Chartway Federal Credit Union has extended its CD specials that it was offering in November. In addition, it has increased the rates by 25 basis points. The top rates for these specials are now 1.51% APY for the 12-month CD and 1.26% APY for the 6-month CD. These rates require a premium level checking relationship. Without the checking relationship, the rates are 25 basis points lower (1.26% APY for 12 months and 1.00% APY for 6 months). Minimum deposit is $10,000 for the 12-month CD and $500 for the 6-month CD. All the rates and checking requirements are listed in the Chartway's certificate rate sheets as of 12/6/2012. They have different rate sheets for different states. However, these special rates appear to be the same in all of the rate sheets. If you reside in a state that is not listed, the Virginia certificate rates will apply in your state.
Please note that Chartway is in the process of updating their promo page with these new rates.
Three checking accounts 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. www.wepromisefoundation.org
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.
Chartway is a large credit union with $1.9 billion in assets. The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 14.72% (average) based on September 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 These CD Rates Compare
When I posted on this 1-year CD last month, it wasn't that great of a deal since PenFed was offering 1.26% APY without a checking requirement. However, PenFed has lowered its 1-year CD yield to 1.00%. Other than this Chartway CD, the highest 1-year CD rate that's nationally available is 1.16% at State Bank of India - Chicago.
The best CD deal for terms under 1-year continues to be at Digital Federal Credit Union (DCU). It's still offering a special 8-month CD with a 1.50% APY.
These rates are accurate as of 12/6/2012.
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 DepositAccounts.com.