For about 2½ weeks last December, Pawtucket Credit Union (Pawtucket CU) offered 2.75% APY on its 25-month CD. Pawtucket CU has brought that rate back, and while not as competitive as it was four months ago, it’s still a good rate. Perhaps the rate will last longer this time. The 25-month CD can be opened with a $1k minimum deposit and there is no stated balance cap.
|3.00%||$1k||-||Pawtucket Credit Union||25 Month CD|
|3.00%||$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 with a smaller minimum deposit of $500.
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impose will equal six months interest on the amount withdrawn subject to penalty.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
Pawtucket CU has also increased the rate on its 15-month Easy Access CD to 1.75% APY. The minimum opening deposit is $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 assessed.
Headquartered in Pawtucket, Rhode Island, Pawtucket Credit Union still does not list its field of membership (FOM) anywhere on its website, which is unusual.
According to CSR, "anyone" can join the Credit Union, as long as "anyone" lives or works in Rhode Island, or in a nearby Massachusetts or Connecticut community.
Joining Pawtucket CU and/or opening a 25-month CD can be done online, or at any of 15 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 at any of the above mentioned branches, as only a portion of Pawtucket CU’s product line is available online.
Credit Union Overview
Pawtucket Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.00% (excellent), based on December 31, 2017 data. In the past year, Pawtucket CU increased its total non-brokered deposits by $152.12 million, an excellent annual growth rate of 10%. 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 108,200 members, 15 branch locations, and assets in excess of $2.1 billion. Most of Pawtucket CU’s growth occurred after 1991, when the Credit Union had only one office and $120 million in assets. In the past 18 months, Pawtucket CU’s membership has increase by more than 14%.
How the CD Compares
When compared to the 272 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 ranks first.
Note: When I wrote about the 25-month CD in December, the 2.75% APY was an outstanding rate, with 50 and 65 bps separating it from the second and third ranked APYs, respectively. In the current climate of climbing rates, the 2.75% APY is still a very good rate, it’s just not as hot a deal as it was four months ago.
The above rates are accurate as of 4/17/2018.
Searching for the best CD rates, both nationwide and in your state? Please refer to our CD Rates table.