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.
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.
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.
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.