CommunityWide Fed Credit Union 12-Month CD Has Near Rate-Leading APY

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Deal Summary: 12-month Share Certificate, 5.50% APY, $1k minimum deposit.

Availability: Easy membership requirement

Indiana-based CommunityWide Federal Credit Union (CW) started the week by increasing the rate on its 12-month Share Certificate by 25 bps. Currently offering a competitive 5.50% APY, the 12-month Share Certificate can be opened with a minimum $1k deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.15%$1k-Communitywide Federal Credit Union12 Month Share Certificate
5.15%$1k-Communitywide Federal Credit Union12 Month IRA (Traditional, Roth)
Rates as of May 29, 2024.

The 12-month Share Certificate is also available as an IRA Certificate (Traditional and Roth), earning the same APY with the same deposit requirements. As stated on the Membership Eligibility page,

Please note, IRA accounts require special processing and cannot be completed online at this time. Please contact the credit union directly if you wish to open an account of this type so we may assist you with the requirements needed to process such a request.

Early Withdrawal Penalty

As stated on the Dividend Rates page, the Early Withdrawal Penalty (EWP) reads as follows:

Any amount withdrawn prior to the maturity date of this Certificate will be assessed a penalty equal to the amount of the withdrawal times the remaining term (days) of this certificate at the rate of 2 times the current APR (divided by 365) paid on this certificate. The penalty amount will be deducted from the amount withdrawn.

If the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.

Availability

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 the Michiana Goodwill Boosters, the Marine Corps League of St. Joseph Valley, or Habitat for Humanity Helpers.

According to CSR, CW’s online application allows a new member to join and make contribution without having to contact the qualifying group.

Minimum $10 initial deposit, $5 will be used for association dues.

Employees and retirees of more than 40 Select Employee Groups also qualify for membership.

Immediate family members who live in the same household of current CW members are welcome to apply.

Account Opening

Joining CW and/or opening a Share Certificate can be done online or at any of 11 Indiana branches, located in Elkhart, Goshen, Granger, Mishawaka (2), Plymouth, South Bend (4), and Warsaw.

You must purchase and maintain the minimum required one share ($5.00).

In addition to participating in the CO-OP Shared Branch and ATM networks, CW participates in the Alliance One and CULIANCE ATM networks.

Funding and Other Details

The following information is from the Truth-in-Savings disclosure and a Live Chat with CSR.

  • Funding – ACH, wire, check, internal transfer, or CO-OP shared branch transaction.
  • CO-OP Shared Branch Participate – Yes.
  • Ownership – Individual, joint, or trust.
  • Dividends – Compounded daily/credited monthly and can compound in the Share Certificate, be deposited into another CW account, or transferred to another financial institution
  • Maturing Funds – Cashier’s check to address on file, wire, or transferred to a CW checking/savings account.
  • Beneficiaries – Unlimited, percentages can be assigned, Social Security number, DOB, and address required.
  • Grace Period – none, per se: account balance will be transferred to another account of yours upon maturity. There is no automatic renewal for Share Certificates.
  • Credit Check – Hard pull through Transunion when joining CW.

If you see a better rate listed on DA and you’re feeling persuasive, you might be able to score a higher APY. According to the Certificate Accounts page,

Think you have found a better rate somewhere else? Just let our member service team know and we will do our best to match other rates. Let us work for you and help you reach those long term financial goals.

Credit Union Overview

CommunityWide Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.32% (excellent) based on March 31, 2023 data. In the past year, CommunityWide’s total non-brokered deposits have decreased by -$19.16 million, a below average annual growth rate of -3.51%. 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 18th largest credit union, CommunityWide has more than 67,600 members and assets in excess of $750 million.

How the 12-Month Share Certificate 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, only one bank has a higher rate than currently offered on the CommunityWide Federal Credit Union 12-Month Share Certificate. The following table compares the 12-Month Share Certificate 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 7/28/2023.

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

Related Pages: South Bend CD rates, 1-year CD rates, nationwide deals

CommunityWide Federal Credit Union Ups CD Rates
Deal Summary: Share Certificates – 6-month (0.85% APY), 12-month (0.85% APY), 24-month (0.90% APY), $1k minimum deposit

Availability: Easy membership requirement

At the beginning of June, Indiana-based CommunityWide Federal Credit Union (CW) added 5 bps to its 6-month and 12-month Share Certificate APYs. CW started the new month by again increasing rates, with 15 bps added to the 6-month APY and 10 bps to the 12- and 24-month APYs. Any CW Share Certificate can be opened with a minimum $1k deposit, with no stated balance cap.

Continue Reading
CommunityWide Federal Credit Union Ups Short-Term CD Rates
Deal Summary: Share Certificates – 6-month (0.70% APY), 12-month (0.75% APY), $1k minimum deposit

Availability: Easy membership requirement

Indiana-based CommunityWide Federal Credit Union (CW) began the month by adding 5 bps to its 6-month Share Certificate (0.70% APY) and 12-month Share Certificate (0.75% APY). The minimum opening deposit is $1k, with no stated balance cap.

The 6- and 12-month Share Certificates are also available as IRA Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements. As stated on the Membership Eligibility page,

Continue Reading
CommunityWide Federal Credit Union Offers Competitive 6-Month CD
Deal Summary: 6-month Share Certificate, 1.25% APY, $1k minimum deposit.

Availability: Easy membership requirement.

In mid-May, Indiana-based CommunityWide Federal Credit Union (CW) dropped the rates on all its Share Certificates to 1.25% APY. While not a good rate for the majority of the Share Certificates, it’s actually a competitive rate for the 6-month Share Certificate. Since I last wrote about CW Share Certificates, the minimum deposit has been lowered to $1k.

The 6-month Share Certificate is also available as an IRA (Traditional and Roth), earning the same...

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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.

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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.

Continue Reading

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