Pawtucket Credit Union (Pawtucket CU) is offering a 15-month Easy Access CD (1.35% APY) that requires a $5k minimum opening deposit.
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 below for early withdrawal.
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impose will equal six months interest on the amount withdrawn subject to penalty.
Headquartered in Pawtucket, Rhode Island, Pawtucket Credit Union does not list its field of membership 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).
The 15-month Easy Access CD must be opened in-branch, as it is considered to be a “special” CD and not listed on the online application.
Credit Union Overview
Pawtucket Credit Union (NCUA Charter # 67278) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.89% (excellent), based on June 30, 2016 data. In the past year, Pawtucket CU increased its total deposit by $118.65 million, an excellent annual growth rate of 8.92%. Please refer to our financial overview of Pawtucket Credit Union for more details.
Established in 1926, Pawtucket Credit Union is currently Rhode Island’s largest credit union with more than 94,800 members, 15 branch locations, and assets in excess of $1.8 billion. Most of Pawtucket CU’s growth occurred after 1991, when the Credit Union had only one office and $120 million in assets. Pawtucket CU was recently included in the Providence Business News’ “Best Places To Work In Rhode Island” list for the seventh consecutive year.
How the CD Compares
When compared to the 149 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 15-month Easy Access CD APY currently ranks in the top six. The two penalty-free partial withdrawals only adds to the CD’s intrinsic value.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.51% APY||18-Month Share Certificate||Garden Savings Federal Credit Union|
|1.50% APY||20-Month CD Special||Credit Union of New Jersey|
|1.35% APY||15-Month Easy Access CD||Pawtucket Credit Union|
The above rates are accurate as of 10/5/2016.