CommunityWide Federal Credit Union (CW) is a credit union based in South Bend, Indiana, with 11 locations throughout the state and more than $400 million in assets. It offers competitive APYs on share certificates (known as certificates of deposit or CDs at banks) in addition to checking and savings accounts. CommunityWide also provides a variety of loans, insurance and other financial services.

Membership is available to people who work for or are affiliated with certain companies and nonprofits in the Northern Indiana region. But you don’t have to live in Indiana to be a member of CommunityWide. Membership is open to U.S. citizens with a proper government-issued ID and Social Security number. There’s a membership fee of $10 to open a savings account, $5 of which goes to a charitable contribution of your choice—to Goodwill, Habitat for Humanity or the Marine Corps.

Here’s an overview of the various accounts and services offered by CommunityWide Federal Credit Union and how they compare to other credit unions and banks. Account details and annual percentage yields (APYs) are accurate as of Jan. 1, 2023.

Why you can trust Forbes Advisor

Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below.

  • 182 Financial Institutions Reviewed
  • 65 Characteristics Considered
  • 11,830 Data Points Collected

Account Basics

Savings

CommunityWide offers a few types of savings accounts, depending on your financial goals.

CW Savings Accounts. The CW Savings Account pays 1.00% APY and requires a $5 minimum balance to open. You can withdraw your money at any time without penalty. Because there is a membership aspect involved, credit unions refer to the interest earned on a savings account as a dividend. Dividends are earned each day and paid at the end of each month.

High Rate Account. The credit union also offers Funds Accounts—a savings account option that pays a higher APY than the CW Savings Account. In exchange for the higher APY, you agree to commit your money for an extended period without withdrawing the principal. With this account, you get a higher APY but less flexibility for accessing your cash:

  • High Rate Account – Quarterly. This account pays 3.50% APY and requires a minimum deposit of $1. You can only withdraw cash during the first five days of each month without incurring a dividend penalty. The penalty for withdrawing outside of that time frame is 15 days’ worth of dividends that would have been paid on the amount being withdrawn.    

Make sure you understand the rules and fine print of the High Rate Account before depositing money. This type of account works in a similar way to share certificates, where you can earn a fixed rate for depositing money for a set term.

Checking

CommunityWide offers a checking account called the CW Checking Account. This checking account pays 0.50% APY. It also provides several key benefits for account holders, including:

  • Free online banking, mobile banking and online bill pay
  • Remote check deposit via the CWAnyWhere mobile app
  • Access to a network of 30,000 surcharge-free ATMs
  • Free financial counseling from GreenPath Financial Wellness

It also comes with ID Protect, a comprehensive program to protect you against identity theft.

Courtesy overdraft notifications are included as well. If your account gets overdrawn, you will receive a text or email notification. If you are signed up to transfer money from savings automatically or otherwise resolve the overdraft by the end of the business day, you won’t be charged a fee. In addition, the Special Overdraft Service (SOS) offers up to $300 of low-fee overdraft coverage for up to 14 days until your next paycheck deposit. The fees amount to less than $1 per day—much less than other banks typically charge for overdraft fees.

CDs (Share Certificates)

CommunityWide offers some of the best CD rates available. As mentioned above, CDs are called share certificates at credit unions. CommunityWide refers to them as Certificate Accounts. Terms range from six months to 60 months, and there is a minimum deposit requirement of $1,000 for the CommunityWide Federal Credit Union CW Certificate Account.

Unlike many other banks or credit unions, CommunityWide does not automatically renew your CDs after they mature. After your CD matures, you can choose to renew your certificate for another term or deposit the money into a different account.

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%

Other Accounts

In addition to its savings, share certificates and checking accounts, CommunityWide Federal Credit Union offers other financial services, including:

  • IRAs (traditional and Roth)
  • Auto loans
  • Equipment and specialty loans for major purchases for your home, such as a new furnace or air conditioner
  • Personal loans
  • Mortgage loans with a full suite of conventional and government loan programs
  • Student loans
  • Share secured loans for people who want to build or improve their credit history
  • Insurance (health, auto, homeowners, life, accidental death and dismemberment)

Distinguishing Features

CommunityWide is not just a place to deposit your money. They have a strong focus on providing financial tools and advice to help you become better informed about financial wellness and to reach your financial goals.

CommunityWide has a partnership with GreenPath Financial Wellness, an organization where members can get free professional counseling on financial concerns such as budgeting, debt management, credit, student loans and more.

Access on the Go

CommunityWide offers online and mobile banking via the CWAnyWhere app. The credit union also provides an interactive voice response solution called JOY to help with your everyday banking activities, such as checking your account balance or setting up a recurring transfer.

The CWAnyWhere app is available for iOS and Android. It gets 4.9 stars out of 5 on the App Store and 4.7 stars out of 5 on Google Play. The app has mixed reviews about its functionality and features—some customers have complained that the remote check deposit tool doesn’t work well and that it’s hard to schedule payments. This credit union’s mobile app experience may still have some bugs that need to be fixed.

The credit union is part of several no-fee ATM networks. Members can access cash at over 30,000 ATMs at no charge.

Pros

  • Competitive APYs on share certificates and savings accounts
  • Checking account pays dividends and offers useful features
  • Low overdraft fees
  • Strong focus on financial wellness, with services to boost credit, manage debt, improve budgeting
  • Provides other services, including loans and insurance services

Cons

  • Mobile app has mixed reviews
  • Monthly Funds Account and quarterly High Yield Account have limits on when you can withdraw funds
  • No branch locations outside of Indiana

How CommunityWide Federal Credit Union Stacks Up

CommunityWide has more to offer than just competitive rates. It’s a community-oriented credit union with robust tools to protect people from identity theft and overdraft fees. It also maintains partnerships to provide a full range of financial services and financial wellness counseling.

Find The Best Online Banks Of 2024

Learn More

Frequently Asked Questions (FAQs)

Is CommunityWide Federal Credit Union FDIC insured?

Credit unions don’t use FDIC insurance because they are governed by a different program than banks, but they provide the same kind of federally guaranteed safety for your money. CommunityWide Federal Credit Union deposit accounts are insured by the National Credit Union Administration (NCUA). It provides credit union members with up to $250,000 of deposit insurance per depositor, for each ownership category, in the event of a credit union failure.

Why should I choose a credit union instead of a bank?

Banks and credit unions are financial services institutions that provide similar products and services, but there are some differences between banks and credit unions. Credit unions often offer lower fees, higher APYs and certain membership benefits that are more generous than a bank. Make sure you understand the full offerings and possible limitations of any bank or credit union before deciding where to open an account.

Does CommunityWide Federal Credit Union charge monthly account maintenance fees?

The credit union does not charge monthly account service fees or maintenance fees, but it does charge fees for various banking services such as wire transfers, ACH stop payment, account closing fees and other fees.