Excessive APYs on Financial savings and CDs

Greenwood credit union review

A stash of money can turn out to be useful throughout emergencies. However most savers don’t need their hard-earned {dollars} to take a seat round gathering mud in a subpar checking account. The excellent news is that you may put your funds to work with out giving up quick access.

Savers looking for a spot to develop their dough may discover what they’re in search of by Greenwood Credit score Union. The credit score union affords very enticing annual proportion yields (APYs) for a few of its deposit merchandise.

Let’s discover what Greenwood Credit score Union has to supply.

greenwood credit union
  • Earn as much as 5.25% APY by Greenwood Credit score Union’s high-yield financial savings account
  • The financial savings account doesn’t have any month-to-month charges
  • You may get began with simply $5

Greenwood Credit score Union Particulars

  • Private and enterprise checking, cash market, and financial savings accounts
  • CDs
  • Mortgages, house fairness loans, and HELOCs
  • Bank cards, auto loans, private loans, and scholar loans
  • Funding providers

$5 to $2,500 (varies by product)

What Is Greenwood Credit score Union?

Greenwood Credit score Union is a Rhode Island-based monetary establishment that has been in operation for 75 years. Membership on this credit score union is open to anybody nationwide. If you wish to be a part of, you’ll must open and keep a primary financial savings account, which requires a minimal steadiness of $5.

What Does Greenwood Credit score Union Supply?

Greenwood Credit score Union affords a variety of economic merchandise. On the non-public aspect, the credit score union affords checking accounts, financial savings accounts, mortgages, house fairness loans, and auto loans, amongst different merchandise. It additionally affords all kinds of enterprise banking providers.

For the needs of this evaluation, I’ll deal with the non-public deposit accounts obtainable.

Checking Accounts

Greenwood’s primary checking account has no charges and no minimal steadiness necessities. 

It additionally affords an interest-bearing checking account. As of writing, you possibly can earn 0.25% APY in your Greenwood checking account steadiness, which is decrease than the most effective interest-bearing checking accounts available on the market. The account comes with a month-to-month payment of $7, however you possibly can have this payment waived should you keep a minimal each day steadiness of $1,000. 

Greenwood ATMs are free. You can even use the Co-op ATM community without cost. 

Excessive-Yield Financial savings Account

Greenwood Credit score Union affords a pretty high-yield financial savings account by Raisin. As of writing, this account presently affords 5.25% APY. That’s a really excessive rate of interest that may show you how to take advantage of your financial savings, and the account doesn’t include any month-to-month charges. There’s a $1 minimal deposit to open. 

Rasin is a market for banking merchandise, so join this you could undergo the Rasin web site. This deal isn’t on the Greenwood Credit score Union web site immediately. You possibly can be taught extra at our Rasin evaluation.

Greatest Excessive-Yield Financial savings Accounts

Certificates of Deposit

A financial savings account isn’t the one place to look at your funds develop. Greenwood’s certificates of deposit (CDs) supply one other alternative to develop your cash. The catch is that you could agree to surrender entry to your funds for a set time period. If it’s good to faucet into the funds early, you’ll face an early withdrawal penalty of six months’ curiosity accrued by the CD. 

Every of the CDs requires a minimal opening deposit of $1,000.

Greenwood Credit score Union affords a variety of CD phrases and charges. Under is a have a look at the CD charges supplied by this monetary establishment as of September 2023:

Greatest Financial institution CD Charges

Cash Market Financial savings

Greenwood Credit score Union’s Cash Market Financial savings account requires a minimal steadiness of $2,500 to earn curiosity. Right here’s a breakdown of that cash market account’s tiered charges:

  • 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 extra earn 1.25% APY

In distinction to the high-yield financial savings account, which affords a extremely aggressive APY for its product class, these charges aren’t as engaging in contrast with among the high cash market accounts on the market.

Are There Any Charges?

There are not any month-to-month upkeep charges on the checking or financial savings accounts. However that does not imply you will not ever have a payment. 

Among the charges you may encounter embrace a $30 overdraft payment, a $25 cease fee test payment, and a $10 card alternative payment should you lose your debit card. Right here is the total payment schedule

How Does Greenwood Credit score Union Examine?

Greenwood Credit score Union isn’t the one monetary establishment on the market. Right here’s the way it stacks up.

By way of APYs supplied, Greenwood is comparatively aggressive general. For instance, PenFed Credit score Union
is presently providing a high-yield financial savings account with a 3.00% APY. PenFed additionally has a free checking account and is open to anybody. You simply want to take care of a financial savings account with a minimum of $5.

Alternatively, SkyOne Federal Credit score Union has a really comparable price of 5.24% on a financial savings account, additionally by the Rasin market

How Do I Open An Account?

If you wish to develop into a Greenwood Credit score Union member and begin utilizing its merchandise, you’ll must open a daily Greenwood financial savings account with a minimum of a $5 deposit. Be ready to offer your Social Safety quantity, government-issued ID, and funding account info. You possibly can full this course of on the credit score union’s web site.

However if you’re particularly within the high-yield financial savings account, you’ll enroll by Raisin. You’ll want to offer comparable info within the utility course of to entry this chance. 

Is It Protected And Safe?

Funds held in Greenwood Credit score Union deposit merchandise are insured for as much as $250,000 by the Nationwide Credit score Union Administration (NCUA). That is similar to the insurance coverage supplied by the Federal Deposit Insurance coverage Company (FDIC) supplied by banks.

How Do I Contact Greenwood Credit score Union?

You may get in contact with Greenwood Credit score Union by calling 866-739-9121. Or, should you favor in-person service, Greenwood additionally maintains 1000’s of shared branches nationwide.

Greenwood Credit score Union headquarters are situated at 2669 Submit Street, Warwick, Rhode Island, 02886

Should you select to handle your funds by the app, you shouldn’t be disenchanted. The app has earned 4 out of 5 stars in Google Play and a really excessive ranking of 4.7 within the iOS App Retailer.

Is It Value It?

Greenwood Credit score Union presents a superb alternative for savers who need to put their funds to work. With the assistance of a high-yield financial savings account or CD, you possibly can watch your funds develop at very excessive charges. 

Nonetheless, the credit score union isn’t providing the very best charges available on the market for all of its deposit merchandise, and yow will discover higher offers for cash market and interest-bearing checking accounts.

Greenwood Credit score Union Options

  • Checking
  • Cash market
  • Financial savings
  • CDs
  • IRAs
  • Mortgages
  • Residence fairness loans and HELOCs
  • Bank cards
  • Auto loans
  • Private loans
  • Pupil loans
  • Enterprise banking
  • Funding providers

$5 to $2,500 (varies by product)

Minimal Stability Necessities

$0 to $2,500 (varies by product)

$0 to $15 (relying on account steadiness)

Monday-Friday, 8 AM-5 PM 

Saturday-Sunday 9 AM-12 PM 

Internet/Desktop Account Entry

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