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.

2.25%$500-People's Credit Union10 Month CD Special
Rates as of January 19, 2019.

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 anywhere on the Credit Union’s website, prompting a call to the Credit Union. When I asked CSR who could join, she replied, “Anyone.” I asked if anyone who lived out of state could join, she said, "Oh, you mean that anyone." For lack of a better phrase, "anyone who can make it to a branch can join."

In a 2009 blog post, I quoted a page that detailed the FOM; while that page is no longer available, according to CSR, the statement is still true.

Membership in People's Credit Union is available to corporations, partnerships,
sole proprietorships, voluntary associations, fraternal organizations, trusts,
limited liability companies and individuals regardless of residence or occupation.

Joining People’s CU and/or opening a CD requires an in-person visit to any of six Rhode Island branches located in Bristol, Middletown, Newport, North Kingstown, Portsmouth, and Wakefield. People’s CU’s online banking platform, myBanking, is dedicated to account management and bill payment services.

Credit Union Overview

People’s Credit Union (NCUA Charter # 65861) has an overall health grade of "A" at, with a Texas ratio of 5.19% (excellent) based on June 30, 2016 data. In the past year, People’s CU has increased its total deposits by $24.78 million, an excellent annual growth rate of 7.33%. Please refer to our financial overview of People’s Credit Union 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 third largest credit union, serving more than 37,600 members with assets in excess of $457 million.

How the CD Special Compares

When compared to the 215 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 Special APY currently ranks first.

The above rates are accurate as of 12/2/2016.

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

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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