Centreville Bank's (RI) 1-Year CD Leaps Upward


Deal Summary: 1-year CD, 2.25% APY, $1k minimum deposit.

Availability: Market area is Rhode Island.

About a week ago, Centreville Bank raised the rate on its 1-year CD (2.25% APY) by an impressive 185 bps. The 1-year CD can be opened with a $1k minimum deposit, and has no stated balance cap.

2.75%$1k-Centreville Bank1 Year CD
2.75%$500-Centreville Bank1 Year IRA (Traditional, Roth)
Rates as of April 17, 2024.

The CD is also available as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.

When I first saw the rates for this CD, I thought there was a mistake on the Bank's website, because while the APY is 2.25%, the APR is 2.19% APY. Even with daily compounding, the resultant APY would only be about 2.225%. Then I remembered the slightly wonky calculation that NEFCU used on their 3-year Certificate earlier this year. In that instance, the APR was 2.916% that morphed into a 3.00% APY. DA reader, barry_NY, provided an explanation of NEFCU's calculation:

Their calculation is a bit ****y, but it works. It’s based on a
360 day calendar, compounded on a 365 day year. (1+R/360)^365.

If you do the math, the 2.19% APR works out to a 2.25% APY. CSR confirmed that the equation includes the 360/365 day variables, although he couldn't explain how it actually works. Thanks again to barry_NY!

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

The penalty assessed will equal 9 months interest on the amount
withdrawn subject to penalty for certificates with a maturity of 1 - 4 years.


Headquartered in West Warwick, Centreville Bank offers its services and product line to all residents of Rhode Island. When I wrote about the Bank about two years ago, CSR stated that the Bank was in the process of "thinking about offering accounts to customers in surrounding states." Apparently, no expansion decisions have been made yet.

Opening a CD requires a visit of any of seven Rhode Island branches, which are located in Coventry, Cranston, East Greenwich, Narragansett, North Kingstown, West Greenwich, and West Warwick.

Centreville Bank’s online platform is currently limited to account management and bill pay services. If the market area is extended beyond Rhode Island, the online platform will need to be expanded as well.

Bank Overview

Centreville Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.42% (excellent) based on December 31, 2017 data. In the past year, Centreville Bank has increased its total non-brokered deposits by $26.06 million, an excellent growth rate of 3.44%. Please refer to our financial overview of Centreville Bank (FDIC Certificate # 17764) for more details.

Centreville Bank is Rhode Island’s fifth largest bank ($1.18 billion in assets) and one of the state’s oldest banks, having been originally established in 1828 as the Centreville Savings Bank. The Bank acquired The Centreville National Bank of Warwick in 1993, and about two years ago, re-branded as Centreville Bank. A strong supporter of the local community, Centreville Bank supports a variety of organizations, including Kent Hospital, the Rhode Island chapter of the National MS Society, and The University of Rhode Island.

How the CD Compares

When compared to the 236 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the Bank’s market area, Centreville Bank’s 1-year CD APY currently ranks second.

The above rates are accurate as of 5/3/2018.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Providence CD rates, 1-year CD rates

Centreville Bank (RI) Has Money Market Promotional Rate
Availability: Market area is Rhode Island.

Centreville Bank is offering a promotional 1.05% APY ($10k-$500k) on its Personal Elite Money Market with an Elite Checking relationship. Balances above $500k earn 0.30% APY, which is the current rate for a Personal Elite Money Market without the checking relationship.

Personal Elite Money Market

  • Minimum opening deposit is $10k.
  • $10 monthly maintenance fee will be waived with a minimum daily balance of $10k+.
  • Paper statements incur a $5 fee; eStatements are free.

The fine print on the Personal Elite Money Market promotion page states,

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