Greenwood Credit Union Nationally Available 5-Year CD Is Rate Leader
More than two years ago, Rhode Island-based Greenwood Credit Union (Greenwood CU) expanded its field of membership, becoming an easy membership credit union. Since May 2018, Greenwood CU has continued to offer very competitive rates on short- and long-term CDs, including a “wow-worthy” 3.75% APY on its 60-month CD in late 2018. The 60-month CD's APY is currently near the top for nationally available 5-year CDs, although at a much more modest rate of 1.50% APY. The minimum opening deposit is $1k, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.10% | $1k | - | Greenwood Credit Union | 60 Month CD | |
| 1.10% | $1k | - | Greenwood Credit Union | 60 Month IRA Certificate (Traditional, Roth, CESA, SEP) |
While all Greenwood CU CDs are available as IRA Certificates (Traditional, Roth, CESA, and SEP), opening an IRA Certificate or trust account requires an in-branch visit.
As stated in the Truth-in Savings document, the Early Withdrawal Penalty for all CDs reads as follows:
If you withdraw any principal before the maturity date, a penalty will be imposed on the amount which you withdrew and charged to your account. The penalty will equal six (6) months dividends which would have been earned on the amount of principal withdrawn.
Funding and Maturing Funds Distribution
Funding a CD can be done by ACH, check, or transfer from an existing Greenwood CU savings or checking account. Greenwood CU participates in the CO-OP Shared Branch network, which facilitates the transfer of funds in advance of opening a CD. While funding a CD by credit or debit card is an option, it’s limited to $1k. Maturing funds can be distributed by check to the address on file, or transferred into a Greenwood CU savings or checking account.
Unlimited beneficiaries can be named with assigned percentages available. Social Security numbers are required for all named beneficiaries.
Availability
Headquartered in Warwick, Rhode Island, Greenwood Credit Union’s field of membership (FOM) is “open to everyone,” with “everyone” defined as U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security number. The only requirement is to “open and maintain a Share Account with a minimum of a $5.00 balance.” That’s it – no charitable foundation or association to join.
Joining Greenwood CU and/or opening a CD can be done online, or at the sole Rhode Island branch, located on Post Road in Warwick.
In accordance with Governor Raimondo’s Executive Orders, the Credit Union will limit the number of customers in the branch at any one time. All visitors must wear masks and will be required to maintain proper social distancing. In addition, there will be a one-way traffic pattern established in the branch. Customers will enter through the Post Road entrance and exit at the back door to the parking lot.
Visits with our Member Service Representatives and Loan Officers will still require an appointment. Please call (401) 739-4600 to schedule an appointment.
Greenwood Credit Union is a member of the CO-OP Shared Branching Network, allowing members to do business free of charge in more than 5,000 credit union branches throughout the United States, "just like you were standing in our Warwick, RI branch."
Credit Union Overview
Greenwood Credit Union has an overall health rating of "B+" on DepositAccounts.com, with a Texas Ratio of 5.25% (excellent), based on March 31, 2020 data. In the past year, Greenwood CU has increased its total non-brokered deposits by $26.89 million, excellent annual growth rate of 5.44% growth rate. Please refer to our financial overview of Greenwood Credit Union (NCUA Charter # 66594) for more details.
Established in 1948, Greenwood Credit Union’s original FOM included the residents of the City of Warwick. Organic growth and expansion led to the inclusion of Kent County residents, which led to the entire “State of Rhode Island and beyond” being served. “And beyond” refers to the change to an easy membership requirement institution more than two years ago, offering membership to virtually everyone in the country. Greenwood CU is currently the third largest credit union in Rhode Island, with more than 73,000 members and assets in excess of $593 million.
How the CD Compares
When compared to 178 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Greenwood Credit Union’s 60-month CD APY currently ranks second. (Note: while the CDs offered by Barksdale Federal Credit Union and Service Credit Union are available nationwide, both credit unions’ FOM require a military relationship.)
The above rates are accurate as of 9/2/2020.
Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.
