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.

2.50%$5k-Ocean State Credit Union5 Years CD
2.50%$500-Ocean State Credit Union5 Years IRA (Traditional, Roth, CESA)
Rates as of July 22, 2018.

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, 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, 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

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.


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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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