Woodruff Federal S&LA Offers 3.03% APY On 36-Month CD


Deal Summary: 36-month CD, 3.03% APY, $1k minimum deposit

Availability: Spartanburg, Cherokee, Greenville, Laurens, and Union Counties, South Carolina

Woodruff Federal Savings & Loan Association (Woodruff Federal) is currently offering a 36-month CD, which earns 3.03% APY. The minimum deposit is $1k, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty is six months interest, but no partial withdrawals are allowed, only early closures. CSR also mentioned that there is a 7-day grace period before the CD automatically renews.

Beneficiaries are not allowed, but CDs can be co-owned. A Social Security number is required for anyone named as an owner on the CD.

Thanks to the DA reader who emailed me news of this CD. The reader said the CD was advertised on 6/23. That's a good sign that it should last into July.


Headquartered in Woodruff, South Carolina, Woodruff Federal Savings & Loan Association’s market area is primarily Spartanburg County (Upstate), but also includes the adjoining South Carolina counties of Cherokee, Greenville, Laurens, and Union.

Opening a CD (or any other type of account at Woodruff Federal) must be done in person at the sole South Carolina branch, located on North Main Street in Woodruff. CSR mentioned that Woodruff Federal closes at noon on Wednesdays.

Bank Overview

Woodruff Federal Savings & Loan Association has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 3.83% (excellent) based on March 31, 2019 data. In the past year, the S&L has increased its total non-brokered deposits by $332k, an average annual growth rate of 0.6%. Please refer to our financial overview of Woodruff Federal Savings & Loan Association (FDIC Certificate # 29238) for more details.

Woodruff Federal Savings & Loan Association was established in 1934. At that time, Woodruff was a small town that relied heavily on the textiles industry and was home to the Woodruff Cotton Mills (1898-2001). A group of local business leaders saw a need for “a place that folks could rely on to get a home loan or build their savings deposits,” and Woodruff Federal became that place.

For those not familiar with Savings & Loan Associations, the following “key takeaways” published on Investopedia may be helpful.

  • Federal savings and loan institutions were formed as a result of the regulatory movement that followed the Great Depression.
  • These entities focus on low-cost funding for mortgages as well as savings and checking accounts.
  • As a result of the savings and loan crisis, the Office of Thrift Supervision began regulated these institutions from 1989 to 2011.
  • The Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 abolished the Federal Savings and Loan Insurance Corporation (FSLIC), which had provided deposit insurance to S&Ls since 1934. Two insurance funds, the Savings Association Insurance Fund (SAIF) and the Bank Insurance Fund (BIF), were created and are administered by the FDIC.

    How the CD Compares

    When compared to 248 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the market area, Woodruff Federal Savings & Loan Association’s 36-month CD APY currently ranks second.

    The above rates are accurate as of 6/26/2019.

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

    Related Pages: Greenville CD rates, 5-year CD rates


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