CommonWealth One Federal Credit Union Has 60-Mo Jumbo CD, 3.21% APY

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UPDATE 9/8/2019: Easy membership requirement is now limited to states that border on Virginia.

Deal Summary: 60-month Jumbo Share Certificate, 3.21% APY ($100k minimum), 3.16% APY ($50k minimum); 60-month Share Certificate, 3.11% APY ($1k minimum).

Availability: Limited easy membership requirement in KY, MD, NC, TN, VA, WV, and the District of Columbia.

Virginia-based CommonWealth One Federal Credit Union (CommonWealth One) is offering a 60-month Jumbo Share Certificate with tiered APYs: 3.21% APY ($100k minimum) and 3.16% APY ($50k minimum). There's also a 60-month non-Jumbo Share Certificate that earns 3.11% APY ($1k minimum). These rates have been in effect since April. We'll have to see if these continue through September.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.21*%$100k-Commonwealth One Federal Credit Union60 Month Jumbo Share Certificate Featured Rate
OTHER TIERS: 3.16% $50k - $100k
3.21*%$100k-Commonwealth One Federal Credit Union60 Month Jumbo IRA Certificate Featured Rate (Traditional, Roth, CESA)
OTHER TIERS: 3.16% $50k - $100k
3.11%$1k-Commonwealth One Federal Credit Union60 Month Share Certificate Featured Rate.
Rates as of September 18, 2019.

The Jumbo Share Certificate is also available as an IRAs (Traditional, Roth, CESA), earning the same tiered APYs with the same deposit requirements.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:

Terms more than 12-Months – Penalty is 180 days dividends whether earned or not.

While this is a very mild EWP, partial withdrawals are not allowed.

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.

According to CommonWealth One’s online application, funding a Share Certificate can be done with funds from an existing CommonWealth One account, from an external bank account, or by check.

Up to two beneficiaries can be named on the online application, but more can be added after an account is opened. Social Security numbers are required for all beneficiaries.

There is a seven business day grace period before a Share Certificate automatically renews. Maturing funds can be transferred to a CommonWealth One savings account.

Availability

Headquartered in Alexandria, Virginia, CommonWealth Federal Credit Union’s field of membership (FOM) accommodates virtually all U.S. citizens and resident aliens who have a valid Social Security number.

Easy Membership: Members of the Virginia Consumer Council (VACC) are eligible for membership. Joining VACC 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 VACC $15 membership fee is waived. If you open your VACC membership online at 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.”

Joining CommonWealth One and/or opening a 60-month Jumbo Share Certificate can be done online, or at any of five full-service Virginia branches located in Alexandria (3) 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.

In addition to participating in the CO-OP Share Branch and ATM Networks, CommonWealth One members have access Allpoint ATMs throughout the country.

No Surcharge Fees at 85,000 Allpoint & Co-Op ATMs.

Credit Union Overview

CommonWealth One Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.69% (excellent) based on June 30, 2019 data. In the past year, CommonWealth One has increased its total non-brokered deposits by $8.2 million, an above average annual growth rate of 2.59%. 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 24th largest credit union in Virginia, CommonWealth One currently has more than 34,700 members and assets in excess of $364 million.

How the Jumbo Share Certificate Compares

When compared to 185 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, CommonWealth One Federal Credit Union’s 60-month Jumbo Share Certificate tiered APYs currently ranks first and third, regardless of minimum deposit requirements.

Interest RateCD Length of TermCredit Union/Bank
3.21% APY60-month Jumbo Share Certificate ($100k min)CommonWealth One Federal Credit Union
3.20% APY5-Year Jumbo Share Certificate ($100k)Signature Federal Credit Union
3.16% APY60-month Share Certificate ($50k min)CommonWealth One Federal Credit Union
3.15% APY60-Month CDPrime Alliance Bank

The above rates are accurate as of 9/2/2019.

To search for the best CD rates, both nationwide and in state specific, please refer to our CD Rates Table page.

Related Pages: Washington CD rates, Harrisonburg CD rates, 5-year CD rates, nationwide deals

Comments
Frugal Guy
Frugal Guy   |     |   Comment #1
Seems maximum ACH to open account is $1000 ! :(
111
111   |     |   Comment #2
You may have to ask them if you can open an account with zero balance, then ACH-push $50K or more from another bank/CU. I've had to do this a couple times with banks/CUs.
Frugal Guy
Frugal Guy   |     |   Comment #3
OK....Thanks for the suggestion.
Anonymoose
Anonymoose   |     |   Comment #5
I usually do it that way although I use wires not ACH most of the time. Before it goes into a CD I want to be sure that the rate hasn't changed. By sending it to a savings account first I can have control over that and simply not fun to CD if the raid has changed unfavorably.
Cch
Cch   |     |   Comment #4
No partial withdrawals? They have to be joking, pass this one up just because the CU is so inconsiderate of those that depend on those dividend payments to get by. Unbelievable !
Y??
Y??   |     |   Comment #6
The dividends can be withdrawn.

"Dividend options 12-month, 15-month, 18-month, 24-month, 36-month, 48 month, and 60-month; a) add to certificate or b) post to sub-account."
zjsw
zjsw   |     |   Comment #7
I was turned down. The only reason is I am not the resident of counties in Virginia ,even though I got approval from Virginia Consumer Council .
So it might be still a local deal instead of nation wide. Hope it might save some time for other potential applicants.
Frugal Guy
Frugal Guy   |     |   Comment #8
Exactly the same thing happened to me as there are only certain states they accept.
Not really ''easy membership''. Somewhat misleading after you send in all the proper sensitive personal application information.
Field of membership information should be more clear !
Frugal Guy
Frugal Guy   |     |   Comment #9
Note that there is also a Hard Credit pull via Equifax !
Dan
Dan   |     |   Comment #10
THANK YOU for sharing that info to save others in the future. I was about to open and saw this so I didn't complete the application. Sorry that you wasted a hard pull for nothing.
Watch
Watch   |     |   Comment #11
They rejected mine as I do not border the state of Virginia
Frugal Guy
Frugal Guy   |     |   Comment #12
I called and told the CSR they need to be more clear with the customer in the application on residency requirements even with Virginia Consumer Council membership and not waste our time or a Hard Credit pull on our credit report. Not good at all and misleading !
jjo
jjo   |     |   Comment #13
Incompetent staff. I gave up trying to open an account. Not somewhere I'd feel comfortable putting my money for 5 years.

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