Just a month ago, Rhode Island-based Ocean State Credit Union (OSCU) was offering “Seasonal Special” rates on its 1-year CD (2.75% APY) and 2-year CD (3.25% APY). Those rates have dropped by 50 bps, but OSCU is now offering even better rates on its new 1-year CD Special (2.80% APY) and 2-year CD Special (3.30% APY).
Like most of OSCU CDs, the Specials can be opened with a minimum $1k opening deposit, but new money is required.
The money to open these CD accounts must not have originated from an OSCU account.
These CD Specials are also offered as IRAs (Traditional, Roth, and CESA), earning the same APYs, but with a lower $500 minimum opening deposit (new money still required).
Partial withdrawals are not allowed: any withdraw will result in a closure. As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
If the maturity date is one (1) year to three (3) years from the date of
issuance or renewal, the penalty is an amount equal to 90 days interest.
Headquartered in Coventry, Rhode Island, Ocean State Credit Union was known as Coventry Credit Union for 67 years, with the rebrand finalized in December 2017.
Although the Credit Union's name has changed, the field of membership hasn’t: OCSU is still an "open" credit union, with the membership open to anyone in the U.S. who opens a Share Account and maintains a $5 balance.
Unfortunately, joining OSCU and/or opening a CD requires an in-person visit to any of the four Rhode Island branches located in Coventry (2), North Kingstown, and West Warwick.
OSCU’s online platform, Internet Banking, is currently dedicated to account management and bill payment services.
Credit Union Overview
Ocean State Credit Union, has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.13% (excellent) based on June 30, 2018 data. The Credit Union has an above average capitalization level (10.10% APY), the results of holding $254.78 million in assets with $25.72 million in equity. Please refer to our financial overview of Ocean State Credit Union (NCUA Charter # 66595) for more details.
Founded in 1950, Ocean State Credit Union is currently Rhode Island’s seventh largest credit union, with more than 23,600 members and assets in excess of $254 million. According to OSCU President and CEO, David L. Root,
Our roots have been and always will remain in Coventry, however in the interest of future growth to other cities and towns throughout Rhode Island, we feel that this is a judicious business decision to remove any preconceptions that you have to live or work in Coventry in order to be a member of this credit union.
“The Ocean State” is one of Rhode Island’s nicknames, so the Credit Union’s choice of a new name last year makes sense. As I mentioned in an earlier blog post, I never think of Rhode Island (a state that’s only 37 miles wide and 48 miles long) as having a particularly large coastline. Surprisingly, Rhode Island’s Narragansett Bay Atlantic Ocean shoreline is over 400 miles long.
How the CD Specials Compare
When compared to 232 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Rhode Island residents, Ocean Credit Union’s 1-Year CD Special APY currently ranks first.
When compared to 228 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Rhode Island residents, Ocean Credit Union’s 2-Year CD Special APY currently ranks first.
The above rates are accurate as of 10/10/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.