Overview / Commentary
401-739-4600
2669 Post Rd
Warwick, RI 02886-3039

Greenwood Credit Union is headquartered in Warwick and is the 3rd largest credit union in the state of Rhode Island. It is also the 518th largest credit union in the nation. It was established in 1948 and as of December of 2018, it had grown to 57 employees and 66,779 members at 1 location. Greenwood Credit Union's money market rates are 3X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Greenwood Credit Union is open to anyone (regardless of residency status) by opening and maintaining a Share Account, with a minimum of a $5.00 balance
See current membership details

Related Posts

Greenwood CU 5-Yr. CD 3.75% May No Longer Be Available - 12/6/2018

Greenwood's 5-year CD with an APY of 3.75% is still listed on the credit union website's home page. However, the rate sheet lists an APY of 3.00%. https://www.greenwoodcu.org/gcu-rates/certificate-of-deposits/

12-Month CD At Greenwood Credit Union - 11/6/2018

Greenwood Credit Union (easy membership) has added 160 bps to its 12-month CD. Minimum deposit is $1k, with no stated balance cap.

Greenwood Credit Union Adds 30-Month CD - 8/27/2018

Greenwood Credit Union (easy membership) has added a 30-month CD that earns 3.25% APY. Minimum opening deposit is $1k, with no stated balance cap.

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Good Place, Nice People

Posted by: katkatkat | Jul 9, 2015

I'm a new customer as of about two months ago. Everyone was very pleasant and helpful. They have the highest interest rates on CDs in this area, at least at the present time.

Update 2019: I am surprised to read some of the bad reviews about them here. I think some are based on the customer's ignorance of banking laws, for example, not realizing that federal regulations now require stringent identity checks when opening a deposit account at a bank or credit union one has not done business with before,

I have always found Greenwood to be pleasant and helpful.

READ! Greenwood Good -- But Be Aware Of Things

Posted by: senda | Jan 11, 2019

Greenwood CU is a small CU that offers very good rates that anyone can join. But they're small, so you just have to KNOW a few things beforehand, which might mean some extra work or preparadness on your part. Just do what they ask you (even if it seems repetitious or unneeded to you) and everything will be fine.

(1) Their system does not allow you to do ACHs from THEIR end. However, you CAN ACH into them from OTHER places. I was able to tie two different local CUs to my Greenwood Savings account, doing the test deposits. I don't know if you can "pull/withdraw" funds from your savings account or just deposit, but for what it's worth, one of the two OTHER CUs that I tied to my account always tries to get its test deposits back, and Greenwood allowed the deposit, then allowed them to pull it back. Finally, note that if I remember right, it took an extra 1-2 days longer for the ACHs to show up at Greenwood than at other places. But it does work.

(2) Greenwood is also part of the Co-Op Shared Branch Network. So if you have any CU in your area that's Shared Branch, instead of ACH, you can just go to any local Shared Branch CU instead.

(3) When opening a new CD, Greenwood offers you the options of either pulling from another account, funding with a credit or debit card (however this will be done as a CASH ADVANCE, so probably best not to do it this way to avoid fees from your credit card), or MAIL IN A CHECK.

(4) If you choose to MAIL IN A CHECK for funding the account, the CD will still have the date you opened online as the date (not the date the check is received) -- and they will hold the interest rate for you while they receive the check. There IS a limit as to how long they will wait (I forget what it is, but they told me)... but as long as they receive the check within maybe 7-10 days, they'll honor the rate at what you opened it as.

(5) They DO require a lot of paperwork. Even if you already have an account with them, and are just opening up additional CDs, they still require you to submit paperwork for EACH NEW CD you open. If you open up 2 different CDs on the same day, you've got to print out and submit 2 signed forms (and if you want, beneficiaries) for each one. Evem if you go into a shared branch to make a deposit instead of sending a check in the mail, they'll still need you to send in the paperwork to them for each new CD you've created. A hassle, perhaps, and the "long way" of doing things, sure, but it's not that big a deal. It'll take 5 minutes. Big deal.

(6) Beneficiaries: there's room only for one beneficiary on the form you'll send back to them, but you can just put as many as you want on a separate sheet, and they'll honor that. Note that you need the SS# and DOB of your POD beneficiaries, as well as the % you want each one to get. I know some people have complained about this, but Greenwood isn't the only place to require SS#s. The way I see it, is if someone's going to be a beneficiary and get money if something happens to me, they can provide their SS# (they always have in my case).

