Greenwood Credit Union Ups 15-Month CD APY


UPDATE 5/1/2018: Good news! Greenwood Credit Union is indeed an easy membership credit union, with the field of membership (FOM) open to anyone who “opens and maintain a Share Account with a minimum of a $5.00 balance.” I spoke at great length with Fred Reinhardt, President and CEO of Greenwood, as to what happened in regards to the FOM today. Following a surge of activity from out-of-state applicants this morning, the Credit Union feared they were “under attack and shut it down,” as a precautionary move against possible fraudulent applications. In Greenwood’s defense, they were not aware of this blog post or of their 15- and 24-month CDs appearing as rate leaders on DA’s nationally available CD Rates Table. I have to commend them on their vigilance in protecting their online platform.

Bottom line, all the information in this blog post that appeared upon publication is correct.

UPDATE 5/1/2018: My timing could not have been worse: I managed to publish this blog post the day after Greenwood Credit Union changed their easy membership requirement. As of 10 am EDT this morning, Greenwood’s website had not been updated to reflect the change and the link to the online application was still functional. I spoke at length with CSR, but she was unable to give me any details concerning what had caused the change. All she could confirm was that Greenwood’s product line was no longer available nationwide through the online application. As soon as I obtain definitive information, I will edit this blog post accordingly. For the time being, I would consider this to be a local deal, available in Rhode Island. Please accept my apologies for any confusion.

Deal Summary: 15-month CD (2.50% APY) and 24-month CD (2.80% APY), $1k minimum deposit

Availability: Extremely easy membership requirement

When I saw the new CD rates from Greenwood Credit Union (Greenwood CU) over the weekend, I wished these very competitive rates (15-month CD, 2.50% APY and 24-month CD, 2.80% APY) were nationally available. Sometimes wishes do come true. With a $1k minimum deposit, practically anyone in the U.S. can open a CD through Greenwood CU’s online application.

2.80%$1k-Greenwood Credit Union24 Month CD
2.80%$1k-Greenwood Credit Union24 Month IRA Certificate (Traditional, Roth, CESA, SEP)
2.50%$1k-Greenwood Credit Union15 Month CD
2.50%$1k-Greenwood Credit Union15 Month IRA Certificate (Traditional, Roth, CESA, SEP)
Rates as of July 22, 2018.

The CDs are also available as IRAs (Traditional, Roth, CESA, and SEP), earning the same APYs and with the same funding requirements.

DA has been tracking the 15- and 24-month CDs since March 2011, and with exception of the last three months, the APYs haven’t been anything to get excited about. Since the beginning of February, both CDs experienced two rate increases, with the 15-month adding 180 bps, while the 24-month added 130 bps. If you’re going to compete on a national stage, having top rates makes a statement.

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.

Share Branching

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, or at the sole Rhode Island branch, located on Post Road in Warwick.

UPDATE 5/1/2018 - Two points concerning Greenwood CU’s online application:

1. Mr. Reinhardt emphasized that they try to accommodate everyone who applies online, but their top priority is making sure they can confirm potential new members’ identities. While the process may not be warm and fuzzy, Greenwood CU is doing their due diligence, to ensure all parties are protected.

2. A DA reader recently wrote in a review, “You must leave Greenwood's website and are told that they don't have responsibility for their 3rd party application website, which my Mcafee antivirus said was unsafe.” I had qualms when I saw that warning, but when I saw it was an Andera online application I wasn’t worried. (Andera is a leading provider of online applications for many credit unions and this was the first time I had ever seen that type of warning.) Mr. Reinhardt commented that when the Credit Union first added the online application, they were told that this "speed bump" notification had to be included, but given all the concern it causes, that notification will be removed in the near future.

Credit Union Overview

Greenwood Credit Union has an overall health rating of "A" on, with a Texas Ratio of 2.14% (excellent), based on December 31, 2017 data. In the past year, Greenwood CU has increased its total non-brokered deposits by $16.05 million, excellent annual growth rate of 4.11% 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 60,800 members and assets in excess of $496 million.

How the CDs Compare

When compared to 155 similar length-of-term CDs tracked by, requiring a similar minimum deposit and nationally available, Greenwood Credit Union’s 15-month CD APY currently ranks first.

When compared to 202 similar length-of-term CDs tracked by, requiring a similar minimum deposit and available nationwide, Greenwood Credit Union’s 24-month CD APY currently ranks first.

The above rates are accurate as of 5/1/2018.

