CommunityWide Federal Credit Union Review 2024

CW Checking Account

CommunityWide’s sole checking product, CW Checking, is an interest-bearing checking account that earns 1.00% APY on any qualifying balance. While this rate is not as high as the APYs you can find with the best high-yield checking accounts, it is far higher than the current national average rate of 0.08% on interest checking accounts, according to FDIC data from April 2024, and there is no maximum balance that is eligible to earn it. Note that credit unions refer to the earnings on a deposit account as dividends rather than interest.

This account requires a minimum deposit of $5 to open and a balance of $1 to earn dividends. It charges no monthly maintenance fee and offers free withdrawals at over 30,000 ATMs.

The checking account includes optional overdraft protection called Special Overdraft Service (SOS). SOS covers up to $300 in overdrafts for a maximum of 14 days until your next direct deposit. While your account is in overdraft, you’ll pay a fee equal to 0.33% of the amount overdrawn each day. Considering many banks charge daily overdraft fees of around $35, this is much less than you’d typically pay.

All CW Checking accounts also come with ID Protect, an identity theft protection program that provides credit and identity monitoring services, as well as access to theft resolution specialists and fraud reimbursement. Both individual and joint personal accounts qualify.

CW Savings Account

CommunityWide offers two types of savings accounts: CW Savings and CW High-Rate. You’ll need to open one to establish and maintain membership with the credit union.

The CommunityWide Federal Credit Union Savings Account is a basic savings account that pays 2.00% APY and requires a $5 minimum balance to open. You can withdraw your money at any time without penalty. Dividends are compounded daily and credited at the end of each month.

Though the earning rate on this account is better than the national average savings rate of 0.46%, according to FDIC data from April 2024, it is less than you would earn with many of the best high-yield savings accounts.

CW Hi-Rate Account

The CommunityWide Federal Credit Union Monthly Hi-Rate Savings account offers a better APY than the CW Savings account, but it places restrictions on when you can take out money. It earns up to 5.00% APY on all balances of at least $1, which is the same amount required to open the account.

With this savings account, you can only withdraw cash during the first five days of each month. The penalty for withdrawing outside of this monthly window is 15 days’ worth of dividends that would have been paid on the amount withdrawn.

Because it limits withdrawals and charges penalties for transactions made outside of the permitted time frame, this account is similar to a certificate account or CD. Many high-yield savings accounts earn equally high rates without such restrictions, so this account is best for those who might benefit from having limited access to their money.

Money Market Account

CommunityWide does not offer money market accounts at this time. Look to other credit unions and online banks for the best money market accounts currently available.

CDs

CommunityWide offers its highest yields on CommunityWide Federal Credit Union CW Certificate Account. CDs are often called share certificates at credit unions. Terms range from six months to 60 months, and there is a minimum deposit requirement of $1,000.

Certificate Term	APY
6 Months	5.30%
12 Months	5.15%
18 Months	4.85%
24 Months	4.50%
36 Months	4.25%
48 Months	4.10%
60 Months	4.00%

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Compared to the best CD rates, CommunityWide’s APYs are competitive across all terms. They far surpass national average rates for similar accounts, as determined by the FDIC, and are better than what you’d earn from many top banks. The credit union also lets you try to negotiate a higher APY by calling customer service if you find better CD rates somewhere else.

During your term, you can have earnings automatically added to your CD to compound or withdraw them without penalty. However, early withdrawal penalty fees do apply when you withdraw principal before your account matures.

Unlike many other banks or credit unions, CommunityWide does not automatically renew your CDs at maturity. After your CD matures, you can open a new CD or simply remove your money.

In addition to its savings, share certificate and checking accounts, CommunityWide Federal Credit Union offers the following financial services:

• IRAs (traditional and Roth)
• Auto loans
• Equipment and specialty loans for major home purchases
• Personal loans
• Mortgages (conventional, FHA, VA loans and more)
• Share secured loans
• Insurance services through TruStage

CommunityWide provides free financial resources, including access to Zogo financial literacy educational tools and professional financial wellness counseling through GreenPath, as a benefit to all members. GreenPath counselors can assist with general personal finance and budgeting, debt, student loans, credit, housing and more.

CommunityWide offers online banking through its website and mobile banking via the CWAnyWhere app, available for iOS and Android. The app has a rating of 4.7 out of 5 stars on Google Play and 4.9 out of 5 stars on the App Store. It offers remote check deposit, bill pay features and customer support access. The app also includes an interactive voice response solution called JOY to support everyday banking activities, such as checking account balances or transferring funds.

CommunityWide Federal Credit Union operates 11 branches in Indiana. The credit union is also part of a shared credit union branch network comprised of more than 5,500 branches and partners with several ATM networks. CommunityWide members can access cash at over 30,000 ATMs at no charge.

CommunityWide Federal Credit Union does not charge monthly service fees on its checking, savings and certificate accounts, but you will incur fees for the following services.

CommunityWide Federal Credit Union Fees
Overdraft	$0.0033 per dollar overdrawn, per day
Non-sufficient funds	$15
Outgoing ACH transfer	$5 per single transaction
Stop payment	$15
Incoming wire transfer	$10
Outgoing wire transfer	$20 for domestic, $50 for international
Check order	Varies

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Learn how CommunityWide Federal Credit Union compares to other popular credit unions offering open access to everyone and a variety of account types.

CommunityWide vs. Connexus Credit Union

Connexus Credit Union is a full-service credit union offering many of the same products as CommunityWide, with the addition of money market accounts. APYs are similar between these member-owned institutions, but Connexus offers higher rates on checking, while CommunityWide offers higher rates on savings. Banking fees and certificate rates are comparable between the two, and all accounts offer online applications.

To decide between Connexus and CommunityWide, consider which accounts are most important to you. Both credit unions allow anyone to join with a small donation.

CommunityWide vs. PenFed Credit Union

Pentagon Federal Credit Union (PenFed Credit Union) is one of the largest credit unions in the country. Though it was founded for military and government employees, it now permits anyone to join. PenFed offers more accounts than CommunityWide, with two checking options, two savings accounts, money market accounts and three types of certificates.

CommunityWide generally offers higher APYs on deposit accounts and PenFed has more fees, but PenFed Credit Union is the better choice for account variety and branch banking access.