Ocean State Credit Union Ups 2-Year CD (3.25% APY)

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Deal Summary: 1-year CD (2.75% APY), 2-year CD (3.25% APY), $1k minimum deposit.

Availability: Easy membership requirement, but opening an account requires an in-person visit to one of the credit union's Rhode Island branches.

Rhode Island-based Ocean State Credit Union (OSCU) is offering “Seasonal Special” rates on its 1-year CD (2.75% APY) and 2-year CD (3.25% APY). The minimum $1k opening deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.25%$1k-Ocean State Credit Union2 Years CD
3.25%$500-Ocean State Credit Union2 Years IRA (Traditional, Roth, CESA)
2.75%$1k-Ocean State Credit Union1 Year CD
2.75%$500-Ocean State Credit Union1 Year IRA (Traditional, Roth, CESA)
Rates as of September 23, 2018.

These limited-time CDs are also offered as IRAs (Traditional, Roth, and CESA), earning the same APYs, but with a lower $500 minimum opening deposit.

In the past four months there were two rate increases, with the 1-year and 2-year CDs gaining 225 and 235 bps, respectively.

Partial withdrawals are not allowed: to withdraw any dollar amount, the CD must be closed. 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.

Availability

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 10.87% (excellent) based on March 31, 2018 data. The Credit Union has an above average capitalization level (9.96% APY), the results of holding $253.84 million in assets with $25.28 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 23,700 members and assets in excess of $253 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 Covernty in order to be a member of this credit union.

“The Ocean State” is one of Rhode Island’s nicknames, so the re-brand is fitting. I have to admit 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 CDs Compare

When compared to 235 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 APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
3.25% APY2-Year CDOcean State Credit Union
3.00% APY23-Month CDNavigant Credit Union
2.90% APY24-Month Share CertificateCommunityWide Federal Credit Union

When compared to 244 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 APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
2.80% APY13-Month CD SpecialPioneer Valley Credit Union
2.75% APY1-Year CDOcean State Credit Union
2.65% APY13-Month CDSynchrony Bank

The above rates are accurate as of 9/10/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

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

Comments
Ann
Ann   |     |   Comment #1
"Surprisingly, Rhode Island’s Narragansett Bay Atlantic Ocean shoreline is over 400 miles long."

A lot of coastal states have surprisingly long shorelines when measured that way; all the little irregularities in its shape add up, compared to an inland border that was often drawn as a straight line on a map. :-)
ltp
ltp   |     |   Comment #2
"Surprisingly, Rhode Island’s Narragansett Bay Atlantic Ocean shoreline is over 400 miles long."

Did you know that the state of Rhode Island is 3% larger at low tide?
katkatkat
katkatkat   |     |   Comment #4
One downside of Coventry.Ocean State cu is that it has tabletized its website, so it looks wretched on laptops. It also has an erratic failure on some pages where they sometimes get into a redirect loop, on both Firefox and Chrome.
Coventry Credit Union (RI) Raises Rate On 5-Year CD
Availability: Easy membership, but opening an account requires an in-person visit.

Rhode Island-based Coventry Credit Union (Coventry CU) raised the rates on most of it CDs last week, with the 5-Year CD (2.40% APY) being the most competitive. The minimum opening deposit is $5K, with no maximum balance cap.

The 5-Year CD is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.

As stated on Coventry CU’s CD Rates page, the Early Withdrawal Penalty reads as follows:

Early Withdrawal Penalty...

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Coventry Credit Union Raises Rate On 5-Year CD To Competitive Level

Coventry Credit Union (Rhode Island) raised the rates on all of its CDs today, with the 5-year CD (2.25% APY) now at a competitive level. Opening this CD requires a $5K minimum deposit and there is no maximum balance cap. The 5-year CD is also available as an IRA (Traditional, Roth and CESA) at the same rate, but with a $500 minimum deposit requirement.

As stated on Coventry Credit Union’s "Savings Products" page, the Early Withdrawal Penalty is six months interest.

Availability

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4.75% 5-Month CD at Coventry Credit Union in Rhode Island
Coventry Credit Union is having a new-branch promotion with a special 5-month CD with an APY of 4.75%. Minimum deposit is $1,000, and there is no maximum deposit. According to the credit union's website, the special CD will be available at all of the credit union branches from 12/04/08 to 12/19/08.

As part of the new-branch promotion, the credit union is offering $50 for signing up for direct deposit. Also, the first 100 new members who open a checking account will receive a $25 gift certificate.

The credit union is vague about...



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