CommunityWide Fed Credit Union Ups High Rate-Quarterly Fund


Deal Summary: High Rate - Quarterly funds account, 2.10% APY on balances of $500 and above

Availability: Easy membership requirement

Two weeks ago, Indiana-based CommunityWide Federal Credit Union (CW) raised its profile by increasing Share Certificate rates to record levels, becoming the current rate leader for nationally available CDs.

CW is again making news this week by upping the rate on its High Rate - Quarterly funds account to 2.10% APY. A $500 minimum daily balance is required to earn the stated APY and is also the minimum opening deposit.

1.50%$1-Communitywide Federal Credit UnionHigh Rate - Quarterly
Rates as of June 2, 2020.

This account is not a straight-forward savings account, but more like a short-term CD/Savings account hybrid. While deposits can be made at any time, withdrawals are restricted and subject to penalties. “Quarterly” refers to when withdrawals can be made without penalty. According to the Funds and High Rate Account page,

In a High Rate Account withdraws are penalty free
on the 1st to 5th of each new calendar quarter.

If a withdrawal is made at any other time in a calendar quarter, the

Penalty is equivalent to the dividends that would
be earned in 30 days on the total being withdrawn.

DA has been tracking the High Rate - Quarterly savings account since early 2011 and for the vast majority of that time, the APY has been between 0.60% and 0.70%. In the last three months, a total of 140 bps have been in added in as many rate increases.


Headquartered in South Bend, Indiana, CommunityWide Federal Credit Union offers membership to virtually any U.S. citizen or resident alien through a $5 donation to either the Michiana Goodwill Boosters or the Marine Corps League of St. Joseph Valley.

According to CSR, the $5 donation is part of CW’s online application, with no need to contact either qualifying group.

Joining and/or opening a High Rate - Quarterly funds account can be done online, or at any of 17 Indiana branches, located in Elkhart, Goshen, Granger, Mishawaka (2), Plymouth, South Bend (4), and Warsaw.

Credit Union Overview

CommunityWide Federal Credit Union has an overall health grade of "B" at, with a Texas Ratio of 14.78% (above average) based on March 31, 2018 data. CommunityWide has an excellent capitalization level (20.60%), the result of holding $408.05 million in assets with $84.07 million in equity. Please refer to our financial overview of CommunityWide Federal Credit Union (NCUA Charter # 18336) for more details.

Founded in 1967 as the West Washington Association Federal Credit Union, the Credit Union set out to serve “persons of modest means in the near west side of South Bend.” The Credit Union relied on help from concerned South Bend citizens and financial assistance from local Catholic Churches to stay afloat. In 1975, the field of membership was expanded to include all residents of St. Joseph County and the name was changed to St. Joseph County Community Federal Credit Union. Beginning in 1980, a series of more than ten mergers and acquisitions set the stage for the CommunityWide Federal Credit Union re-brand. As Indiana’s 19th largest credit union, CommunityWide has nearly 60,000 members and assets in excess of $408 million.

How the High Rate - Quarterly Compares

When compared to the nationally available Savings accounts tracked by, CommunityWide Federal Credit Union’s High Rate - Quarterly APY currently ranks first, regardless of minimum deposit requirement.

The above rates are accurate as of 7/5/2018.

To look for the top Savings Account rates, both nationwide and in your local area, please refer to DA’s Savings Accounts rate table.

Related Pages: South Bend savings accounts, savings accounts, nationwide deals

  |     |   Comment #1
It doesn't seem fair to compare it to savings accounts, which allow withdrawals any time. But I'm not sure what to compare it to instead - maybe CD's under 1 year?
  |     |   Comment #3
It's basically a rolling 3-month Add-on CD.
Ken Tumin
  |     |   Comment #4
We've decided to remove it from our main savings account rate table due to the withdrawal restrictions.
The Mighty Sven
  |     |   Comment #2
The periodic "awakenings" of this account, followed by intervals of unavailability, remind one just a little, in principle, of Brigadoon or . . worse . . Germelshausen.
CommunityWide Federal Credit Union Ups 60-Month CD APY
Deal Summary: Share Certificates – 12-month (2.50% APY), 18-month (2.65% APY), 24-month (2.90% APY), 36-month (3.00% APY), 48-month (3.20% APY), 60-month (3.30% APY), $2k minimum deposit.

Availability: Easy membership requirement.

Indiana-based CommunityWide Federal Credit Union (CW) raised the APYs on all its Share Certificates this week. With rates increases ranging between 30 and 100 bps, CW’s Share Certificates have become the current rate leaders for nationally available CDs. Any of the Share Certificates can be opened with a $2k minimum deposit and there are no stated balance caps.

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