CDs require that you keep your investment in the bank for a specified period. While the term length of traditional CDs offered by a bank or credit union can vary, they generally offer higher interest rates than a savings account. There’s a $5 minimum balance requirement to maintain your deposit account.Ī CD is a certificate of deposit, a type of high-yield savings account that you can open at a financial institution such as a bank or credit union. Joseph Valley, or Michiana Goodwill Boosters. You can make a $5 donation to either Habitat for Humanity Helpers, Marine Corps League of St. However, if you live outside the state you can still become a member. Another appealing feature: if you find a better interest rate elsewhere, CommunityWide may match the competitor’s rate.Īlthough CommunityWide offers low minimum deposit requirements and a higher-than-average APY on its one-year CD, you should be aware that if you need to withdraw your funds before the CD’s maturity date, the penalty can be substantial.ĬommunityWide’s brick-and-mortar branches are located in Northern Indiana. The good news is that once the term ends for your CD, it doesn’t automatically renew – so you won’t accidentally get locked into another CD unless you specifically chose to do so. There’s a minimum deposit requirement of $1,000.

If you’re looking for a short-term CD, you should know that members of CommunityWide Federal Credit Union can earn a higher-than-average interest rate on a 1-year CD (currently paying 0.85%). Must be a CommunityWide credit union member to be eligible.

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