To look 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, 5-year CD rates, nationwide deals

klink   |     |   Comment #1
Ken, did you try to open account the way you stated in the article? So far I've read a couple of very negative reviews on the opening process and was curious as to just how easy it is to open these CD's? Can you look into this and get back to us? Thanks
Anon   |     |   Comment #2
Some readers have commented that it is NOT possible to open a CD without a branch visit and their website and online application are misleading in this regard. Is this true?
Ken Tumin
Ken Tumin   |     |   Comment #3
The credit union just made changes to their FOM and account availability. Please see the update above.
aaa   |     |   Comment #4
I am from CA. Applied using on-line application early in the day before your update.

I got "Welcome" email from Greenwood. Looks like they have opened the account.
maybe i'll get lucky
maybe i'll get lucky   |     |   Comment #5
I am in Georgia and have a time- and date-stamped screen shot as of 20 minutes ago that says anyone can join. I was also able to complete the online app. I received the "Welcome" email as aaa (#4) did, pending funding account verification by small trial deposits.
Ken Tumin
Ken Tumin   |     |   Comment #6
Just learned that the credit union's FOM and account availability did not change. The details are provided in new update above.
deplorable 1
deplorable 1   |     |   Comment #7
So this IS available to join and open the CD online. Thanks Ken you just saved me some long hold time. Funny how they didn't expect to get slammed with applications when they have the highest rate on a 2 year CD. Does anyone know was there a option for credit card funding in the application process and if so how much? My guess is that is was just grayed out just like the bank5 connect CD.
Anon1234   |     |   Comment #8
This morning completed verification of trial deposits and received my account number immediately. Then another Email followed with a reminder to return the membership agreement and a copy of driver's license or state identification within two (2) business days.
Anon1234   |     |   Comment #10
About half an hour ago, received instructions to set up online banking. When i logged in, the account number assigned to me was different than the account number which appeared when I confirmed trial deposits.

A very helpful CSR explained that the account number which appeared at that time was THEIR funding account number although the text had read "Your new account number is...". That is, the money to fund my account at Greenwood will go into THEIR funding account number and then to mine. Unfortunately that was not clear at the time.

Recap: if you are going to set up an account at Greenwood CU as an external account at - for example - Ally Bank, you will need to login and use that account number.
deplorable 1
deplorable 1   |     |   Comment #11
@Anon1234: What a odd account opening process. This is similar to the bank5connect CD. Was there a option for credit card funding?
Anon1234   |     |   Comment #12
deplorable1 (#11): Yes, I thought the whole "Your new account number is" (until it isn't) thing was odd - or at least confusing. Sorry, I didn't notice if there was an option for credit card funding.
No Thanks
No Thanks   |     |   Comment #9
Well, yesterday McAfee still told me that the link to the third party website was a "high risk" one.
In addition to that, Greenwood's disclaimer for using the third party website is totally unacceptable.
That's not exactly a confidence builder for establishing a banking relationship with a company!

One other credit union that I was interested in tried to pull the same dodge of responsibility.
That was for a third-party IRA application process (at least that link didn't throw a McAfee warning).
If you don't trust your third-party vendor, why in the world should I?
FrankSavage   |     |   Comment #13
I am very interested to hear comments from anyone who has recently become a member of GCU. I am especially interested in the account funding process and the process for distribution of funds at CD maturity. Does anyone know what dollar limits may be in place for ACH debits or credits. Does GCU allow an external bank to push or pull ACH transfers? Overall the 15 month and 24 month certificate rates are very attractive.
pmtacri   |     |   Comment #16
anyone able to open an IRA? i was told earlier today that an IRA must be opened in person. Very disappointed and the CS representative was EXTREMELY rude. Given how cordial the CEO seems by your post, he should be aware that his employees do not necessarily follow his lead.
Anon1234   |     |   Comment #17
This morning I used funds in my share (savings) account to open a 15 mo CD through online banking and noted the following in the process::
1) The link to the available rate and APY info does not work (404 error) from inside the account open process.
2) At the end of the account open process, one must print a document titled “membership application” although I had identified myself as an existing member. The document includes the account number for the CD.

A helpful and friendly CSR confirmed that the document must be returned in a timely manner ** along with a copy of my driver’s license ** just as in the original application.

Since the CD was established with funds on deposit, it earns interest effective immediately. However, the CD will not be visible online until they receive the paperwork and “unlock” the account.
5.00% 15-Month / 5.00% 60-Month CD at a Rhode Island CU (Greenwood).
Update 2/2/08: CD rates have fallen. Please check the credit union's website for the latest rates.

Greenwood Credit Union is offering 5.00% APY on a 15-month and 60-month certificate of deposit (see rate table). The minimum deposit is $1,000. These are also available in an IRA. I just called and confirmed that these rates are still available. They could change at any time.

According to their Membership page: "Membership in Greenwood Credit Union is open to all responsible people who want to be members." However, according to the CSR, they require a...

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