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 it online by the end of this week.” She also assured me it was “definitely” going to be part of the online application.

Deal Summary: 30-month CD, 3.25% APY, $1k minimum deposit

Availability: Easy membership requirement

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 Union30 Month CD
3.25%$1k-Greenwood Credit Union30 Month IRA Certificate (Traditional, Roth, CESA, SEP)
Rates as of September 24, 2018.

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 The penalty will equal six (6) months dividends which would have been earned on the amount of principal withdrawn.

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, 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, 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, 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 RateCD Length of TermCredit Union/Bank
3.25% APY30-Month CDGreenwood Credit Union
3.15% APY41-Month Bump-Up CD SpecialVeridian Credit Union
3.10% APY3-Year CDKS 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.

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

dmprisk   |     |   Comment #1
you can only open in branch
Anonymous   |     |   Comment #2
I'm glad they didn't make it available online yet. I would have opened it last week and missed the Freedom 3.56 higher APY.
pwj7050   |     |   Comment #3
I’ve had issues with Greenwood Credit Union in the past. When they **** things up they make it seem like it’s no big deal, and that they’re doing me a favor in correcting THEIR mistakes! This snaffoo with the 30 month CD offer doesn’t surprise me. In fact, if things ran smoothly with them, then I’d be surprised.

The combination of incompetence and rudeness is no way to run a business!
NYCDoug   |     |   Comment #4
As of today the 30-Month CD at 3.25% is now available to open online -- Hooray!

See Greenwood's website:

I wrote them about this a few days ago -- maybe it had a positive effect?
NYCDoug   |     |   Comment #5
Something a little shady going on here. At the verification link I typed in my two trial deposits for ACH funding, but got an error message stating to call Greenwood customer service. When I did, they told me that, since the "third party" error voids my application, I need to start all over again with an entirely new application, with new account number -- rendering useless the signature card paperwork I downloaded, printed and mailed them yesterday in anticipation of a smooth account opening.

The CSR's best suggestion was to simply mail them a check . . .
NYCDoug   |     |   Comment #6
I checked, and there IS NO application number on the form I mailed in yesterday (so that CSR doesn't fully know how account opening works). But worse, it seems their online "third party" verification is down; it was unable to let me proceed with either the same or a different ACH link for funding, and ultimately greyed out. So I'm stuck mailing them a check {not wanting to fund with credit card, and possibly incur interest charges}.

But before I do, I'd best call them again. The confirmation email I received is different this time; it says:

"We are currently reviewing your application. A Customer Service Representative will be in contact with you shortly to complete your request. In the mean time, if you have any questions regarding your application, please contact us at 401-739-4600."

When I mentioned this same wording to the CSR with whom I originally spoke -- since that is exactly how the email my friend received from them yesterday was worded -- she told me that Greenwood NEVER calls anyone; outgoing calls are not allowed there!

So rather than sitting around waiting for a call (per their email) that may never come (per customer service), it seems I need to take the initiative. But I'll use their toll-free number, instead (which they don't give you upfront): 866-739-9121

Curiouser and curiouser -- Maybe they don't really want us to open these CDs?
Andera   |     |   Comment #9
You have applied for new account at ANDERA.COM and they have no immediate connection to greenwood, it takes a day or two for your application to be processed by greenwood once is forwarded by andera. There are two accounts generated, one at andera and one at greenwood, give it few days to settle.
gregk   |     |   Comment #13
They'd be doing you a favor by not opening the CD. Such a lousy rate for 30 months.
larry   |     |   Comment #14
Good point gregk. I would keep powder dry in Northern Bank mm anyone has any at this point. We were strongly considering the latest 7mo,/5% deal, but passed based on the notary stipulation. It certainly would've been tempting if someone had a mil laying
NYCDoug   |     |   Comment #16
I guess they received my check (though no debit yet from funding account) because I received a pair of "Welcome" emails today including info about enrolling in online banking. But first I needed to set a password -- within 15 minutes of receiving one of these emails!

But to enroll, I need an account number -- which they have not given me, and will not give me over the phone. Though I did manage, with the advice of one helpful CSR, to use my SSN as a proxy account number. Which got me only so far. Now I'm being reviewed [again], waiting for approval to apply for online banking. It's not an automatic, instantaneous account opening with Greenwood, as is standard elsewhere. And I still do not have an account number . . . [Do I get it in the mail later this month?]

