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4.75% 5-Month CD at Coventry Credit Union in Rhode Island


Coventry Credit Union
Coventry Credit Union is having a new-branch promotion with a special 5-month CD with an APY of 4.75%. Minimum deposit is $1,000, and there is no maximum deposit. According to the credit union's website, the special CD will be available at all of the credit union branches from 12/04/08 to 12/19/08.

As part of the new-branch promotion, the credit union is offering $50 for signing up for direct deposit. Also, the first 100 new members who open a checking account will receive a $25 gift certificate.

The credit union is vague about membership qualifications. The About Us Page makes it appear it has easy qualifications. Please contact the credit union for details. Membership requires a minimum balance of $5 in the share savings account. There's also a $5 membership fee, but the credit union will waive this as part of this new-branch promotion.

Update 12/03/08: A reader was informed by the credit union that no out-of-state applications are allowed. You must apply in person.

Branches are located in the Rhode Island cities of Coventry, Manville, West Warwick and West Greenwich.

The credit union's financial ratings for soundness are mixed: 4 stars (excellent) at BauerFinancial and 2 stars (below peer group) at Both ratings are based on 6/30/08 data. The credit union is federally insured by the NCUA (Charter # 66595).

  Tags: Coventry Credit Union, CD rates, Rhode Island

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Comment #1 by Anonymous posted on
I just went to the Coventry Credit Union Web site. There is NO MENTION of a 5-month CD for 4.75% APY. All they list is a 5-month CD for either 3.0% or 3.25%, depending on amount in the CD.

Banking Guy, where did you get this 4.75% APY? Is that available ONLY at the branches?

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
It's the second link in the post. I've repeated it here

Comment #3 by Anonymous posted on
Called this morning 12/3. No out of state applications allowed; must apply in person.

Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for checking on this. I've updated the post with this note.