SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
      
                                  FORM 10 - K
         
                 Annual Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934
         
         
    For the fiscal year ended:                 Commission file number:
         December 31, 1997                            33-99334
         
         
         
         
                    Chevy Chase Master Credit Card Trust II
             ____________________________________________________
              (Exact name of registrant as specified in charter)
         
         
         
                Maryland                           52-0897004
    ________________________________             ________________
    (State or other jurisdiction of              (I.R.S. Employer
     incorporation or organization)             Identification No.)
         
         
        c/o Chevy Chase Bank, F.S.B.
          8401 Connecticut Avenue
           Chevy Chase, Maryland                       20815
    ______________________________________           __________
    (Address of principal executive offices)         (Zip Code)
         
         
   Registrant's telephone number, including area code  (301) 986-7000
                                                       ________________
         
    Securities registered pursuant to Section 12(b) of the Act:
      
                                None
         
     Securities registered pursuant to Section 12(g) of the Act:
       
                   Chevy Chase Master Credit Card Trust
 $ 368,000,000 Class A Floating Rate Asset Backed Certificates, Series 1995-A
 $ 32,000,000 Class B Floating Rate Asset Backed Certificates, Series 1995-A
         
 $ 368,000,000 Class A Floating Rate Asset Backed Certificates, Series 1995-C
 $ 32,000,000 Class B Floating Rate Asset Backed Certificates, Series 1995-C
         
 $ 369,000,000 Class A Floating Rate Asset Backed Certificates, Series 1996-A 
 $ 38,250,000 Class B Floating Rate Asset Backed Certificates, Series 1996-A
         
 $ 246,000,000 Class A Floating Rate Asset Backed Certificates, Series 1996-C
 $25,500,000 Class B Floating Rate Asset Backed Certificates, Series 1996-C
         
         
         
         
         
         
         
         
       Indicate by check mark whether the Registrant has (1) filed
       all reports required to be filed by Section 13 or 15(d) of the
       Securities Exchange Act of 1934 during the preceding 12 months
       (or for such shorter period that the Registrant was required 
       to file such reports) and (2) has been subject to such filing
       requirements for the past 90 days.
         
         
                   Yes   X    No
                       _____     _____
         
         The Registrant has no voting stock or class of common stock 
         outstanding as of the date of this report.
         
         
                              Introductory Note
         
         
         Chevy Chase Bank, F.S.B. (the "Bank")is the transferor and
         servicer under the Pooling and Servicing Agreement
         dated as of June  1, 1995 (as amended and supplemented,
         the "Agreement") by and between the Bank and the Bankers Trust 
         Company, as the trustee, providing for the issuance from time to 
         time of one or more Series of Asset Backed Certificates and is
         the originator of the Chevy Chase Master Credit Card
         Trust II (the "Registrant" or the "Trust"). The Certificates
         listed on page 1 hereof will be referred to collectively
         herein as the "Certificates". The Certificates do not
         represent obligations of or interests in  the Bank.  The
         Bank has made application for an exemption from certain
         reporting requirements.  Pursuant to a letter from the
         Security and Exchange Commission, Division of
         Corporation  Finance, Office of Chief Council, dated July
         31, 1989 granting the Bank's application, the Bank is not
         required to respond to various items of Form 10-K. 
         Such items are designated herein as "Not Applicable".
         
         
         
         
         
         
         
         
         
                                 Part I
         
         Item 1    Business
         
                   Not Applicable
         
         
         Item 2    Properties
         
                   Not Applicable
         
         
         Item 3    Legal Proceedings 
         
                   None
         
         
         Item 4    Submission Of Matters To A Vote Of Security Holders 
         






                   None
         
         
         
         
         
                                       Page 2
         
         
         
                                Part II
         
         
      Item 5    Market For Registrant's Common Equity
                And Related Stockholder Matters
         
     Each of the Certificates, representing investors' interests
     in the Trust, are represented by a single certificate registered
     in the name of Cede & Co., the nominee of The Depository Trust Company.
         
         
         
     To the best knowledge of the Registrant, there is no 
     established public trading market for the Certificates.
         
         
      Item 6    Selected Financial Data
      
                Not Applicable
         
      Item 7    Management's Discussion and Analysis of Financial 
                Condition and Results of Operations
         
                Not Applicable
         
      Item 8    Financial Statements and Supplementary Data
         
                Not Applicable
         
      Item 9    Changes In And Disagreements With Accountants
                On Accounting and Financial Disclosure
         
                None
         
         
         
                              Part III
       
      Item 10   Directors and Executive Officers of the Registrant
         
                Not Applicable
         
      Item 11   Executive Compensation 
         
                Not Applicable
         
         
         
         
         
         
         
         
                                       Page 3






         
      Item 12   Security Ownership Of Certain Beneficial Owners
                and Management
         
          Each of the Certificates, representing investor's interests in the
          Trust, are represented by a single certificate registered in the
          name of Cede & Co., the nominee of the Depository Trust
          Company("DTC"), and an investor holding an interest in the Trust
          is not entitled to receive a Certificate representing such intere
          except in  certain limited circumstances.  Accordingly, Cede & Co
          is the sole  holder of record of the Certificates, which it held 
          behalf of  approximately 50 brokers, dealers, banks and other
          direct participants  in the DTC system at December 31, 1997. 
          Such direct participants  may hold Certificates for their own
          accounts or for the accounts of  their customers.  The following
          table sets forth, with respect to each of the Certificates, the
          identity of each direct DTC participant that holds positions in
          such Certificate in excess of 5% of the  outstanding principal
          amount thereof at December 31, 1997.
         
