Greenwood Credit Union Adds 30-Month CD
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.25% | $1k | - | Greenwood Credit Union | 30 Month CD | |
| 3.25% | $1k | - | Greenwood Credit Union | 30 Month IRA Certificate (Traditional, Roth, CESA, SEP) |
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 The penalty will equal six (6) months dividends which would have been earned on the amount of principal withdrawn.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."
Availability
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 DepositAccounts.com, 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 DepositAccounts.com, 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 Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 3.25% APY | 30-Month CD | Greenwood Credit Union |
| 3.15% APY | 41-Month Bump-Up CD Special | Veridian Credit Union |
| 3.10% APY | 3-Year CD | KS 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.
The combination of incompetence and rudeness is no way to run a business!
See Greenwood's website:
I wrote them about this a few days ago -- maybe it had a positive effect?
The CSR's best suggestion was to simply mail them a check . . .
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?
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.
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?)
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)