Greenwood Credit Union Review: High APYs on Savings and CDs

Greenwood Credit Union is a Rhode Island-based credit union that offers an impressive online high yield savings account.

A stash of cash can come in handy during emergencies. But most savers don’t want their hard-earned dollars to sit around collecting dust in a subpar bank account. The good news is that you can put your funds to work without giving up easy access.

Savers seeking a place to grow their dough might find what they are looking for through Greenwood Credit Union. The credit union offers very attractive annual percentage yields (APYs) for some of its deposit products.

Let’s explore what Greenwood Credit Union has to offer.

What Is Greenwood Credit Union?

Greenwood Credit Union is a Rhode Island-based financial institution that has been in operation for 75 years. Membership in this credit union is open to anyone nationwide. If you want to join, you’ll need to open and maintain a basic savings account, which requires a minimum balance of $5.

What Does Greenwood Credit Union Offer?

Greenwood Credit Union offers a wide range of financial products. On the personal side, the credit union offers checking accounts, savings accounts, mortgages, home equity loans, and auto loans, among other products. It also offers a wide variety of business banking services.

For the purposes of this review, I will focus on the personal deposit accounts available.

Checking Accounts

Greenwood's basic checking account has no fees and no minimum balance requirements. 

It also offers an interest-bearing checking account. As of writing, you can earn 0.25% APY on your Greenwood checking account balance, which is lower than the best interest-bearing checking accounts on the market. The account comes with a monthly fee of $7, but you can have this fee waived if you maintain a minimum daily balance of $1,000. 

Greenwood ATMs are free. You can also use the Co-op ATM network for free. 

High-Yield Savings Account

Greenwood Credit Union offers an attractive high-yield savings account through Raisin. As of writing, this account currently offers 4.53% APY. That’s a very high interest rate that can help you make the most of your savings, and the account doesn’t come with any monthly fees. There is a $1 minimum deposit to open. 

Check out this amazing savings account here >>

Rasin is a marketplace for banking products, so sign up for this you must go through the Rasin site. This deal is not on the Greenwood Credit Union site directly. You can learn more at our Raisin review.

Related: Best High-Yield Savings Accounts

Certificates of Deposit

A savings account isn’t the only place to watch your funds grow. Greenwood’s certificates of deposit (CDs) offer another opportunity to grow your money. The catch is that you must agree to give up access to your funds for a set period of time. If you need to tap into the funds early, you’ll face an early withdrawal penalty of six months’ interest accrued by the CD. 

Each of the CDs requires a minimum opening deposit of $1,000.

Related: Best Bank CD Rates

Money Market Savings

Greenwood Credit Union’s Money Market Savings account requires a minimum balance of $2,500 to earn interest. Here’s a breakdown of that money market account’s tiered rates:

• Balances between $0 and $2,499.99 earn 0% APY
• Balances between $2,500 and $49,999.99 earn 0.65% APY
• Balances between $50,000 and $149,999.99 earn 0.75% APY
• Balances between $150,000 and $249,999.99 earn 0.85% APY
• Balances of $250,000 or more earn 1.25% APY

In contrast to the high-yield savings account, which offers a highly competitive APY for its product category, these rates aren’t as enticing compared with some of the top money market accounts out there.

Are There Any Fees?

There are no monthly maintenance fees on the checking or savings accounts. But that doesn't mean you won't ever have a fee. 

Some of the fees you might encounter include a $30 overdraft fee, a $25 stop payment check fee, and a $10 card replacement fee if you lose your debit card. Here is the full fee schedule. 

How Does Greenwood Credit Union Compare?

Greenwood Credit Union isn’t the only financial institution out there. Here’s how it stacks up.

In terms of APYs offered, Greenwood is relatively competitive overall. For example, PenFed Credit Union is currently offering a high-yield savings account with a 3.00% APY. PenFed also has a free checking account and is open to anyone. You just need to maintain a savings account with at least $5.

Alternatively, SkyOne Federal Credit Union has a very similar rate of 3.75% on a savings account, also through the Rasin marketplace. 

How Do I Open An Account?

If you want to become a Greenwood Credit Union member and start using its products, you’ll need to open a regular Greenwood savings account with at least a $5 deposit. Be prepared to provide your Social Security number, government-issued ID, and funding account information. You can complete this process on the credit union’s website.

But if you are specifically interested in the high-yield savings account, you’ll sign up through Raisin. You’ll need to provide similar information in the application process to access this opportunity. 

Is It Safe And Secure?

Funds held in Greenwood Credit Union deposit products are insured for up to $250,000 by the National Credit Union Administration (NCUA). This is comparable to the insurance offered by the Federal Deposit Insurance Corporation (FDIC) provided through banks.

How Do I Contact Greenwood Credit Union?

You can get in touch with Greenwood Credit Union by calling 866-739-9121. Or, if you prefer in-person service, Greenwood also maintains thousands of shared branches nationwide.

Greenwood Credit Union headquarters are located at 2669 Post Road, Warwick, Rhode Island, 02886

If you choose to manage your funds through the app, you shouldn’t be disappointed. The app has earned four out of five stars in Google Play and a very high rating of 4.7 in the iOS App Store.

Is It Worth It?

Greenwood Credit Union presents a good opportunity for savers who want to put their funds to work. With the help of a high-yield savings account or CD, you can watch your funds grow at very high rates. 

However, the credit union isn’t offering the highest rates on the market for all of its deposit products, and you can find better deals for money market and interest-bearing checking accounts.

Greenwood Credit Union Features