Rhode Island Credit Union (RICU) is currently offering an 18-month CD, which earns 3.05% APY. The minimum opening deposit is $500, with no stated balance cap. DA is calling this a “limited-time” offer because the fine print on RICU’s CD Rates page gives the effective date as “12/06/18 through 12/12/18.” CSR explained that RICU is reviewing its rates weekly, which explains the one-week window listed.
The 18-month CD is also available as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is 180 days interest, but only early closures are permitted – no partial withdrawals.
Headquartered in Providence, Rhode Island Credit Union’s field of membership (FOM) is residency-based, with individuals who live or work in Rhode Island or within 50 miles of the Rhode Island border eligible to join. If you didn’t pay attention in geography class, “within 50 miles of the Rhode Island border” extends as far west as Hartford, Connecticut, and as far north as the Massachusetts/New Hampshire border.
Joining RICU and/or opening a CD can be done at any of the six full-service Rhode Island branches, located in Bristol (2), Cranston, Kingston, Pascoag, and Providence.
RICU is a member of the CO-OP Shared Branching network.
Rhode Island Credit Union is as close as the nearest CO-OP Shared Branching location.
Credit Union Overview
Rhode Island Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.44% (excellent) based on September 30, 2018 data. In the past year, RICU increased its total non-brokered deposits by $2.07 million, an above average annual growth rate of 0.85%. Please refer to our financial overview of Rhode Island Credit Union (NCUA Charter # 67269) for more details.
Chartered in 1946, Rhode Island Credit was established by a group of Rhode Island State employees who used “their personal resources to come to the aid of a fellow employee who needed money for his wife’s hospital bills.” RICU’s first “office” was a desk drawer in a small room in the State House. RICU is currently the sixth largest credit union in Rhode Island with more than 26,500 members.
How the CD Compares
When compared to 193 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Rhode Island Credit Union's 18-month CD APY currently ranks second.
The above rates are accurate as of 12/7/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.