Milway Federal Credit Union Has Competitive 18-Month CD


Deal Summary: 18-month CD, 1.05% APY, $2.5k minimum deposit.

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

MilWay Federal Credit Union (MilWay) is currently offer 1.05% APY on its 18-month CD. The minimum opening deposit is $2.5k, with no stated balance cap.

1.05%$2.5k-MilWay Federal Credit Union18 Month CD
1.05%$2.5k-MilWay Federal Credit Union18 Month IRA
Rates as of April 17, 2021.

The 18-month CD is also available as an IRA CD, earning the same APYs with the same deposit requirements.

DA has been tracking MilWay CDs for about nine years. The 18-month CD's highest rate during those nine years was 2.45% APY, which was in effect for the first eight months of 2019. Beginning in September 2019, the 18-month CD experienced three rates drops, lowering the rate by 140 bps. The current 1.05% APY has been in effect since July 2020.

According to CSR, the Early Withdrawal Penalty for the 18-month CD is six months of interest on the amount being withdrawn.


Headquartered in Texarkana, Arkansas, MilWay Federal Credit Union’s field of membership (FOM) is based on residency and employment.

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

Employment: Employees of more than 20 SEGs, both large and small, are eligible to join.

In addition, the immediate family (parents, spouse, grandparents, siblings, and children) of current MilWay members are welcome to apply.

Joining MilWay and/or opening a CD 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, MilWay’s online banking platform is limited to account management and bill payment services.

We encourage you to make appointments to meet with our Member Service and Loan Department when possible. Walk-ins will be accepted with some restrictions to limit the number of members in the departments at one time.

Establishing a MilWay FCU membership requires a $5 minimum deposit in a Share Savings Account and a one-time $5 membership fee.

Credit Union Overview

MilWay Federal Credit Union has an overall health grade of "A" at, with a Texas Ratio of 1.16% (excellent) based on September 30, 2020 data. In the past year, MilWay has increased its total deposits by $21.19 million, an excellent annual growth rate of 19.9%. Please refer to our financial overview of MilWay Federal Credit Union (NCUA Charter # 24197) for more details.

In 1956, the Miller Ark Credit Union and the Railway Credit Union merged to establish the MilWay Federal Credit Union. Currently the fourth largest credit union headquartered in Arkansas, MilWay has more than with 123,000 members and assets in excess of $143 million.

The "Texarkana" name has always intrigued me. 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 CD Compares

When compared to 177 similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the FOM, MilWay Federal Credit Union's 18-month CD APY currently ranks second.

The above rates are accurate as of 12/14/2020.

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

Related Pages: Shreveport CD rates, 1-year CD rates

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.

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.


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