Mil-Way FCU (AR/TX) Raises Rates On Short-Term CDs


Availability: Residents of Bowie County, Texas, and Little River and Miller Counties, Arkansas; 23 SEGs

Mil-Way Federal Credit Union (Mil-Way) recently raised the rates on its 6-month Share Certificate (1.05% APY) and 12-month Share Certificate (1.30% APY). The minimum deposit for both Share Certificates is $2.5K, with no balance cap.

1.30%$2,500-Mil-Way Federal Credit Union12 Month CD
1.05%$2,500-Mil-Way Federal Credit Union6 Month CD
Accounts mentioned in this post. Rates as of October 28, 2016.

These recent rate increases have resulted in the highest APYs for both the 6-month and 12-month Share Certificates in their 4-year history.

According to CSR, the Early Withdrawal Penalty for either Share Certificate is 3 months of interest.


Headquartered in Texarkana, Arkansas, Mil-Way Federal Credit Union offers membership based on residency and employment status.

Residency: Individuals who live, work, or worship in the Arkansas counties of Little River and Miller, and Bowie County, Texas, are eligible for membership.

Employment: Employees of more than 23 SEGs, both large and small, are eligible to join.

In addition, the parents, grandparents, siblings, and children of current Mil-Way members are eligible to open an account.

Joining Mil-Way and/or opening a Share Certificate can be done at any of two Arkansas branches located in Ashdown and Texarkana, or the Texarkana, Texas branch. (Note: The City of Texarkana is unique in that it is located in two states.) At this time, Mil-Way’s online banking platform is limited to account management and bill payment services.

Credit Union Overview

Mil-Way Federal Credit Union has an overall health grade of "A" at, with a Texas ratio of 0.83% (excellent) based on June 30, 2015 data. In the past year, Mil-Way FCU has increased its total deposits by $2.25 Million, and above average annual growth rate of 2.26%. Please refer to our financial overview of Mil-Way Federal Credit Union for more details.

In 1965 the Miller Ark Credit Union and the Railway Credit Union merged to establish the Mil-Way Federal Credit Union (NCUA Charter # 24197). Mil-Way is currently the 4th largest credit union in Arkansas, with 12,600+ members and assets in excess of $114 Million.

I’ve always been curious about the derivation of the "Texarkana" name. Wikipedia states,

Texarkana was founded in 1873 on the junction of two railroads. The name is a portmanteau of TEXas, ARKansas, and nearby LouisiANA. One tradition tells of a Red River steamboat named The Texarkana, c. 1860. Another story mentions a storekeeper named Swindle in Red Land, Louisiana who concocted a drink called "Texarkana Bitters". A third account states that Col. Gus Knobel, a railroad surveyor, coined the name. Local lore suggests that, before Texas' annexation by the US, lawlessness ruled in the area that at times was claimed by various nations.

How the CDs Compare

When compared to the 156 similar length-of-term CDs tracked by that require a similar minimum deposit and are available to Arkansas residents, Mil-Way Federal Credit Union's 6-month Share Certificate currently ranks third.

When compared to the 169 similar length-of-term CDs tracked by that require a similar minimum deposit and are available to Arkansas residents, Mil-way Federal Credit Union's 12-month Share Certificate currently ranks second.

The above rates are accurate as of 11/11/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.