Greenwood Credit Union, based in Rhode Island, is offering an appealing 9-month CD with a notable 5.50% APY.
This offer, which requires a minimum deposit of $1,000, is accessible to all U.S. citizens and resident aliens, making it an attractive option for a wide range of savers.
Greenwood Credit Union 9 Month CD Offer
The primary features of the 9-month CD include:
- A competitive Annual Percentage Yield (APY) of 5.50%.
- The CD is available for a minimum opening deposit of $1,000, with no stated maximum limit.
- The CD is also offered as an IRA option (Traditional, Roth, CESA, SEP) with the same APY and deposit requirements.
Early Withdrawal Penalty
Greenwood Credit Union imposes an early withdrawal penalty equivalent to six months of interest, regardless of the CD term. This penalty is relatively high for a 9-month CD, as it effectively reduces potential earnings if funds are withdrawn before maturity.
Availability and Account Opening
Greenwood Credit Union’s field of membership is open to all U.S. citizens and resident aliens who have a valid Social Security number. The only requirement for membership is to open and maintain a Share Account with a minimum balance of $5.00. Accounts can be opened online or at the sole Rhode Island branch in Warwick.
Funding and Other Details
- Funding options include ACH, check, debit/credit card (up to $1k), or internal transfer.
- The CD can be opened as an individual, joint, or trust account.
- Dividends are compounded daily and credited monthly, with the option to withdraw dividends without penalty.
- Beneficiaries can be added with unlimited numbers and assigned percentages.
Credit Union Overview
Greenwood Credit Union was established in 1948. The credit union has grown significantly, now serving more than 59,000 members with assets exceeding $842 million.
Initially serving the City of Warwick, its field of membership has expanded to include all U.S. citizens and resident aliens.
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Our Take on the Offer
Greenwood Credit Union’s 9-month CD is a solid choice for those looking for a short-term investment with a high yield.
The 5.50% APY is competitive, especially in the current market.
The broad availability and easy membership requirement make this offer accessible to savers nationwide.
However, potential members should consider the relatively steep early withdrawal penalty, particularly given the short duration of the CD.
Overall, this CD is a strong option for those seeking a balance between a short-term commitment and a competitive rate.
Frequently Asked Questions
Q: Can anyone join Greenwood Credit Union? A: Yes, Greenwood Credit Union’s membership is open to all U.S. citizens and resident aliens with a valid Social Security number.
Q: Is there a maximum deposit limit for the 9-month CD? A: There is no stated maximum deposit limit for the 9-month CD.
Q: How can I fund the CD? A: You can fund the CD via ACH, check, debit/credit card (up to $1k), or internal transfer.
Q: Can I withdraw the interest earned without penalty? A: Yes, the interest earned on the CD can be withdrawn without penalty.
Q: Is there a branch location where I can open the CD in person? A: Yes, you can open the CD at Greenwood Credit Union’s sole branch in Warwick, Rhode Island.
Q: What happens if I need to withdraw my money early? A: Early withdrawal from the CD will incur a penalty equivalent to six months of interest.