Rhode Island-based Greenwood Credit Union (Greenwood CU) became an easy membership credit union six months ago. Initially offering a limited nationally available product line, Greenwood CU now offers checking, savings, and money market accounts online, in addition to nine different term-length CDs.
Greenwood CU greatly improved its position in the short-term rates race yesterday by adding 160 bps to its 12-month CD (3.00% APY). The minimum opening deposit is $1k, with no stated balance cap.
|2.25%||$1k||-||Greenwood Credit Union||12 Month CD|
|2.25%||$1k||-||Greenwood Credit Union||12 Month IRA Certificate (Traditional, Roth, CESA, SEP)|
While all Greenwood CU CDs are available as IRAs (Traditional, Roth, CESA, and SEP), opening an IRA or trust account requires an in-branch visit.
The 60-month CD added 120 bps yesterday, with the 24-month and 30-month CDs making more modest gains.
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 The penalty will equal six (6) months dividends which would have been earned on the amount of principal withdrawn.
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, 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.
Credit Union Overview
Greenwood Credit Union has an overall health rating of "A" on DepositAccounts.com, with a Texas Ratio of 2.90% (excellent), based on June 30, 2018 data. In the past year, Greenwood CU has increased its total non-brokered deposits by $31.9 million, excellent annual growth rate of 7.97% 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 earlier this year, offering membership to virtually everyone in the country. Greenwood CU is currently the third largest credit union in Rhode Island, with nearly 65,000 members and assets in excess of $512 million.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and nationally available, Greenwood Credit Union’s 12-, 24-, 30-, and 60-month CD APYs currently rank first.
The above rates are accurate as of 11/6/2018.
Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.