12-Month CD At Greenwood Credit Union


UPDATE 12/6/2018: The 60-month CD rate has dropped.

UPDATE 12/3/2018: The 12-month CD rate has fallen. The 24-month and 30-month rates were also lowered.

Deal Summary: CDs – 12-month (3.00% APY), 24-month (3.15% APY), 30-month CD (3.35% APY), 60-month (3.75% APY), $1k minimum deposit

Availability: Easy membership requirement

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.

0.80%$1k-Greenwood Credit Union12 Month CD
0.80%$1k-Greenwood Credit Union12 Month IRA Certificate (Traditional, Roth, CESA, SEP)
Rates as of July 2, 2020.

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.

1.50%$1k-Greenwood Credit Union60 Month CD
1.50%$1k-Greenwood Credit Union60 Month IRA Certificate (Traditional, Roth, CESA, SEP)
1.05%$1k-Greenwood Credit Union30 Month CD
1.05%$1k-Greenwood Credit Union30 Month IRA Certificate (Traditional, Roth, CESA, SEP)
1.00%$1k-Greenwood Credit Union24 Month CD
1.00%$1k-Greenwood Credit Union24 Month IRA Certificate (Traditional, Roth, CESA, SEP)
Rates as of July 2, 2020.

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 The penalty will equal six (6) months dividends which would have been earned on the amount of principal withdrawn.

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, 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.

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.

Related Pages: Providence CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Joe Donnelly
  |     |   Comment #1
Why aren't Advancial's CDs listed in the CD rate tables?
  |     |   Comment #2
I suspect they are not listed because of the erroneous "Availability" map at the bottom of
  |     |   Comment #11
Are you referring to omission from "How the CDs Compare" rate tables shown above? If so, it may be due to Advancial's tiered top rate $50k min while Greenwood's (untiered) is only a $1k requirement.
Joe Donnelly
  |     |   Comment #12
I am referring to the CD Rates Se cation of Deposit Accounts. The Advanciall CDS are not listed at all. Why?
Joe Donnelly
  |     |   Comment #13
They are listed under Louisiana, but not under Nationwide. Why?
  |     |   Comment #14
Hmmm. Can't locate it in that table either. But I find applying region filter 'Texas'
also restores inclusion. So agree, Comment #2 explanation appears plausible!
Joe Donnelly
  |     |   Comment #15

Please list Advancial CDs in National rate tables. Thank you.
Little Rhody
  |     |   Comment #3
What is it about Rhode Island that has their institutions among the highest rate leaders? Home Investment Bank, Greenwood Credit Union, Ocean State Credit Union, Pawtucket Credit Union...
  |     |   Comment #5
I had replied earlier to a similar question. It is all about the local markets. MA/RI/CT economies are humming with banks and CUs having lots of opportunities to extend construction, business expansion and new business loans. They need to generate funds to do that and are willing to pay a little extra to be able to lend out. It is all about the lending needs driving deposit needs.
  |     |   Comment #4
Does anybody know if you can fund via ACH?
  |     |   Comment #9
They're not set up for ACH transfers, though you CAN send funds in one way (only from another institution TO Greenwood) once you have a savings account set up and you've done the test deposits from your other institution.

But you can open up a CD online at the time you open up your credit union membership (online) and they will "hold" it for you while you send them a check. Their registration software allows only up to 100k for a CD, so if you wanted to open up for more than that (say 125k for example), just put 100k on the system (since that's the max it allows) but send a larger check (125k in this example) with a note that it's for a 125k CD. I don't know how "long" they'll hold stuff for you, but when I opened up one they held it for me and I sent them a check and everything was fine (the CD opening date is the date you open it online, even if you send the check in later).

If you want you can call them too to verify this, or ask questions. They're a very small (but nice) credit union (1 branch) and only have about 3 cust service reps that answer the phones, so you'll likely be speaking to the same person/couple of people each time you call.

Note that their ATM/debit card is NOT CoOp and isn't much use for deposits outside of Rhode Island. However, on the plus side, they're part of CoOp Shared Branch, so you can also go into a local shared branch CU to provide funds that way once you've created your savings account.

They're a small CU so you have to keep that in mind, but I have a large CD there, and they're fine and friendly.
know your stuff
  |     |   Comment #10
if an incorrect password is entered three (3) consecutive times, your account is blocked and you must contact GCU to reactivate online banking;

if your security questions are answered incorrectly one (1) time your online account is blocked and you must come into the credit union or notify us in writing to have the account unlocked;
  |     |   Comment #16
How do you know when to commit when even better deals seem to be popping up every other week?
Greenwood Credit Union Adds 30-Month CD
UPDATE 8/27/2018: 30-month CD (3.25% APY) is now listed on the online application and is available nationwide.

UPDATE 8/6/2018: It’s been a week since Greenwood Credit Union introduced its new 30-month CD and it has yet to be added to the online application. According to CSR, it’s taking longer than expected to update the online application, so the 30-month CD is currently only available in-branch. While CSR did not know specifically when the online application would be available, she said “they were hoping to have...
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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...

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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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