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.
|2.00%||$5k||-||Ocean State Credit Union||5 Years CD|
|2.00%||$500||-||Ocean State Credit Union||5 Years IRA (Traditional, Roth, CESA)|
As stated on Coventry CU’s CD Rates page, the Early Withdrawal Penalty reads as follows:
Early Withdrawal Penalty of 6 Months Interest
First the good news - Coventry Credit Union calls itself an "open" credit union, with the membership open to anyone in the U.S. who opens a Share Account and maintains a $5 balance. That’s it.
The not-so-good news is that joining Coventry CU 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. Coventry CU’s online platform, MemberNet, is dedicated to account management and bill payment services.
Credit Union Overview
Coventry Credit Union, has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 13.71% (above average) based on September 30, 2015 data. In the past year, Coventry Credit Union’s increased its total deposits by $8.51 Million, an excellent annual growth rate of 4.44%. Please refer to our financial overview of Coventry Credit Union for more details.
Although accepting members from anywhere in the country, Coventry Credit Union’s (NCUA Charter # 66595) primary focus is Kent County, Rhode Island. Founded in 1950, Coventry CU is Rhode Island’s 6th largest credit union with more than 26,000 members and assets in excess of $241 Million.
How the CD Compares
When compared to 141 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Rhode Island residents, Coventry Credit Union’s 5-Year CD currently ranks second.
The above rates are accurate as of 1/18/2016.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.