Dedicated to Deposits: Deals, Data, and Discussion
Communitywide Credit Union1.80%$2k-60 Month Share Certificate
Communitywide Credit Union1.50%$2k-48 Month IRA Share Certificate
Accounts mentioned in this post. Rates as of August 20, 2014

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


Communitywide Credit Union

In today’s rate environment, a 1-year CD may seem appealing for those who don’t want to be locked into a low-rate long-term CD. However, the vast majority of 1-year CDs have rates that are lower than the best money market account rates. Today I found one of the rare exceptions. Communitywide Federal Credit Union just came out with a special 1-year CD with a 2.00% APY. Maximum deposit is $100,000, and the CD requires a checking account with a debit card and a recurring deposit (like direct deposit). There are also some competitive standard CDs. These include a 2.00% APY 5-year CD and a 1.70% APY 4-year CD. Minimum deposit is $2,000, and the early withdrawal penalty is equal to 35% of the dividends that would be earned by those funds during the entire term. These rates and details are listed in the credit union’s rates page as of 8/22/2013.

Membership Eligibility

Credit union membership is open to donor members of Michiana Goodwill Boosters and Marine Corps League. There’s also a long list of select employer groups that can make you eligible to join the credit union. Please refer to the credit union's membership eligibility page for more details. This page doesn't have much info on the membership application, but it said to call (574) 239-2700 if you want to join. I called last year, and the CSR said that they can mail a membership application along with a new-member packet with more details. I was told you can join one of the above associations at the same time that you join the credit union. It requires a $5 fee for the association and a minimum $5 deposit for the credit union savings account. If you're interesting in joining, you should call (574) 239-2700 and ask them to mail you the documents.

Credit Union Overview

Communitywide FCU branches are located in the Indiana cities of South Bend, Elkhart, Goshen, Granger, Mishawaka, Plymouth and Warsaw.

The credit union has an overall health score at of 4 stars (out of 5) with a Texas ratio of 15.50% (average) based on March 2013 data. Please refer to our financial overview of Communitywide FCU for more details. The credit union is federally insured by the NCUA (Charter # 18336).

How These CD Rates Compare

Other than this 2% CD, the highest 1-year CD rate that’s nationally available is 1.10% APY at Connexus Credit Union. This requires an active checking account with direct deposit. Without the checking requirement, the highest 1-year CD rate is 1.05% APY at GE Capital Bank and at DollarSavingsDirect. Higher rates are available with slightly longer terms. These include a 1.20% APY 14-month CD special at Fort Knox FCU, a 1.15% APY 15-month CD at GE Capital Retail Bank and a 1.25% APY 15-month CD at Aspire FCU.

The highest 5-year CD rate that’s nationally available is 2.05% APY at

The above rates are accurate as of 8/22/2013.

Searching for the Best CD Rates

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

  Tags: Communitywide Credit Union, Indiana, CD rates

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Comment #1 by playcentric (anonymous) posted on
seems to be a very good deal for savers;   will anyone who has experience with this CU share suggestions?  I live in Texas with a CD maturing in September and woould like to put in the 1year CD.  Thanks.

Comment #2 by CapitalClimate (anonymous) posted on
Not very convenient: Mail-only application requires NOTARIZED copy of ID.



Comment #3 by CarefulSenior (anonymous) posted on
Just talked to Communitywide about their one year 2% CD. There is no online application so they mail you out one. Once it is filled out and mailed back to them they will send you your account number. You then set up your direct deposit and send the money for the CD. If they don't see a direct deposit within 30 days the CD reverts back to .80%. For me my SS check has been deposited in my old bank already. Social Security says a month notice is needed so there is no way I would meet the 30 day deadline. That's a huge gamble to take. If there is a problem and the deposit doesn't arrive in time you are stuck with a terrible rate for a year.

Comment #4 by Daoistqigong posted on
It is a good rate. But I have to pass it after had talked to them, because, as the rep. said: you have to meet three conditions by using checking account, debit card and having a payroll paid from a business or gov. The last one just kicks out all small business employees who get a check instead of payroll, which costs fees for business onwers.

Comment #5 by Anonymous posted on
Unlike "Careful Senior" above, I was told that the bank would give you a "few months" to get the direct deposit coordinated.  The person I spoke with said they fully understood that these deposits can't be redirected w/i a 30 day period.  They will also allow pension checks to work as direct deposits. There is no fee for the checking account and no stated minimum use of the debit card.  All in all, it seems like a very good deal and the customer service so far appears to be good.

