Best certificate of deposit rates in Rhode Island

July 10, 2009 No Comments »

Below are the top 3 CD rates available locally to residents of the state of Rhode Island. After researching local credit unions and bank within the state (and the rates they offered) I compiled a list of the best 3. Obviously the longer maturity you opt for with your certificate of deposit the higher interest rate (or APY) you will receive, therefor I took the rates that beat the national average by the highest margins and listed them. They come in the form of 24 month CDs, 36 month CDs and 60 month CDs. Most of the rates offered by local institutions within the state of Rhode Island are lower than those offered by large national banks. If you are strictly after the highest CD rate you may want to review our best CD rates nationwide page to compare the national rates against the ones listed below.

Top 3 CD Rates (Rhode Island)

(clicking on the institution will bring you to their rates page)

Greenwood Credit Union: Warwick, RI. 24 month CD yielding 2.50% APY with a minimum deposit of $1,000. One thing I must note about this credit union’s CD rate page is that it hasn’t been updated since April of 2008. While I’m sure they will honor the rates they are advertising (especially since they aren’t that competitive) you may want to speak to a representative directly to confirm their accuracy.

Historyof Greenwood CU

Founded in 1948, Greenwood Credit Union (“GCU”) is a state-chartered, NCUA-insured, community-based credit union headquartered in Warwick, Rhode Island. With over 40,000 members, GCU has one (1) location, about seventy (70) employees, and approximately $239 million of assets. GCU offers a full range of retail-banking services

Coastway Community Bank: Warwick, RI. 36 month CD yielding 2.50% APY with a minimum deposit amount of $1,000. For a 36 month CD, a 2.50% APY isn’t very competitive. Even though Bankrate.com claims the average interest rate for 3 year CD’s throughout the country is 2.25%, you will be able to find a better rate offered through a national bank.

History of Coastway

Coastway Community Bank was founded in 1920 as “Telephone Workers’ Credit Union,” it was originally created as a member owned, not-for-profit financial institution to serve the financial needs of telephone company employees. Seven years later, in an effort to provide additional services, the Telephone Workers’ Savings and Loan was founded. Coastway later merged with another up and coming credit union serving Rhode Island residents called Ocean State Community Credit Union to offer their services to a larger group of people.

Westerly Community Credit Union: Wyoming, RI. 60 month CD yielding 3.50% APY with no minimum deposit requirements. Westerly just updated their rates page today (June 10, 2009) and actually raised the rate of their 60 month CD to 3.50% APY from 3.40% APY. Certificates of deposits, in general, have been trending downward for months so this is somewhat encouraging to see.

History of Westerly CCU

On October 15, 1948, a group of like-minded people met in a borrowed office in the old Opie building on High Street. Using a card table as a desk, they formulated plans to establish a member-owned credit union — pooling their assets to provide loans and other financial services to each other. By the end of the meeting, 23 people had deposited a total of $169.25 in share (savings) accounts and what is today the Westerly Community Credit Union was born. One week later, the Credit Union granted its first loan, in the amount of $120.

Compare with today’s top CD rates nationwide below:

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