What type of savings account should I choose?
With a variety of account options available at CW, you may be unsure of which type of account to choose. The simple answer is: the one that works best for YOU!
It's important to know that we provide nationally competitive savings rates on each type of account we offer, and also pay dividends on every dollar you save. Savings accounts at other financial institutions often won't start gaining interest until the account has reached a minimum balance -- sometimes as much as $100,000 or more.
To help you decide on the account that is best for you, here is an overview of each account type:
| CW RATES AT A GLANCE | |||
| Effective Date: Wednesday, January 1, 2025 | |||
| Share Type | APY | APR | Minimum balance to open |
| CW Checking | 0.50% | 0.499% | $5.00 |
| CW Savings | 1.00% | 0.996% | $5.00 |
| CW HiRate Savings | 4.00% | 3.929% | $5.00 |
| CW IRA Savings | 4.00% | 3.929% | $2000.00 |
| CW Certificates | 4.50% | 4.410% | $1000.00 |
Rates subject to change without notice
| CW Certificates | |||||
| Effective Date: Tuesday, March 25, 2025 | |||||
| Term Share Certificates | |||||
| Months | APY | APR | Minimum balance to open | Dividends paid at end of each | Withdrawal penalty on amount |
| 6 Months | 4.50% | 4.410% | $1000.00 | Month | See Below* |
| 12 Months | 4.40% | 4.314% | $1000.00 | Month | See Below* |
| 18 Months | 4.20% | 4.122% | $1000.00 | Month | See Below* |
| 24 Months | 4.00% | 3.929% | $1000.00 | Month | See Below* |
| 36 Months | 3.80% | 3.736% | $1000.00 | Month | See Below* |
| 48 Months | 3.60% | 3.542% | $1000.00 | Month | See Below* |
| 60 Months | 3.40% | 3.349% | $1000.00 | Month | See Below* |
| *Early Withdrawal Penalty: Any amount withdrawn prior to the maturity date of this Certificate will be assessed a penalty equal to the amount of the withdrawal times the remaining term (days) of this certificate at the rate of 2 times the current APR (divided by 365) paid on this certificate. The penalty amount will be deducted from the amount withdrawn. Dividends earned will be paid at the end of each month and disbursed as directed by the holder. Funds from Certificates will be deposited into regular shares on the maturity date unless other arrangements are made. Savings federally insured by NCUA to at least $250,000 and backed by the full faith and credit of the United States Government. | |||||
| CW Checking | ||||||||
| Effective Date: Wednesday, January 1, 2025 | ||||||||
| Average Daily Balance | APY | APR | Minimum balance to open | Min. Balance to Earn Dividends | Dividends earned each | Dividends paid at end of each | No penalty withdrawal period | Withdrawal penalty on amount |
| $0 and up | 0.50% | 0.499% | $5.00 | $1.00 | Day | Month | Any time | None |
| CW Savings | ||||||||
| Effective Date: Wednesday, January 1, 2025 | ||||||||
| Average Daily Balance | APY | APR | Minimum balance to open | Min. Balance to Earn Dividends | Dividends earned each | Dividends paid at end of each | No penalty withdrawal period | Withdrawal penalty on amount |
| $0 and up | 1.00% | 0.996% | $5.00 | $1.00 | Day | Month | Any time | None |
| CW Cents Savings | ||||||||
| Effective Date: Wednesday, January 1, 2025 | ||||||||
| Average Daily Balance | APY | APR | Minimum balance to open | Min. balance to earn dividends | Dividends earned each | Dividends paid at end of each | No penalty withdrawal period | Withdrawal penalty on amount |
| $0 and up | 1.00% | 0.996% | $5.00 | $1.00 | Day | Month | Any time | None |
| When you enroll in the CW Cents Savings Round-Up Program, the Credit Union will round up the amount of any debit card purchase | ||||||||
| associated with your CW Checking account to the next whole dollar amount and transfer the amount in excess of the purchase amount | ||||||||
| from your CW Checking account to your CW Cents Savings account. | ||||||||
| CW HiRate Savings - Monthly | ||||||||
| Effective Date: Wednesday, January 1, 2025 | ||||||||
| Average Daily Balance | APY | APR | Minimum balance to open | Min. Balance to Earn Dividends | Dividends earned each | Dividends paid at end of each | No penalty withdrawal period | Withdrawal penalty on amount |
| $0 and up | 4.00% | 3.929% | $5.00 | $1.00 | Day | Month | 1st 5 days of each month |
15 days dividends |
| CW IRA Savings | ||||||||
| Effective Date: Wednesday, January 1, 2025 | ||||||||
| Average Daily Balance | APY | APR | Minimum balance to open | Min. balance to earn dividends | Dividends earned each | Dividends paid at end of each | No penalty withdrawal period | Withdrawal penalty on amount |
| $0 and up | 4.00% | 3.929% | $2,000.00 | $1.00 | Day | Month | Any time | None |
Fees may reduce the earnings on the account.