Eight months ago, DA reader, Carpline, mentioned Pawtucket Credit Union’s (Pawtucket CU) 25-month CD in a Forum post. At the time, the APY was 1.75% APY. Over the weekend, Pawtucket CU added 100 bps to the 25-month CD pushing the rate to an impressive 2.75% APY. The minimum opening deposit is $1k, with no stated balance cap.
|2.00%||$1k||-||Pawtucket Credit Union||25 Month CD|
|2.00%||$500||-||Pawtucket Credit Union||25 Month IRA (Traditional, Roth)|
The 25-month CD is also offered as an IRA (Traditional and Roth) earning the same 2.75% APY, but only requiring a $500 minimum deposit.
As stated on the Deposit Rates page, the Early Withdrawal Penalty (EWP) reads as follows:
If your account has an original maturity of more than one year: The penalty we may
impose will equal six months interest on the amount withdrawn subject to penalty.
15-Month Easy Access CD
When I wrote about Pawtucket CU’s 15-month Easy Access CD in October 2016, the APY was 1.35% APY; that rate has been increased to 1.50% APY. The minimum opening deposit is still $5k, with no stated balance cap.
The “Easy Access” option allows for,
Two penalty-free withdrawals during 15 month term. To avoid penalty, withdrawals
must be more than 6 days after account opening, and more than 6 days following
each partial withdrawal; otherwise, penalty as described for early withdrawal.
A minimum daily balance of $5k is required to earned the stated APY. If the balance should fall below $5k, the CD will be closed and any applicable EWP will be levied.
Headquartered in Pawtucket, Rhode Island, Pawtucket Credit Union does not list its field of membership (FOM) anywhere on its website, prompting me to call the Credit Union. When I asked CSR who was eligible to join, her response of “anyone can join,” had me hoping I had found another credit union with easy membership requirements.
My hopes were short-lived: "anyone" can join, as long as "anyone" lives or works in Rhode Island, or in a nearby Massachusetts or Connecticut community.
Joining Pawtucket CU can be done online, or at any of 14 Rhode Island branches located in Cranston (2), Cumberland, East Greenwich, East Providence, North Kingstown, North Providence, Pawtucket (4), Rumford, Smithfield, and Warwick (2).
Credit Union Overview
Pawtucket Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.96% (excellent), based on September 30, 2017 data. In the past year, Pawtucket CU increased its total non-brokered deposits by $153.05 million, an excellent annual growth rate of 10.44%. Please refer to our financial overview of Pawtucket Credit Union (NCUA Charter # 67278) for more details.
Established in 1926, Pawtucket Credit Union is currently Rhode Island’s largest credit union with more than 106,000 members, 15 branch locations, and assets in excess of $2 billion. Most of Pawtucket CU’s growth occurred after 1991, when the Credit Union had only one office and $120 million in assets. (Since I last wrote about Pawtucket CU 14 months ago, the membership has increase by more than 11%.) Pawtucket CU was recently included in the Providence Business News’ “Best Places To Work In Rhode Island” list for the eighth consecutive year.
How the CD Compares
When compared to the 252 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Rhode Island residents, Pawtucket Credit Union's 25-month CD APY clearly ranks first.
The above rates are accurate as of 12/18/2017.
To search for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates table.