Coastal1 Credit Union

Overview / Commentary
1200 Central Ave
Pawtucket, RI 02861

Coastal1 Credit Union is headquartered in Pawtucket and is the 2nd largest credit union in the state of Rhode Island. It is also the 135th largest credit union in the nation. It was established in 1926 and as of December of 2023, it had grown to 291 employees and 139,016 members at 19 locations. Coastal1 Credit Union's money market rates are 7X the national average, and it has an A health rating.

Reviews (5)

Good Rates, Nice People

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Edited from original 2015 review: They have CDs currently (August 2018) at 3%, and the staff is very nice. I have always found them helpful and pleasant to deal with.

a good local bank

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having banked with the pawtucket credit union for many years, i feel as though they deliver a consistently good experience to the banker. staff is always helpful and generally personable, and there aren't usually long lines, so you can tell that the credit union is decently staffed.

Bigger Style Credit Union

Pawtucket Credit Union is a great alternative to the "Big Banks". There is no fee for using any credit union (even if its not Pawtucket Credit Union) atms. With a direct deposit their checking accounts are free. They have better then average rates. The only drawback I have is that they do debits before credits.

A big bank diguised as a Credit Union

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Pawtucket Credit Union use to be a great credit union. They no longer work with its customers and have higher fees then an average bank. Their accounts have very little interest to offer. The credit union is expanding so fast and developing multiple locations in the State of Rhode Island that it is no longer your local credit union. It is all about getting "new business" and older customers are left in the dust because they aren't new money. Some of their charges on their checking account is a 10.00 a month maintenance fee, 12.00 bank check fee, 35.00 over draw fee. They offer no good savings account for the average joe, as they require thousands of dollars before you get any really kind of interest. They offer no college fund accounts and their CDs have terrible interest. At one time I would recommend Pawtucket Credit Union but I no longer can with the amount of better options available in the state.

Think Twice Before Opening A Checking Account With Coastal 1

Posted by: |

Think twice before opening a checking account with Coastal 1.
Coastal1 takes two weeks + to set-up direct deposit of a payroll check. Other financial institutions manage to complete this in 3 days.
You can’t do a mobile deposit of these paper payroll checks because your account is less than 30 days old.
You can’t access the funds with your debit card after you have deposited the check with an inconvenient trip to a branch because your account is less than 30 days old. You learn this after you have been embarrassed because your card was declined. You are told that the card is active the moment you receive it.
Your funds are not available for 5 business days after deposit – despite the fact that the check deposited is a payroll check from ADP one of, if not the, largest payroll companies in the country. While this is legal, the length of the hold and the type of checks put on hold is at the discretion of the financial institution. So much for the claim that credit unions put the members first, unlike banks - supposedly.
But, according to the “helpful” people in the branch, you can make a cash withdrawal in person or write a check during this time. And of course, gas stations and restaurants all take checks in 2023. As a bonus, grocery stores also have a waiting period before you are vetted to use a check as payment.
None of this is mentioned when the account is opened and a deep dive into the disclosure brochure hidden in your envelope of paper only yields information about the check hold.
Welcome to Coastal1.


Health Grade Components

NCUA #67278
Year Chartered1926
Primary Regulator
Profit Margin
Return on Assets - YTD0.43%
Return on Equity - YTD4.44%
Annual Interest Income$123.8MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$3.32B$3.13B
LoansQ4 2023vs Q4 2022$2.93B$2.75B
DepositsQ4 2023vs Q4 2022$2.44B$2.39B
Equity CapitalQ4 2023vs Q4 2022$318.3MM$306.7MM
Loan Loss AllowanceQ4 2023vs Q4 2022$15.8MM$11.1MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$5.1MM$4.6MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0
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Always verify rates and promotions with the bank or credit union. We are not Coastal1 Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Coastal1 Credit Union Savings Account Rates

0.15%*$2.5k*-Business High Yield Savings
OTHER TIERS: 0.10% $25 - $2.5k
0.10%$25-Passbook Savings
0.10%$25-Statement Savings
0.10%$25-IRA Savings
0.10%$25-Business Statement Savings

Coastal1 Credit Union Money Market Rates

3.00%*$50k*-Premier Money Market
OTHER TIERS: 1.00% $25 - $10k | 1.50% $10k - $50k
1.05%$25-Business Money Market

Coastal1 Credit Union Checking Account Rates

3.50%*-$20kAdvantage Checking
OTHER TIERS: 0.35% $20k+
0.10%$2.5k-Direct Plus Checking

Coastal1 Credit Union CD Rates

5.00%$1k-7 Month CD w/ New Money
4.50%$1k-8 Month CD
4.50%$1k-13 Month CD
4.00%$1k-6 Month CD
4.00%$1k-9 Month CD
3.75%$1k-12 Month CD
3.50%$1k-18 Month CD
3.25%$1k-24 Month CD
3.00%$1k-36 Month CD
3.00%$1k-48 Month CD
3.00%$1k-60 Month CD

Coastal1 Credit Union IRA Rates

5.00%$500-7 Month IRA w/ New Money
4.50%$500-8 Month IRA
4.50%$500-13 Month IRA
4.00%$500-6 Month IRA
4.00%$500-9 Month IRA
3.75%$500-12 Month IRA
3.50%$500-18 Month IRA
3.25%$500-24 Month IRA
3.00%$500-36 Month IRA
3.00%$500-48 Month IRA
3.00%$500-60 Month IRA


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