People's Credit Union Offers Competitive 10-Month CD


UPDATE: The 10-month CD rate has fallen since this post was published in February 2019.

Deal Summary: 10-month CD, 3.00% APY, $500 minimum deposit.

Availability: Easy membership requirement, with some limitations.

Over the weekend, Rhode Island-based People’s Credit Union (Peoples CU) added a 10-month CD, which earns an extremely competitive 3.00% APY. The minimum deposit is $500, with no stated balance cap.

4.00%$500-People's Credit Union10 Month CD
4.00%$500-People's Credit Union10 Month IRA (Traditional, Roth, CESA)
Rates as of April 24, 2024.

The 10-month CD is also offered as an IRA (Traditional, Roth, CESA), earning the same 3.00% APY with the same funding requirements.

A little more than two years ago, Peoples CU offered a 10-month CD Special that required a higher minimum deposit ($5k) and a much lower 1.15% APY. In December 2016, the 1.15% APY was considered an excellent rate. As of today, there are more than 150 similar length-of-term CDs that offer a rate higher than 1.15% APY.

According to CSR, the Early Withdrawal Penalty is six months of interest.


People’s Credit Union is headquartered in Middletown, Rhode Island, on Aquidneck Island halfway between Portsmouth and Newport. The field of membership (FOM) is not listed anywhere on the Credit Union’s website, but it’s quite simple: anyone is eligible to join by depositing $5 in a share savings account.

When I last wrote about People’s CU in late 2016, “anyone” was anyone who could come into a branch. That’s changed: joining People’s CU can now be done online, as can opening savings and/or checking accounts. “Anyone” is no longer limited by geography.

*Opening a CD theoretically requires an in-person visit to any of six Rhode Island branches located in Bristol, Middletown, Newport, North Kingstown, Portsmouth, and Wakefield. I say “theoretically” because CSR said it might be possible to open a CD over the phone (401.846.8930). It’s always worth trying.

*Based on the comments below, I contacted the Credit Union again and was told that CDs can only be opened in-branch.

Credit Union Overview

People’s Credit Union has an overall health grade of "A" at, with a Texas Ratio of 5.42% (excellent) based on September 30, 2018 data. In the past year, People’s CU has increased its total non-brokered deposits by $6.49 million, an above average annual growth rate of 1.68%. Please refer to our financial overview of People’s Credit Union (NCUA Charter # 65861) for more details.

In 1922, seven Newport County residents, who were working at the U.S. Naval Torpedo station in Newport, saw the need for a financial institution for the working men and women of Aquidneck Island. As one of the first 200 credit unions to be created in the United States, People’s Credit Union opened its doors for business on March 1, 1922. People’s CU has grown to become Rhode Island’s fourth largest credit union, serving nearly 43,000 members with assets in excess of $485 million.

How the CD Compares

When compared to 243 similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the field of membership, People’s Credit Union's 10-month CD APY currently ranks first.

The above rates are accurate as of 2/6/2019.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Providence CD rates, 1-year CD rates, nationwide deals

  |     |   Comment #1
Re possibility of telephone opening of cd: Response from CR on 2/6/19: Thank you for your message. Unfortunately, we would not be able to open a CD over the telephone or on-line banking at this time. I apologize for the inconvenience. Please feel free to stop by any of our branches. No appointment is necessary. -- Member Service Representative
  |     |   Comment #2
I called this morning, and was advised opening a CD is not possible by phone or online.
  |     |   Comment #3
I was also told that opening CD on the phone or on line was not available. I even offered the nice lady a beneficiary! ;-).
  |     |   Comment #4
And to seal it, I also called and they said I'd have to come into a branch in their area in order to open an account. Given that I live near the left coast, and they wouldn't spot me a plane ticket......:-)
Cash Flow
  |     |   Comment #5
This must be their method to manage the onslaught.
People's CU (RI) Adds 10-Month CD Special
Availability: Anyone who can visit a branch location is eligible to join.

People’s Credit Union (Peoples CU) is offering a 10-month CD Special (1.15% APY). While most of People’s CU’s CDs require a low $500 minimum deposit, the 10-month CD Special has a $5k minimum deposit, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty is 3 months of interest.


People’s Credit Union is headquartered in Middletown, Rhode Island, on Aquidneck Island halfway between Portsmouth and Newport.

The field of membership (FOM) is not listed...

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2.75% Reward Checking Account at a Rhode Island CU (People's)
Update 9/07/09: The top yield has fallen to 2.75% APY. Refer to the bottom of the post for the rate history.

People's Credit Union has a reward checking account called e-plus Checking which pays 2.75% APY on balances up to $50K (0.50% above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card purchases, 2) direct deposit or ACH auto debit, and 3) log into home banking. If these requirements are not met, the rate falls to 0.10%. The minimum initial...

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