Chartway Federal Credit Union Unveils Rate-Leading 50-Month Promo CD

Virginia-based Chartway Federal Credit Union (Chartway) recently added a 50-month Promo Share Certificate with a rate-leading 5.00% APY. The fine print on the landing page states that both new and existing Chartway members are eligible to open a 50-month Promo Share Certificate. The minimum opening deposit is $500 (or $100 for members under 18 years). A Promo Share Certificate must be funded completely with new money, which is defined as “funds not currently on deposit with Chartway Federal Credit Union.”

Thanks to DA reader, JayGee, for the Forum post about the new 50-month Promo Share Certificate. DA reader, racecard, had some very interesting comments to the Forum post, which are listed (in part) below.

(1) You will be subjected to a HARD PULL *EACH TIME* you open a CD (including this one). Even if you're already a member. Even if you already have CDs with them. Want a new CD with them? Each one requires a NEW HARD PULL.

(2) THEN you must be "Approved" before the CD is granted -- and they have no problem REJECTING the CD application. As a member in good standing who already had a CD with them, I tried to open up just a small 2nd CD (around $7k). After the new HARD PULL, my request to open the small 2nd CD was then REJECTED -- and I had to spend HOURS doing an appeal to get them to "allow" me to open a 2nd CD.

(3) Fees: Chartway charges a fee if you ever just have a Savings Account -- so as soon as your CD matures (unless you have another CD, or a checking or loan account with them -- but who in their right mind would ever get a loan or checking account with these guys?!) you'll immediately be assessed a hefty fee for having just one account type with them.

In an earlier Forum post, DA reader, thowellIII, mentioned a possible (but avoidable) fee.

Chartway has a Single Account Fee, so if you close the CD and only have the Prime Share Account, you could be hit with a fee. You can avoid the fee by having a second custom share account (even with just a token amount in it).

Availability

Headquartered in Virginia Beach, Virginia, Chartway Federal Credit Union’s field of membership (FOM) offers a way for almost any U.S. citizen/resident alien to join.

Easy Membership: You can qualify for membership by joining Chartway’s We Promise Foundation with a $10 donation. (Joining the We Promise Foundation is the fourth option listed on the online application.)

Residency: Individuals who live, work, worship, or attend school in parts of Arizona, Florida, Nevada, North Carolina, New Jersey, Ohio, Texas, Utah, or Virginia are eligible for membership.

Employment: Employees of more than 750 qualifying organizations/businesses qualify for membership, as do their immediate family members.

Relationship: Relatives and housemates of a current Chartway member or someone who is membership-eligible are also welcome to apply.

Joining Chartway and/or opening a 50-month Promo Share Certificate can be done online, by phone (800.678.8765), or at any of 38 branches located in Texas (3), Utah (13), and Virginia (22).

Opening a Prime Share Savings account with a $5 minimum deposit establishes a new Chartway membership.

Funding and Other Particulars

There is no Truth-in-Savings disclosure for Share Certificates available on the Chartway website; the following is from a conversation with CSR.

• Funding – ACH, Shared Branch transaction.
• Ownership – Individual, joint, or trust.
• CO-OP Shared Branch Network – Yes.
• Dividends – Compounded/credited quarterly and can be automatically transferred to a Prime Share Savings account.
• Early Withdrawal Penalty – Can only be closed early with a penalty of 180 days dividends; principal is not protected.
• Maturing Funds – Cashier’s check to the address on file or transferred into a Primary Shares account.
• Grace Period – 10 calendar days before automatic renewal as a 48-month Share Certificate.
• Beneficiaries – Unlimited with equal shares; Social Security numbers and DOB required for all beneficiaries.
• Credit Check – Hard pull.

Credit Union Overview

Chartway Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 10.40% (excellent) based on June 30, 2023 data. In the past year, Chartway has increased its total non-brokered deposits by $29.13 million, an above average annual growth rate of 1.24%. Please refer to our financial overview of Chartway Federal Credit Union (NCUA Charter # 13242) for more details.

In September 1959, seven Norfolk Naval Air Station civilian employees each contributed $5 and the NorVA N.A.S. Federal Credit Union was founded. The original FOM included both civilian and military personnel, and their family members. With an expanding FOM and fewer ties to the military, the name was changed to Chartway Federal Credit Union in 1996. Chartway FCU is currently the seventh largest credit union headquartered in Virginia, with assets in excess of $2.7 billion and more than 215,000 members.

How the 50-Month Promo Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Chartway Federal Credit Union 50-Month Promo Share Certificate. The following table compares the 50-Month Promo Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 10/19/2023.

To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.