CommunityWide Federal Credit Union CD Rates: Still Worth a Look?

If you're hunting for a decent CD rate and don't mind joining a credit union, CommunityWide Federal Credit Union might be on your radar. Headquartered in South Bend, Indiana, this credit union has been around since 1967 and now has 11 locations. But you don't have to live in Indiana to join—more on that in a bit. Let's break down their current CD offerings and what you should consider before opening an account.

The Current CD Lineup

CommunityWide offers terms ranging from 6 months all the way out to 60 months. The shortest term actually pays the most: 4.65% APY for 6 months. After that, rates step down gradually—4.45% for 12 months, 4.25% for 18 months, and 4.00% for 24 months. Longer terms drop further, with the 60-month CD at 3.40% APY.

All of these CDs require a minimum deposit of $1,000, which is pretty reasonable. There's no maximum deposit listed, but you'll want to confirm that with the credit union.

• 6-Month: 4.65% APY
• 12-Month: 4.45% APY
• 18-Month: 4.25% APY
• 24-Month: 4.00% APY
• 36-Month: 3.80% APY
• 48-Month: 3.60% APY
• 60-Month: 3.40% APY

Who Can Join?

You don't have to be a Hoosier to join CommunityWide. Membership is open to those who belong to one of their affiliated organizations. If you don't already qualify, you might still be able to join by making a donation to one of those organizations. It's worth checking the credit union's membership page to see if you're eligible.

The Fine Print on Early Withdrawals

Before you lock your money up, take a close look at the early withdrawal penalty. It's not a flat fee—it's calculated based on the amount you withdraw, the remaining term, and the current APR. Specifically, the penalty equals the withdrawal amount times the remaining term (in days) times two times the current APR, divided by 365. That can add up quickly, especially if you withdraw early in a long-term CD.

So only put money into these CDs that you're confident you won't need until maturity.

How These Rates Stack Up

The 6-month rate of 4.65% APY is competitive, but it's not the highest we've seen. Several online banks and credit unions are offering similar or slightly better rates on short-term CDs. For example, some 6-month CDs are currently around 4.40% to 4.50% APY, and a few no-penalty CDs are in the same ballpark.

Longer-term rates at CommunityWide are less impressive. The 24-month at 4.00% is decent, but you can find 24-month CDs paying 4.25% or more elsewhere. And the 60-month at 3.40% is well below what some competitors offer for that term.

That said, if you value personalized service and prefer a credit union over a big bank, CommunityWide could be a good fit. Just be sure to compare with other options before committing.

What to Watch Out For

First, rates are subject to change. The rates listed here are as of December 3, 2024, and they've already come down from previous levels. Don't expect them to stay put.

Second, the early withdrawal penalty is steep. If you think there's any chance you'll need the money before the CD matures, consider a no-penalty CD or a high-yield savings account instead.

Third, membership is required. If you don't qualify through an affiliated organization, you may need to donate to one, which could add a small cost to your account opening.

Finally, while CommunityWide is NCUA insured, which means your deposit is protected up to the allowed limits, it's always smart to stay within those limits.

Bottom Line

• CommunityWide's 6-month CD at 4.65% APY is the standout, but shorter-term rates are more competitive than longer ones.
• The $1,000 minimum deposit is accessible for most savers.
• Early withdrawal penalties are calculated based on remaining term and APR—they can be substantial.
• Membership is required, but you may qualify through an affiliated organization or by donating.
• Always compare rates with other banks and credit unions before opening a CD.

Common Questions