Thus far this has not been a smooth, streamlined process. Lots of "hurry up" [e.g. 15 minute response] and "wait" [another day]. Seems they're small-time operation, not quite ready for the big time.

But I'm happy enough to have their 3.25% rate for the next 30 months, with the prospect that APYs will grow over the next 2-/12 years. And if they don't (or worse, collapse), this new CD serves as a "safety" position (though not a very large one).

My take is that if Greenwood remains a rate leader (or at least a contender) then this bumpy process was worth it, just to establish a relationship with them . . . which will hopefully make for smoother account openings when more rungs of my CD ladder mature in coming years.
deplorable 1
deplorable 1   |     |   Comment #7
This is a decent rate but a bit too long for this rising interest rate environment. I snagged that 3.15% 18 month Home loan investment bank CD a while back which is nearly the same rate for a much shorter term.
#8 - This comment has been removed for violating our comment policy.
RJM   |     |   Comment #10
I talked to someone on here who bought a 3 year brokered at 3.05% ON PURPOSE because he thought we might go higher one or two more times and then stop and he wanted to be sure of the rate for the full 3 years.

I am pretty much on the other end. I have CDs maturing at first of the year, then Feb, then march and april. Im betting I can get a better rate then. But, I would like a longer term just because signing up for so many new accounts gets old. And I fear I might get rejected by someone for having too many recent new accounts. (Happened once before about 15 years ago. That was not for a large cd so it wasnt a huge deal but the next good CD rate, it might be?)
Anon456   |     |   Comment #11
Called today, Tuesday. CSR was prompt and helpful. YES you fill out the app and join ONLINE. No branch visit needed. OK. Next question about opening an IRA account so I can transfer my exisiting IRA funds. Sorry - NO GO. IRA accounts MUST BE opened in person at the branch.
?   |     |   Comment #15
Yet another strange CU wrinkle...
RickNP   |     |   Comment #12
As a current member, I quickly and easily opened one of these CDs today. By ACH'ing the money to my linked share account yesterday, funding was immediate.
gregk   |     |   Comment #17
Why anyone would bite on this now mystifies me. Two more Fed rate hikes this year looks increasingly likely, and I'd bet on a third in early 2019. It's no sure thing, but odds are you wait 6 months (just around when your 7 month Keesler CD matures, if you were opportunistic enough to get in on that) and the rate on this term here or somewhere else is at least 50 basis points higher. Just be patient a bit (use Northern's MM if you DIDN'T do Keesler) and don't rush things. The sweet spot is coming.
boston02116   |     |   Comment #18
Northern MM only pays 1.5%. I got the Keesler deal and also the Habor One 3% /14 month deal last month(wish I waited but didn't expect the Keesler rate) so I'm all set until next year. The Keesler promo proved there should be good stuff coming up.
gregk   |     |   Comment #19
I was referring, of course, to Northern's 2.25% MM rate guarantee of a few months ago that many of us took advantage of. Where were you?
gregk   |     |   Comment #20
BTW, - the Kessler promo proved nothing. Likely just a one-off,
oner   |     |   Comment #21
Declined; they said they would send me a letter for why. My guess is that I didn't correctly answer one of their impossible questions: did you open a credit card in December 2016?
NYCDoug   |     |   Comment #22
My friend's was also declined -- but because his credit reports are frozen.

Meanwhile, I finally got online access today . . . but had to call them for a temporary password.And THEN I was able to see my account numbers online, and start the process of linking to my Greenwood savings account via ACH -- trial deposits are on the way.

But, curiously, I don't see anywhere on Greenwood's site to create external links to other financial institutions (though there is a transfer option to "Transfer to an account that is not yours" . . . which, apparently, is also just internal.

So, upon maturity (thinking ahead 30 months) I'll need to "pull" my matured CD funds -- transferred to Savings -- from the outside. (Or use Shared Branch banking)
Nothing   |     |   Comment #23
Late in Sept one should be able to "unfreeze" report for free (fed law). At that time I plan on using an unique email address (used for no other purpose) and unfreeze over the web and then see sends promotional material...which I've opted out. Anyone else do something to speed up the unfreeze, etc?
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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