Comment #6 by Anonymous posted on
I am in the process of setting up my account.  Once you call them for the initial package your name is on file and you will get the rate as long as you meet all the requirements which aren't *that* bad.   Here is what I was told -

1. mail in with the app $30 personal check (forgot the detail, mainly to open accounts, the donation is $5 I remember).

2. also send in a notarized copy of DL saying that it is my DL ($2 in UPS stores)

3. set up direct deposit - no minimum amount required.

4. once they see the first deposit they'll set up the CD (can do ACH from my other bank account once account is set up).

Vicki Smith is the head teller handing this - she is pretty nice.  They got a lot of responses.

Hope this helps - will add if I get to know more ...  Thanks for the initial info!

Comment #7 by Anonymous posted on

5. you do NOT have to use the debit card x time a month.

6. no minimum balance for checking account.

Comment #8 by Anonymous posted on

Correction of 1. Only need to send in $10 ($5 one-time membership fee, $5 to open a saving account Checking account).

5. further confirmed


Comment #9 by Anonymous posted on
Addition to 6.  They'll open a checkiing and a saving account for you - minimum for saving account is $5 and there is no minimum requirement for checking account.

Comment #10 by Anonymous posted on
Also took advantage of this CD.  Was told that debit card needed to be used atleast once every six months.  $10 along with the paperwork was required to be sent in by mail to open the account....then funded the CD via shared branching.  They allow trust accounts.  Process was easy and straight forward but time consuming. Their Homebanking system is quite amaturish...with a timing function which logs you out in 5 min.  The log in procedure is also time consuming with many safeguards  unless you allow them to store cookies.  Their bill pay system is terrible for this customer, complex and after several hours fooling iwth it gave up.  I'll just use shared branching.  For those depositing SS checks its best to call SS directly to input the change....calling will save about 2 months time over inputing the change on line.  Overall Great rate, customer service good but on line servicies need to be improved and streamlined.

Comment #11 by Anonymous posted on
Looks like the direct deposit requirement has been "loosened" slightly to include any reoccuring deposit.  I did one certificate several weeks back I wonder if this is a "new" certificant.

Comment #12 by CarefulSenior (anonymous) posted on
I just opened the 1year CD for 2%. Social Security said if I change my deposit address within 10 days of the payment date it will go to the new bank. Mine came through without a hitch. CommunityWide was very good at answering my concerns. Just be advised that if you do a wire transfer to fund the CD, they don't accept wires directly, it has to go through another credit union. It was no big deal but just be sure to list both routing numbers. This is a great rate by today's standard.

Comment #13 by DougNYC (anonymous) posted on
Offer just changed today [November 1st]. Same conditons, except the duration has been cut back to a 6-month CD [still at the 2% APY]. If you applied before tdoay -- and are already "in their system" -- you may still apply for the 1-year certificate.

Comment #14 by QED posted on
That's interesting about their changing from the one year term to six months on the 2% CD.  I checked the website yesterday, November 1st, and the one year term special was still showing.  Just went back today, November 2nd, and the one year term special continues to be featured.  It appears they are not too good with their website updates!     

Comment #15 by me1004 posted on
Anonymous #6: Re notarizing DL, it might be $2 where you are, but that varies at least state by state. In California, each notarized signature costs $10 -- pretty much no matter where you get it.

Anonymous #10: the bit about having to use the debit card at least once every six months: that sounds like the typical time to head off a dormancy fee, and that might be what they were talking about -- although don't think I've heard of a dormancy fee on debit cards before.

Anonymous #11: re the change in the recurring deposit requirement, do you know if they now would accept for this rate a recurring deposit I might set up from another bank to them? I can't do a typical paycheck or SS check recurring deposit, but in theory I could set up a monthly deposit sent via the ACH from my account with Alliant (and if so, any info on a minimum amount for that, could I satisfy them with a mere $5 recurring monthly deposit?). Alliant has a feature to set up a recurring deposit to another institution via the ACH (and I then could take it back the next day if I wanted to). 

Comment #16 by me1004 posted on
The maximum to open the 6-month 2% CD is $50,000. Does anyone know if you can open multiple $50,000 CDs? (I did that once at another bank -- in that case, the circumstances were that they required it, for some reason -- providing for pretty much however large an amount you might want to deposit. When I did it once before, the multiple CDs opened and matured on the same day -- it was simply a lot of paperwork for the bank.)