CommonWealth One Fed Credit Union Adds Rate-Leading 6-Month CD Special
Virginia-based CommonWealth One Federal Credit Union (CommonWealth One) is offering “No Tricks, Just Treats!” with rates “so good, it’s scary.” The “treats” include a 6-Month Share Certificate Special, 6.09% APY ($500 min) and a 30-month Jumbo Share Certificate Special with tiered rates of 4.97% APY ($100k min), 4.92% APY ($50k min), and 4.86% APY (no min). The maximum deposit for either Share Certificate Special is $250k.
The Share Certificate Specials are also available as IRA Certificate Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
12-Months or less – Penalty 90 days dividends, whether earned or not.
More than 12-Months – Penalty is 180 days dividends whether earned or not.
This is definitely a very mild EWP, but partial withdrawals are not allowed. The TIS also states,
Any withdrawal will trigger forfeiture of the certificate. At the direction of the account holder, the remaining funds from the certificate may be used to open a new certificate at the current rate and term.
Availability
Headquartered in Alexandria, Virginia, CommonWealth One Federal Credit Union’s field of membership (FOM) includes a limited easy membership requirement for virtually all U.S. citizens and resident aliens who have a valid Social Security number and live in any of six Mid-Atlantic states or the District of Columbia.
Limited Easy Membership: Members of the Virginia Consumer Council (VCC) who live in Kentucky, Maryland, North Carolina, Tennessee, Virginia, Washington, D.C., or West Virginia are eligible for membership. Joining VCC and applying for CommonWealth One membership can be done simultaneously using the credit union’s online application.
When you open your account online at CommonWealth One, the VCC $15 membership fee is waived. If you open your VCC membership online [www.vaconsumercouncil.org], use promo code, “COFCU”, to waive the fee.
Residency: Individuals who live, work, worship, attend school, or volunteer in the following areas also qualify for membership.
- City of Alexandria, VA (specific areas)
- Washington, DC
- City of Harrisonburg, VA
- Warren County, VA
- Clarke County, VA
Employment: Employees of more than 200 Sponsor Groups are eligible to join.
Family Relationship: Family members (spouses, children, siblings, parents, grandparents, and grandchildren) of current CommonWealth One members are welcome to apply, as are “people living in the same household [with a CommonWealth One member] and maintaining a single economic unit.”
Account Opening
Joining CommonWealth One and/or opening a 6-Month Share Certificate Special and/or a 30-month Jumbo Share Certificate Special can be done online, or at any of six full-service Virginia branches located in Alexandria (4) and Harrisonburg (2). Commonwealth One also has a branch on G Street NW in Washington, D.C. (near the FBI Building).
Your regular share account is the basic membership savings at CommonWealth One. All you need is a minimum deposit of just $5.00.
Funding and Other Details
The following information is from a conversation with a knowledgeable CSR.
- Funding – ACH, wire ($15 fee), internal transfer, shared branch transaction. CSR recommended having funds on deposit in a Share Savings account before opening a CD online.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or trust.
- Dividends – Compounded daily/credited monthly but cannot be withdrawn penalty free. FYI: “6-month – No compounding; simple interest; accrues to maturity.”
- Maturing Funds – Internal transfer to a Share Savings account.
- Grace Period – 7 business days before automatic renewal. 30-month will renew as a 36-month.
- Beneficiaries – Unlimited, with equal shares; Social Security number and a copy of Driver’s License are required.
- Credit check – Hard inquiry through Experian.
Credit Union Overview
CommonWealth One Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 4.97% (excellent) based on June 30, 2023 data. In the past year, CommonWealth One’s total non-brokered deposits decreased by -$15.84 million, an below average annual growth rate of -3.61%. Please refer to our financial overview of CommonWealth One Federal Credit Union (NCUA Charter # 5134) for more details.
Established in 1944 as the Army Air Force Annex #1 Credit Union, CommonWealth One Federal Credit Union was by founded by a group of armed forces and civilian personnel from the U.S. Department of Defense and the pre-cursor of the U.S. Army Corps of Engineers. Between 1946 and 1992, there were five name changes before the CommonWealth One re-brand took place. CommonWealth One’s FOM dramatically expanded in 1992 when the Credit Union “stepped in to fill a void created when the original bank serving the James Madison University and Harrisonburg (VA) community closed its branch.” As the 21st largest credit union in Virginia, CommonWealth One currently has more than 38,000 members and assets in excess of $571 million.
How the 6-Month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the CommonWealth One Federal Credit Union 6-Month Share Certificate Special. The following table compares the 6-Month Share Certificate Special 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 10/13/2023.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
