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

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.

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.

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.

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.