Pawtucket Credit Union Has Open Field Of Membership, Technically
UPDATE 11/13/2020: The following was posted in the Forum earlier today by a representative of Pawtucket Credit Union:
We recently posted our field of membership requirements on our website and listed PCU as open to anyone in the U.S. While this is technically correct, our online account opening software currently restricts deposit account applications to RI, MA, and CT. We’re in the process of reviewing this software and additional state account opening requirements in order to accommodate a broader geography. Until we've concluded this review, our field of membership will be noted as RI, MA, and CT. We've revised the membership information on our website to reflect the same. Sincere apologies for the confusion and any inconvenience.
About two weeks ago, Pawtucket Credit Union (PCU) posted in the Forum, announcing they now have an “open” field of membership. As a result of that news, PCU’s very competitive 8-month CD (0.75% APY) was added to the latest CD Rates Summary. The minimum opening deposit is $1k, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.45% | $1k | - | Pawtucket Credit Union | 8 Month CD | |
| 0.45% | $1k | - | Pawtucket Credit Union | 8 Month IRA (Traditional, Roth, CESA) |
The 8-month CD is also available as an IRA CD (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.
According to CSR, partial withdrawals are permitted and are subject to an Early Withdrawal Penalty of 90 days of interest on the amount being withdrawn.
Funding a New CD
The online application suggests that funding can be done by either an ACH transfer or a debit/credit card:
If funding your new accounts by electronic transfer from another financial institution, you’ll need their routing number and your account number.
If funding with a debit or credit card, you’ll need the card number, expiration date, and CVV code.
Additional funding details are described further into the online application:
Annual Percentage Yield (APY) will be set once your application is approved, and interest will begin accruing on the date your account is funded.
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.
Unfortunately, PCU does not participate in the CO-OP Shared Branch network.
Availability
Headquartered in Pawtucket, Rhode Island, Pawtucket Credit Union’s field of membership has changed since I last wrote about PCU in 2018. At that time, "anyone" could join the Credit Union, as long as "anyone" lived or worked in Rhode Island, or in a nearby Massachusetts or Connecticut community. The definition of “anyone” has changed and now all U.S. citizens/resident aliens, 18 years or older, are eligible for membership, regardless of where they reside.
Joining PCU and/or opening an 8-month CD can be done online, or at any of 17 Rhode Island branches located in Bristol, Cranston (2), Cumberland, East Greenwich, East Providence, North Kingstown, North Providence, Pawtucket (4), Rumford, Smithfield, Wakefield, and Warwick (2). As stated on the Branch & ATM Locations page,
To ensure the safety and wellbeing of our members and staff we’re making changes to lobby access and hours at several of our branch locations. For details on an individual branch, please click on the respective branch in question.
Opening and maintaining a Share Savings Account with a minimum $5 deposit/balance is required to establish a PCU membership.
Credit Union Overview
Pawtucket Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.08% (excellent), based on June 30, 2020 data. In the past year, PCU has increased its total non-brokered deposits by $129.78 million, an excellent annual growth rate of 6.9%. 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 second largest credit union with nearly 122,000 members, 17 branch locations, and assets in excess of $2.5 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 four years, Pawtucket CU’s membership has increased by more than 28%.
How the CD Compares
When compared to 198 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Pawtucket Credit Union's 8-month CD APY currently ranks second.
The above rates are accurate as of 11/12/2020.
Searching for the best CD rates, both nationwide and in your state? Please refer to our CD Rates table.
