Highest yielding money market account rates in Rhode Island

Below are the highest yielding money market account rates serving citizens of the state of Rhode Island.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Rhode Island, we have found that in many instances you will lock in more competitive rates with national institutions rather than local ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our national money market rates tables.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 money market rates in Rhode Island:

(click on the institution for more information)

- Freedom National Bank: Greenville, RI. Money market account yielding 1.01% APY with a minimum balance of $2,500. They also have a farily noteworthy high yield savings account providing an interest rate of 1.25% with a minimum deposit of $100,000 required. Freedom National Bank is a community bank of Norther Rhode Island and offers a wide range of savings and loan products. They also specialize in business products (loans, savings accounts and consulting). They have one branch in Greenville and one in Cumberland. Contact: (401) 333-3666

- Coventy Credit Union: Coventy, RI. Money market account yielding up to 1.45% APY depending on your balance. This account is set up in 4 tiers. The first yields 0.90% APY and requires a balance of between $2,500 and $24,999. The second yields 1.10% APY and requires a balance of between $25,000 and $49,999. The third yields 1.25% APY and requires a balance of between $50k and $75k and the last provides 1.45% APY to balances above $75,000. They also have a few “special CD rates” for 7 month, 9 month and 24 month terms. Although Coventy Credit Union is a small member-owned financial institution, they accept membership from customers throughout the country. You must first open a “share savings account.” Contact: (401) 397-1900

Both of the above institutions are federally insured by either the NCUA or FDIC. If you live in Rhode Island and know of a better money market rate offered through your local institution, please share by leaving a comment.

Best certificate of deposit rates in Rhode Island

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.