Best CD Rates in Rhode Island

For maximizing your savings, Certificate of Deposit (CD) rates is the most credible solution available for the investors. It gets even more specialized when it comes to Rhode Island.

In Rhode Island, financial institutions offer competitive options to attract discerning savers. CDs present an appealing choice, with attractive rates and terms. The following guide aims to highlight the top CD rates available in Rhode Island.

It helps you to navigate the landscape of savings opportunities to secure a return that aligns with your financial goals and timeline.

Overall Best CD rates in Rhode Island

No.	Name of the Bank	APY %	Term Length	Address
1	Citizens Access	5.35%	12-month	1 Citizens Plz Providence, RI 02903
2	Navy Federal Credit Union	5.05%	12-month	1 Corporate Place Middletown, RI 02842
3	Citizens Bank, National Association	4.88%	12-month	575 Greenwich Ave Warwick, RI 02886
4	Newtown Savings Bank	4.78%	18-month	39 Main St, Newtown, CT 06470
5	Cranston Municipal Employees Credit Union	4.75%	12-month	1615 Pontiac Ave, Cranston, RI 02920
6	Mutual Security Credit Union	4.68%	18-month	12 Progress Dr, Shelton, CT 06484
7	Coventry Credit Union	4.67%	12-month	2006 Nooseneck Hill Rd Coventry, RI 02816
8	PenFed Credit Union	4.50%	12-month	Online
9	Pawtucket Credit Union	4.50%	12-month	457 Angell St Providence, RI 02906
10	RTN Federal Credit Union	4.50%	12-month	1847 W Main Rd Portsmouth, RI 02871
11	Charter Oak Federal Credit Union	4.45%	12-month	1055 Hartford Tpke, Waterford, CT 06385
12	Alliance Blackstone Valley Federal Credit Union	4.43%	12-month	594 Central Ave Pawtucket, RI 02861
13	Rhode Island Credit Union	4.43%	12-month	50 Lower College Rd Kingston, RI 02881
14	Santander Bank, N.A.	4.40%	12-month	411 Social St Woonsocket, RI 02895
15	Bristol County Savings Bank	4.25%	12-month	215 Armistice BlvdPawtucket, RI 02860
16	Freedom National Bank	4.25%	12-month	2152 Mendon Rd Cumberland Hill, RI 02864
17	Greenwood Credit Union	4.16%	12-month	2669 Post Rd Warwick, RI 02886
18	Metropolitan Credit Union	4.05%	12-month	Online
19	Heritage Credit Union	4.05%	12-month	Online
20	Norwich Credit Union	4.02%	18-month	Online
21	HarborOne Bank	4.01%	24-month	68 Legion Parkway, Brockton, MA 02301
22	Rhode Island State Employees Credit Union	4.01%	18-month	60 Credit Union Way, Cranston, RI 02920
23	Bristol County Savings Bank	4.00%	24-month	215 Pleasant St, Fall River, MA 02721
24	Freedom National Bank	4.00%	12-month	584 Putnam Pike, Greenville, RI 02828
25	Ocean State Credit Union	4.00%	12-month	744 Main St, Coventry, RI 02816
26	BankFive	3.98%	12-month	79 North Main St, Fall River, MA 02720
27	Wave Federal Credit Union	3.93%	18-month	480 Greenwich Ave, Warwick, RI 02886
28	Dime Bank	3.93%	18-month	290 Salem Tpke, Norwich, CT 06360
29	BayCoast Bank	3.76%	18-month	330 Swansea Mall Dr, Swansea, MA 02777
30	Newport Federal Credit Union	3.75%	12-month	Online
31	Greenwood Credit Union	3.67%	24-month	2669 Post Rd, Warwick, RI 02886
32	Rhode Island Federal Credit Union	3.65%	12-month	Online
33	Chartway Federal Credit Union	3.50%	12-month	172 Main St Wakefield, RI 02879
34	Woodlawn Federal Credit Union	3.50%	12-month	744 Main St Pawtucket, RI 02860
35	Coventry Credit Union	3.45%	13-month	2006 Nooseneck Hill Rd, Coventry, RI 02816
36	Scituate Federal Credit Union	3.45%	24-month	Online
37	Putnam Bank	3.45%	18-month	Online
38	People’s Credit Union	3.44%	36-month	858 West Main Rd, Middletown, RI 02842
39	Alliance Blackstone Valley Federal Credit Union	3.10%	24-month	594 Central Ave, Pawtucket, RI 02861
40	People’s Credit Union	3.02%	12-month	858 West Main Rd, Middletown, RI 02842
41	Eastern Savings Bank	3.02%	18-month	220 West Main St, Norwich, CT 06360
42	Smithfield Municipal Employees Federal Credit Union	3.01%	12-month	Smithfield, RI
43	Westerly Community Credit Union	3.00%	24-month	4979 Tower Hill Rd, Wakefield, RI 02879
44	Blackstone River Federal Credit Union	3.00%	24-month	10 Monument Sq, Woonsocket, RI 02895
45	Connecticut Community Bank	3.00%	18-month	1100 Kings Hwy E, Fairfield, CT 06825
46	Webster Bank, National Association	2.96%	12-month	262 County Rd Barrington, RI 02806
47	Anchor Credit Union	2.75%	3-month	996 Main St, Warren, RI 02885
48	Centreville Savings Bank	2.71%	12-month	580 Thames St Newport, RI 02840
49	Kent County Memorial Hospital Employees Federal Credit Union	2.70%	12-month	Warwick, RI
50	OceanPointe Bank	2.68%	3-month	Online
51	Woonsocket Municipal Employees Federal Credit Union	2.66%	12-month	Woonsocket, RI
52	Woodlawn Federal Credit Union	2.50%	18-month	Online
53	East Providence Credit Union	2.50%	24-month	Online
54	Providence Postal Federal Credit Union	2.50%	12-month	830 Chalkstone Ave, Providence, RI 02908
55	Liberty Bank	2.45%	18-month	315 Main St, Middletown, CT 06457
56	Navigant Credit Union	2.00%	24-month	1005 Douglas Pike, Smithfield, RI 02917
57	Mechanics Cooperative Bank	2.00%	36-month	308 Bay St, Taunton, MA 02780
58	Dexter Credit Union	2.00%	36-month	934 Dexter St, Central Falls, RI 02863
59	Rockland Trust	1.98%	12-month	288 Union St, Rockland, MA 02370
60	Rhode Island Credit Union	1.89%	6-month	160 Francis St, Providence, RI 02903
61	Pawtucket Credit Union	1.00%	18-month	1200 Central Ave, Pawtucket, RI 02861
62	Cumberland Municipal Employees Federal Credit Union	1.00%	24-month	Online

