Greenwood Credit Union Offers Competitive 9-Month CD Rate
More than five years ago, Rhode Island-based Greenwood Credit Union (Greenwood) expanded its field of membership (FOM), with all U.S. citizens and resident aliens now eligible to join. Greenwood offered very competitive rates on short- and long-term CDs immediately following the FOM expansion, but recent CD rates have been less than impressive.
The 9-month CD, earning 5.50% APY, has the highest CD APY and is the most competitive CD currently offered by Greenwood. The 5.50% APY has been in effect since August 2023, but has become more competitive as other nationally available short-term CD rates have dropped. The minimum opening deposit is $1k, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.25% | $1k | - | Greenwood Credit Union | 9 Month CD | |
| 4.25% | $1k | - | Greenwood Credit Union | 9 Month IRA (Traditional, Roth, CESA, SEP) |
The 9-month CD is also available as an IRA CD (Traditional, Roth, CESA, and SEP), earning the same APY with the same deposit requirement.
Early Withdrawal Penalty
As stated in the Truth-in-Savings disclosure (page 13), the Early Withdrawal Penalty (EWP) for all CDs reads as follows:
If your account has an original maturity of one year or less:
The penalty we may impose will equal six months interest on the amount withdrawn subject to penalty.
If your account has an original maturity of more than one year:
The penalty we may impose will equal six months interest on the amount withdrawn subject to penalty.
That's not a typo in the above quote: the EWP for any Greenwood CD, regardless of term length, is six months interest. It’s a great EWP for a long-term CD, but not so much for a 9-month CD.
An early withdrawal is not guaranteed. According to the TIS disclosure (emphasis is mine),
You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
Availability and Account Opening
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 9-month CD can be done online, or at the sole Rhode Island branch, located on Post Road in Warwick.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, check (if opening in-branch), debit/credit card ($1k limit), or internal transfer.
- Ownership – Individual, joint, or trust.
- CO-OP Shared Branch Participant – Yes.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a Greenwood CU savings/checking account.
- Dividends – compounded daily/credited monthly and can be withdrawn without penalty.
- Beneficiaries – Unlimited, percentages available, Social Security numbers are required.
- Grace Period – 7 calendar days before automatic renewal.
- Credit Check – Hard pull when joining.
Credit Union Overview
Greenwood Credit Union has an overall health rating of "A" on DepositAccounts.com, with a Texas Ratio of 5.25% (excellent), based on September 30, 2023 data. In the past year, Greenwood has increased its total non-brokered deposits by $111.16 million, an excellent annual growth rate of 18.36%. 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 nearly six years ago, offering membership to virtually everyone in the country. Greenwood CU is currently the third largest credit union in Rhode Island, with more than 59,000 members and assets in excess of $842 million.
How the 9-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, two credit unions have higher rates than currently offered on the Greenwood Credit Union 9-Month CD. The following table compares the 9-month CD Special to the four highest-rate similar length-of-term CDs from other banks/credit unions with nationwide market areas.
The above information and rates are accurate as of 1/22/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