    $368,000,000 1995-A Class A Certificates  Aggregate Amount of  Percent of
    Name                                        Certificates Held    Class
    Chase Manhattan Bank                          $80,000,000        21.7%
    The Dai-Ichi Kangyo Bank Limited              $20,000,000         5.4%
    Chase Manhattan Bank / Chemical               $26,000,000         7.1%
    Bank of New York                              $30,840,000         8.4%
    NBD Bank Municipal Bond Department            $50,000,000        13.6%
    Fuji Bank and Trust                           $120,000,000       32.6%
          
    $32,000,000 1995-A Class B Certificates  Aggregate Amount of  Percent of
    Name                                       Certificates Held    Class
    NBD Bank Municipal Bond Department           $32,000,000        100.0%
         
    $368,000,000 1995-C Class A Certificates Aggregate Amount of   Percent of
    Name                                       Certificates Held     Class
    Bank of New York                             $50,500,000         13.7%
    Boston Safe Deposit & Trust Co.              $51,500,000         14.0%
    Chase Manhattan Bank                         $94,000,000         25.5%
    Citibank, N.A.                               $25,000,000          6.8%
    Harris Trust & Savings Bank                  $37,000,000         10.0%
    Swiss American Securities Inc.               $45,000,000         12.2%
    First Bank National Association              $24,950,000          6.8%
         
         
    $32,000,000 1995-C Class B Certificates   Aggregate Amount of  Percent of
    Name                                      Certificatates Held    Class
    Chase Manhattan Bank                        $14,000,000          43.7%
    NBD Bank Municipal Bond Department          $18,000,000          56.3%
       
    $369,000,000 1996-A Class A Certificates  Aggregate Amount of  Percent of
    Name                                        Certificates Held    Class
    Bank of New York                              $20,000,000        5.4%
    Chase Manhattan Bank                          $39,000,000       10.6%
    Chase Manhattan Bank/Chemical                 $153,000,000      41.5% 
    Northern Trust Company                        $25,000,000        6.8%
    SSB-Custodian                                 $35,000,000        9.5%
         
    $38,250,000 1996-A Class B Certificates  Aggregate Amount of  Percent of
    Name                                       Certificates Held    Class
    Boston Safe Deposit and Trust Company        $14,250,000        37.3%
    Bankers Trust Co./Corporate Clearance        $19,000,000        49.7%
    Chase Manhattan Bank/Broker & Dealer         $5,000,000         13.0%
         
      





    $246,000,000 1996-C Class A Certificates  Aggregate Amount of  Percent of
    Name                                        Certificates Held    Class
    Bank of New York                               $84,500,000       34.3% 
    Chase Manhattan Bank/Chemical                  $118,500,000      48.2% 
    Harris Trust & Savings Bank                    $28,000,000       11.4%
                
    $25,500,000 1996-C Class B Certificates  Aggregate Amount of  Percent of
    Name                                       Certificates Held    Class
    Boston Safe Deposit and Trust Company         $5,250,000        20.6%      
    Bankers Trust Co./Corporate Clearance         $20,250,000       79.4%    
         
         
         
         
         
         
                                       Page 4
         
         
    The address of each of the above participants is:
         
                      C/O The Depository Trust Company
                         7 Hanover Square, 22nd Floor
                             New York, NY   10004
       
    Item 13   Certain Relationships and Related Transactions
         
                   None
         
         
         
         
         
                                       Page 5
         
         
                      Part IV
         
    Item 14   Exhibits, Financial Statement Schedules and Reports
              On Form 10-K
         
    (a)       The following documents are filed as part of this Report:
         
              i)  Summary of annual distributions on the Certificates to
                  Certificateholders for the year ended December 31, 1997
         
             ii) Annual Accountant's Report dated November 18, 1997
                 and related Report of Management dated November 18, 1997
                 relating to sufficiency of accounting controls
         
             No proxy soliciting material has been distributed by
             the Trust.
         
         
         
         
         
         
         
         
                                  SIGNATURES
         






         
    Pursuant to the requirements of Section 13 or 15(d) of the 
    Securities Exchange Act of 1934, the Registrant has duly caused
    this report to be signed on its behalf by the undersigned,
    thereunto duly authorized.
         
      
                             Chevy Chase Master Credit Card Trust 
                             By: Chevy Chase Bank, F.S.B.
                                 As Seller and Servicer
         
         
 Date:     03/31/98            By:  ________________________________________
                                                 Joel A. Friedman
                                                 Senior Vice President
                                                 and Controller
         
         
         
         
         
         
         
         
         
         
         
         
         
         
                                       Page 6