DA readers may remember that Rhode Island-based Greenwood Credit Union (Greenwood CU) became an easy membership requirement credit union a few months. At that time, Greenwood CU offered a 15-month CD (2.50% APY) and 24-month CD (2.80% APY), which were very competitive.
Three months have passed since Greenwood CU began offering nationally available products, with a new CD added yesterday: a 30-month CD that earns 3.25% APY. With a $1k minimum deposit, practically anyone in the U.S. can open a 30-month CD through the Credit Union’s online application.
|3.25%||$1k||-||Greenwood Credit Union||30 Month CD|
|3.25%||$1k||-||Greenwood Credit Union||30 Month IRA Certificate (Traditional, Roth, CESA, SEP)|
While the CD is also available as an IRA (Traditional, Roth, CESA, and SEP), opening an IRA or trust account requires an in-branch visit.
As stated in the Truth-in Savings document, the Early Withdrawal Penalty 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 The penalty will equal six (6) months dividends which would have been earned on the amount of principal withdrawn.
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."
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, with 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, but at the moment the 30-month CD is not listed on the online application. According to CSR, the 30-month CD is a new product as of yesterday, and IT hasn’t updated the online application yet. She suggested calling (401.739.4600) for assistance in opening a 30-month CD. If you’re in the area, Greenwood CU has a single Rhode Island branch, located on Post Road in Warwick.
Credit Union Overview
Greenwood Credit Union has an overall health rating of "A" on DepositAccounts.com, with a Texas Ratio of 2.49% (excellent), based on March 31, 2018 data. In the past year, Greenwood CU has increased its total non-brokered deposits by $17.09 million, excellent annual growth rate of 4.49% growth rate. Please refer to our financial overview of First Internet Bank (NCUA Charter # 66594) for more details.
Establish 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 recent change to an easy membership requirement institution, offering membership to virtually everyone in the country. Greenwood CU is currently the third largest credit union in Rhode Island, with more than 62,500 members and assets in excess of $496 million.
How the CD Compares
UPDATE 8/27/2018: When compared to 220 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and nationally available, Greenwood Credit Union’s 30-month CD APY currently shares top billing with USALLIANCE Financial's 36-month CD Special APY.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.25% APY||30-Month CD||Greenwood Credit Union|
|3.15% APY||41-Month Bump-Up CD Special||Veridian Credit Union|
|3.10% APY||3-Year CD||KS StateBank|
The above rates are accurate as of 8/27/2018.
Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.