Chartway Federal Credit Union Hikes 12-Month No Penalty CD Rate

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Deal Summary: 12-month No Penalty Share Certificate, 0.70% APY, early closure only, $500 minimum deposit.

Availability: Easy membership requirement.

It’s been nearly three years since Chartway Federal Credit Union (Chartway) offered any kind of competitive CD. That changed last week with the addition of 60 bps to its 12-month No Penalty Share Certificate (0.70% APY). The minimum opening deposit is $500, with no stated balance cap. While the rest of Chartway’s Share Certificates have tiered APYs, the No Penalty Share Certificate earns 0.70% APY on all balances of $500 and above.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.70%--Chartway Federal Credit Union12 Month No Penalty Share Certificate
Rates as of August 1, 2022.

The no-penalty feature allows for an early closure only; no partial withdrawals are allowed, which is a new limitation since I last wrote about the No Penalty Share Certificate in 2018.

There’s a sentence in the fine print on the Share Certificates page that doesn’t make much sense.

Rates shown not available in VA, NC, UT, NV, or TX.

According to two CSRs, that statement is in error: the stated rates are available nationwide.

Thanks to DA reader, thowellIII, for a Forum post where he noted,

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 and 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 No Penalty 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.

Chartway participates in the CO-OP Shared Branch network and ATM network, with more than 5,600 branch locations (at least one location in all 50 states) and more than 30,000 surcharge-free ATMs.

As a result, you can conduct most business on your Chartway accounts at other credit
unions throughout the country as though you were at your Chartway local branch!

Credit Union Overview

Chartway Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.96% (excellent) based on December 31, 2021 data. In the past year, Chartway has increased its total non-brokered deposits by $139.17 million, an excellent annual growth rate of 6.5%. 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 eighth largest credit union headquartered in Virginia, with assets in excess of $2.5 billion and more than 190,000 members.

How the No Penalty Share Certificate Compares

As I mention in every no-penalty CD blog post, no-penalty CDs are a somewhat of a rare occurrence, with the longer the term, the more competitive the CD. When compared to the nationally available no-penalty CDs tracked by DepositAccounts.com, Chartway Federal Credit Union’s 12-month No Penalty Share Certificate APY currently ranks third.

The above rates are accurate as of 4/5/2022.

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

Related Pages: Norfolk CD rates, Houston CD rates, Salt Lake City CD rates, 1-year CD rates, nationwide deals

Comments
Chartway Federal Credit Union Adds 9-Month CD Special, 2.75% APY
Deal Summary: 9-month CD Special, 2.75% APY, $500 minimum deposit.

Availability: Easy membership requirement

It’s been almost a year since I wrote about Virginia-based Chartway Federal Credit Union (Chartway). At that time, Chartway’s 12-month No Penalty Share Certificate was earning 2.00% APY. By March, the rate had been raised to 2.20% APY, but fell to 1.80% APY in early June. It was nice while it lasted.

Chartway’s new CD “du jour” is a 9-month CD Special, with a competitive 2.75% APY. With the highest APY...

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Chartway Federal Credit Union Ups 12-Month No Penalty CD
Deal Summary: 12-month No Penalty Share Certificate, 2.00% APY, one partial withdrawal or complete closure without penalty, $500 minimum deposit.

Availability: Easy membership requirement

It’s been more than two years since Chartway Federal Credit Union (Chartway) offered any kind of competitive CD. That changed last week with the addition of 155 bps to its 12-month No Penalty Share Certificate (2.00% APY). The minimum opening deposit is $500, with no stated balance cap. While the rest of Chartway’s Share Certificates have tiered APYs, the No Penalty Share Certificate...

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Chartway FCU Has Two Competitive Rate Short-Term CD Specials
Availability: Easy membership

Chartway Federal Credit Union’s (Chartway FCU) has just added two promotional certificates for new members: 7-month CD (1.51% APY) and 11-month CD (1.76% APY).

The minimum opening deposit for either CD is $25K of new money, and there is a balance cap of $100K.

According to the fine print on the Share Rates page,

As stated on Chartway FCU’s Disclosures page, the Early Withdrawal Penalty reads as follows:

Availability

Headquartered in Virginia Beach, Chartway Federal Credit Union offers membership through residency, employment, and family relationship.

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Chartway FCU Ups Rate On 18-23 Month CD
Availability: Easy membership

Chartway Federal Credit Union’s (Chartway FCU) raised the rate on the three versions of its 18-23 month CD yesterday.

The minimum opening deposit to earn the 1.36% APY is $25K and there is no maximum balance cap. Smaller deposits will earn lower rates: $100+ (0.90% APY) and $10K+ (1.05% APY).

The 18-23 month CD is also available as an IRA (Traditional, Roth, and CESA), offering the same tiered APYs with the same funding requirements. According to CSR, the Early Withdrawal Penalty is 180 days...

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Chartway FCU Raises Rate on 60-71 Month Web-Only CD
Availability: Easy membership

In late September 2014, Chartway Federal Credit Union’s (Chartway FCU) introduced a series of new, competitive rate Web-Only CDs. The initial rates lasted approximately 7-10 weeks, before dropping substantially.

Chartway FCU raised the rates on its Web-Only CDs last week, with the 60-71 Month Web-Only CD (2.27% APY) being the most competitive.

The minimum opening deposit to earn the 2.27% APY is $25K and there is no maximum balance cap. Smaller deposits will earn lower rates: $500+ (1.76% APY) and $10K+ (1.91% APY).

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