked up there earning only 0.4% in order to avoid the fee. 

Comment #3 by Anonymous posted on
Nice trick the CU is playing.

$10,000 @ 1.25%/Y = $10 per month

The $5,000 in checking make you lose $5 per month

Total interest earned: $10 -$5 = $5 / month

Not worth to get 0.00625% effective interest rate.

Comment #4 by Anonymous posted on
Note the 1.50% APY on an 8 month Cd at Digital Credit Union.  Minimum $1000.  Limited time only.