Chartway Federal Credit Union Adds Rate-Leading 19-Month Promo CD

Virginia-based Chartway Federal Credit Union (Chartway) has added a 19-month Promo CD earning 4.00% APY. The fine print on the Promo CD landing page states that both new and existing Chartway members are eligible to open a 19-month Promo CD. The minimum opening deposit is $500 (or $100 for members under 18 years) of new money, which is defined as “funds not currently on deposit with Chartway Federal Credit Union.”

A link to the Truth-in-Savings disclosure is no longer available on Chartway’s website. The following information is from a conversation with CSR.

• The Early Withdrawal Penalty for the 19-month Promo CD is 180 days, with partial withdrawals allowed.
• Funding can be by ACH, wire, check, or through a CO-OP Shared Branch network transfer.
• Maturing funds will be distributed by cashier’s check to the address on file or transferred to a Chartway Prime Share Savings account.
• There is a 10-day grace period before the 19-month Promo CD automatically renews as an 18-month CD.
• Unlimited beneficiaries can be designated, with assigned percentages an option. Full legal name, DOB, and Social Security numbers are required for each beneficiary.

DA reader, thowellIII, mentioned a possible (but avoidable) fee in a Forum post.

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 19-month Promo CD 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 "B+" at DepositAccounts.com, with a Texas Ratio of 6.04% (excellent) based on June 30, 2022 data. In the past year, Chartway has increased its total non-brokered deposits by $111.88 million, an excellent annual growth rate of 4.98%. 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 $2.6 billion and more than 197,000 members.

How the 19-Month Promo CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Chartway Federal Credit Union 19-month Promo CD. The following table compares the 19-month Promo CD 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 9/26/2022.

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