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                            33-81786 




                Chevy Chase Master Credit Card Trust
         ____________________________________________________
          (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
 $          0 Class A Floating Rate Asset Backed Certificates, Series 1994-1
 $ 30,000,000 Class B Floating Rate Asset Backed Certificates, Series 1994-1

 $ 274,500,000 Class A Floating Rate Asset Backed Certificates, Series 1994-2
 $ 25,500,000 Class B Floating Rate Asset Backed Certificates, Series 1994-2

 $ 457,500,000 Class A Floating Rate Asset Backed Certificates, Series 1994-3
 $ 42,500,000 Class B Floating Rate Asset Backed Certificates, Series 1994-3

 $ 320,250,000 Class A Floating Rate Asset Backed Certificates, Series 1994-4
 $ 29,750,000 Class B Floating Rate Asset Backed Certificates, Series 1994-4

 $ 322,000,000 Class A Floating Rate Asset Backed Certificates, Series 1994-5
 $ 28,000,000 Class B Floating Rate Asset Backed Certificates, Series 1994-5

 $ 319,375,000 Class A Floating Rate Asset Backed Certificates, Series 1995-1
 $ 30,625,000 Class B Floating Rate Asset Backed Certificates, Series 1995-1


     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 seller and
servicer under the Amended and Restated Pooling and
Servicing Agreement (the "Agreement"), dated as of
August 1, 1994, as amended by the First Amendment to
the Amended and Restated Pooling and Servicing
Agreement dated as of September 28, 1994 and the
Second Amendment to the Chevy Chase Master Credit
Card Trust Amended and Restated Pooling and
Servicing Agreement dated as of March 31, 1995 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 (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 interest
          except in  certain limited circumstances.  Accordingly, Cede & Co.
          is the sole  holder of record of the Certificates, which it held on
          behalf of  approximately 75 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.

$30,000,000 1994-1 Class B Certificates  Aggregate Amount of     Percent of
Name                                      Certificates Held        Class
Chase Manhattan Bank                         $20,000,000            66.7%
Citibank, N.A.                               $10,000,000            33.3%

$274,500,000 1994-2 Class A Certificates   Aggregate Amount of     Percent of
Name                                        Certificates Held        Class
Bank of New York                               $21,600,000            7.9%
Bankers Trust Company                          $25,000,000            9.1%    
Chase Manhattan Bank, N.A.                     $89,500,000           32.6%
Citibank, N.A.                                 $15,750,000            5.7%
SSB-Custodian                                  $68,250,000           24.9%
Republic National Bank of New York             $48,000,000           17.5%

$25,500,000 1994-2 Class B Certificates    Aggregate Amount of      Percent of
Name                                        Certificates He           Class
Corestates Bank, N.A.                          $2,250,000              8.8%
Suntrust Bank, Atlanta                         $5,000,000             19.6%     
Boston Safe Deposit & Trust Co.                $14,250,000            55.9%
Chase Manhattan Bank       .                   $3,960,000             15.5%

$457,500,000 1994-3 Class A Certificates   Aggregate Amount of      Percent of
Name                                        Certificates Held         Class
Chase Manhattan Bank       .                   $125,745,000           27.5%
Bankers Trust Company                          $59,500,000            13.0%
Northern Trust Company                         $50,000,000            10.9%
SSB-Custodian                                  $120,200,000           26.3%
Bank of New York/TD Bank                       $35,810,000             7.8%

$42,500,000 1994-3 Class B Certificates   Aggregate Amount of     Percent of
Name                                       Certificates Held        Class
Chase Mahattan Bank, N.A.                     $36,750,000           8.6%    
Bank of New York                              $4,250,000           10.0%        

                              Page 4























$320,250,000 1994-4 Class A Certificates   Aggregate Amount of     Percent of
Name                                        Certificates Held        Class
Chase Manhattan Bank    .                      $123,905,000          38.7%
Bankers Trust Company                          $70,000,000           21.9%
Republic National Bank of New York             $32,000,000           10.0%
SSB-Custodian                                  $41,000,000           12.8%     
Bank of New York/TD Bank                       $30,000,000            9.4%      

$29,750,000 1994-4 Class B Certificates    Aggregate Amount of     Percent of
Name                                        Certificates Held        Class
Chase Manhattan Bank                           $15,000,000           50.4%
Chase Manhattan Bank/Salomon                   $14,750,000           49.6%
 
$322,000,000 1994-5 Class A Certificates   Aggregate Amount of    Percent of
Name                                        Certificates Held       Class
SSB-Custodian                                  $40,550,000          12.6%
Republic National Bank of New York             $21,900,000           6.8%
Provident Bank                                 $45,950,000          14.3%
Bank of New York                               $160,600,000         49.9% 
Nationsbanc Montgomery Securities LLC          $22,000,000           6.8%

$28,000,000 1994-5 Class B Certificates    Aggregate Amount of    Percent of
Name                                        Certificates Held       Class
Daiwa Securities America Inc.                  $17,000,000          60.7%
Boston Safe Deposit and Trust Company          $11,000,000          39.3%

$319,375,000 1995-1 Class A Certificate   Aggregate Amount of     Percent of
Name                                       Certificates Held        Class
Bankers Trust Company                         $39,750,000           12.4%
Bank of New York                              $104,450,000          32.7% 
Chase Manhattan Bank                          $35,875,000           11.2%
Fuji Bank and Trust Company                   $20,000,000            6.3%
Republic National Bank of New York            $45,000,000           14.1%

$30,625,000 1995-1 Class B Certificates   Aggregate Amount of     Percent of
Name                                       Certificates Held        Class
Boston Safe Deposit and Trust Company        $10,000,000            32.7%
Chase Manhattan                              $10,625,000            34.7%
Fuji Bank & Trust Company                    $10,000,000            32.7%



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:     03/28/98            By:  ____________________________________________
                                                Joel A. Friedman
                                                Senior Vice President
                                                and Controller