Over the weekend, Pawtucket Credit Union (Pawtucket CU) added a 15-month CD, which earns a competitive 3.00% APY. The minimum opening deposit is $1k, with no stated balance cap.
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impose will equal six months interest on the amount withdrawn subject to penalty.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
I first wrote about Pawtucket CU’s 15-month Easy Access CD in October 2016, when the APY was 1.35%. Nearly two years later, the Easy Access CD has gained 65 bps in three rate increases and now offers 2.00% 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 15-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).
While there is not an “Open Now” button on the Deposit Rates page for the 15-month CD, clicking on any of the “Open Now” buttons takes you to the online application. The 15-month CD is listed in a drop-down menu on the second page of the online application.
As stated on the online application,
Maximum online deposit is $2,500. Additional funds may be added up to 10 calendar days after the account is approved by visiting any branch or mailing a check with specific deposit instructions to Pawtucket Credit Union Call Center, 1200 Central Ave, Pawtucket, RI 02861.
Credit Union Overview
Pawtucket Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.98% (excellent), based on March 31, 2018 data. In the past year, Pawtucket CU has increased its total non-brokered deposits by $112.06 million, an excellent annual growth rate of 7.12%. 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 110,300 members, 15 branch locations, and assets in excess of $2.1 billion. Most of Pawtucket CU’s growth occurred after 1991, at which time the Credit Union had only one office and $120 million in assets. In the past two years, Pawtucket CU’s membership has increased by more than 17%.
How the CD Compares
When compared to the 193 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 CD APY currently shares the top spot with Taunton Federal Credit Union’s 20-month CD Special APY.
The above rates are accurate as of 8/14/2018.
Searching for the best CD rates, both nationwide and in your state? Please refer to our CD Rates table.