Ok, I guess that’s not entirely true.
But it is true that local credit unions and banks in Rhode Island can’t put up anything worth considering when dealing with interest rates on their short-term savings account products (particularly FDIC insured deposits).
For every short term certificate of deposit, ranging from 6 months to 2 years, you’ll have much more success locking in rates from one of the banks found in our database of FDIC insured nationally available CD’s than you will from any locally based community bank or credit union in Rhode Island.
For 5 year CD’s, however, it’s a much different story. For whatever reason three locally based credit unions and one small community bank are willing to top the rates of the best nationally available deposits by a relatively significant margin.
Greenwood Credit Union (Warwick, RI) is at the top of the list (tied with NFCU) for 5 year CD’s featuring a 2.10% APY requiring minimum deposits of a thousand bucks or more. If you pop over to our database of 5 year CD’s available to residents throughout the country you’ll see that the top offer there is lagging slightly behind with just a 1.97% APY (offered from Intervest National Bank).
The other top offer from a credit union with a presence in Rhode Island is tied for the first and comes from Navy Federal Credit Union – which happens to be amongst the top 3 credit unions in the country by both member size and assets. Their 5 year CD also provides a yield of 2.10% APY with the same minimum deposit requirement as Greenwood.
Behind those two offers is one from Wave Federal Credit Union (also in Warwick, RI) with a 2.02% APY on their 60 month deposit followed by (and again from Warwick, RI) Coastway Community Bank’s offer of 2.00% APY requiring a minimum deposit of $1k as well.
Think we let an offer slip under our radar? Leave a comment if you can find a better CD rate in Rhode Island!