(7) Their online banking leaves a LOT to be desired, true. There's not much you can do except see your balanaces and transactions. But remember, they're a small CU. And again, they're also part of shared branch, and will hold your CD terms while your check is in the mail (up to a certain amount of time).

So... downsides: they ask for a lot of paperwork (though nothing anyone shouldn't be able to provide after an extra 5 minutes), and their online system can't do much. But on the upside, their rates are excellent, they're part of Shared Branch, and their CSRs have always been friendly on the phone. If doing 5 minutes of extra work isn't worth the extra $ from their higher rates, that's your choice. They'll even "hold" your CD rate and term while your check is sent in the mail (as long as it comes some point soon).

So know what they are. Don't expect the world from them, and expect to do lots of (normal) paperwork. Just follow what they tell you to do and what they need, and everything will work out fine. I have multiple CDs there and I wouldn't have opened more than one if I wasn't satisfied.

You Can Apply Online And Don't Need To Go To Their Office.

Posted by: Greg56770 | Nov 7, 2018

I called Greenwood and was told the entire CD application process can be completed online. Not required to go to a Greenwood bank office. The CDs are open to everyone but you need to join their union by opening a savings acct for $5.00.

My issue - You can withdraw the monthly interest but only to a Greenwood saving acct. And then you have to request for a check to be sent to you. They will not do an ACH to your local bank acct.

A Bit Deceptive Membership Process

Posted by: syncomm1 | Apr 30, 2018

The signup process was easy enough and the first rep I spoke with (who answered quickly) was courteous and helpful.
The deception is this: their Field of Membership page does not clearly say that an office visit to RI is necessary.
When I go to the end of the application process (after answering all the credit check questions, and starting the funding process) and had a question, I phoned. The rep basically told me that I had to go into a branch to join or no dice. Then she sounded angry at me, as though I committed a breach, and then just hung up. No apology for having a vague policy ON THEIR OWN SITE or wasting my time.

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Health

Health Grade Components

Overall
NCUA #66594
Year Chartered1948
Employees57
Primary Regulator
Profit Margin
Return on Assets - YTD0.62%
Return on Equity - YTD7.26%
Annual Interest Income$18.4MM
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$552.0MM$496.9MM
LoansQ4 2018vs Q4 2017$452.2MM$424.9MM
DepositsQ4 2018vs Q4 2017$480.9MM$406.8MM
Equity CapitalQ4 2018vs Q4 2017$46.6MM$43.2MM
Loan Loss AllowanceQ4 2018vs Q4 2017$1.0MM$922.00K
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$1.9MM$942.00K
Real Estate OwnedQ4 2018vs Q4 2017$272.00K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Greenwood 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.

Greenwood Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$25-Share 1 Savings
0.50%$100-Day-to-Day IRA
0.25%$1-Holiday Club
0.25%$1-Vacation Club
0.25%$1-Deposit Savings

Greenwood Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*$150k*-Money Market Savings
OTHER TIERS: 0.50% $2.5k - $50k | 1.00% $50k - $150k

Greenwood Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$1k-Interest Checking

Greenwood Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%$1k-24 Month CD
3.00%$1k-60 Month CD
3.00%$1k-30 Month CD
2.35%$1k-15 Month CD
2.35%$1k-48 Month CD
2.25%$1k-12 Month CD
2.25%$1k-36 Month CD
0.90%$1k-18 Month CD
0.80%$1k-13 Month CD
0.50%$1k-3 Month CD
0.50%$1k-6 Month CD

Greenwood Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%$1k-24 Month IRA Certificate
3.00%$1k-60 Month IRA Certificate
3.00%$1k-30 Month IRA Certificate
2.35%$1k-15 Month IRA Certificate
2.35%$1k-48 Month IRA Certificate
2.25%$1k-12 Month IRA Certificate
2.25%$1k-36 Month IRA Certificate
0.90%$1k-18 Month IRA Certificate
0.80%$1k-13 Month IRA Certificate
0.50%$1k-3 Month IRA Certificate
0.50%$1k-6 Month IRA Certificate
Locations


Greenwood Credit Union Locations
Branch Office2669 Post RdWarwick, RI 02886-3039

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