CommunityWide Federal Credit Union Review: High-Yield Savings & Membership Perks

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Quick Take: The headquarters for CommunityWide are in Indiana, but membership is available nationwide with a $5 donation to eligible charities. The credit union's APY rates are solid and higher than most competitors. But you'll have to deal with banking service fees and strict withdrawal limits for the high-yield savings account. Here's a complete CommunityWide Federal Credit Union review.

CommunityWide Overview

CommunityWide Federal Credit Union offers a range of financial products with competitive APYs, membership perks and access to unique banking tools designed to support both local and remote members. Read on to learn more.

CommunityWide Checking Account

CommunityWide’s checking product, CW Checking, is a standard bank account that offers an above-average APY of . You can earn a higher interest rate with a high-yield savings account. But compared to the national average of 0.07%, the APY is solid. 

You must have a balance of at least $5 to open an account and maintain a balance of $1 to earn interest. CW doesn’t charge maintenance fees, and you can access free ATM withdrawals at over 30,000 locations. 

The account also comes with free ID Protect, which provides identity protection services, including credit file monitoring and total identity monitoring. It’s a valuable perk that most credit unions don’t offer. 

CW Checking users can also take advantage of SOS overdraft protection. This free service provides up to $300 in overdraft coverage for up to two weeks before your next paycheck. You’ll have to pay a negative balance fee of 0.33% daily, much lower than most banks.

Here’s an overview of the account. 

CommunityWide Savings Account

CommunityWide Credit Union offers two savings accounts: CW Savings and CW HiRate Savings. Here’s a close look at each.

CW Savings

CW Savings is a basic savings account with a $5 minimum balance to open, free ATM withdrawals and mobile banking. With an APY of , the account offers interest rates much higher than the national average. 

CW Hi-Rate Account 

The CW Hi-Rate account is a high-yield savings account with an APY of , which is higher than most comparable options. But unlike other high-yield savings accounts, the CW Hi-Rate accounts have additional restrictions that might be a dealbreaker for some savers. 

You can only withdraw money penalty-free during the first five days of the month. If you withdraw after that, you face a penalty and lose 15 days of interest earnings.

CommunityWide CD Accounts 

CommunityWide Federal Union offers competitive CD rates. Terms range from 6 to 60 months, and you must have a minimum deposit of $1,000 to open an account. 

The early withdrawal penalty is the same for all term lengths. If you withdraw before the maturity date, you have to pay a penalty equal to the amount of the withdrawal times the remaining days at double the current APR rate. It’s a complicated formula, but the penalty rates are similar to those of other CD accounts. 

Here’s how much you can earn with a CD from CommunityWide Federal Credit Union. 

CommunityWide IRAs

CommunityWide Federal Credit Union also offers Traditional IRAs and Roth IRAs. You can open an account with a $2,000 minimum deposit. You can start a new account or roll over an existing retirement account. 

The accounts have most of the standard features of IRA accounts, including different investment options. It’s a helpful option for members who want all their accounts in one place. 

CommunityWide Account Fees

CommunityWide has various banking service fees. Some are fairly standard, but others are less common or more expensive than expected. 

How To Open an Account

To open an account with CommunityWide Federal Credit Union, you must become a member. When you apply for membership, you must provide the following documentation:

• Government-issued ID, passport or military identification 
• Social Security Number or TIN

Once you’re a member, you can choose which accounts you want to open and complete the process for each. You can apply for membership and open accounts online. 

CommunityWide Membership Requirements

CommunityWide Federal Credit Union is one of the credit unions that anyone can join. You can meet the membership requirements in different ways. You automatically qualify for membership if you’re a spouse or immediate family member. 

You can also become a member if you’re an employee, retiree or donor member of specific organizations, including the Y.M.C.A., Acme Institute of Technology, Syscon International, ARA Services and more. 

The final way to become a member is to include a $5.00 association due to Michiana Goodwill Boosters, Marine Corps League of St. Joseph Valley, Habitat for Humanity Helpers or Ronald McDonald House Charities of Michiana when you apply for membership. 

What Makes CommunityWide Special

CommunityWide stands out with above-average APY rates, unique membership perks and full-service banking. If you’re shopping for the best APY and want all your accounts in one place, CommunityWide is a great choice. 

You can also take advantage of free financial tools like GreenPath, Zogo and ID Protect. 

Final Takeaway

If you’re looking for a credit union instead of a bank, CommunityWide Federal Credit Union is a great choice. Local Indiana residents can access branch locations. Members in other parts of the country can access shared branch locations and ATM access, but in-person help is more limited. 

One of the biggest advantages of membership is the excellent APY rates for CDs, savings and checking accounts. However, the high-yield savings account has strict withdrawal limits, which might be a dealbreaker for some potential members. 

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 25, 2024. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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