Current CD Rates of Rhode Island

Current CD rates in Rhode Island provide a predictable and secure return on their investments. Along with fluctuating market conditions, these rates serve as a barometer for the state’s financial health.

It influences individual savings strategies and the local economy’s liquidity. Apart from all this, Rhode Islanders must stay informed about these rates. It is crucial for making savvy financial decisions that optimize earnings on their hard-earned money.

Best 6 Month CD Rates

For those looking to invest in the short term, the 6-month CD rates in Rhode Island offer a perfect blend of higher interest returns than savings accounts, with the flexibility of a short commitment period.

1.  Bask Bank

Minimum Amount: $1000.00

APY / Rate: 4.45% APY

Pros:

• FDIC approved Bank
• Terms available from 6-24 months
• Top-tier APY rate with secured return guaranteed
• Customer-friendly terms

Rules:

• New customers have to open an account with the bank before investing in Bask Bank’s CDs.
• CDs can be opened at the bank as well as online
• The minimum deposit amount of $1000 must be deposited to the account within 10 days of account opening
• Early withdrawal is subject to a penalty.
• Investors can withdraw the interest credited to the account without any penalty.
• There is a 10 days grace period after maturity to make additional deposits to the CD.

2. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Online-only CD options are available
• Highly competitive CD rates in a 1-year term
• Early withdrawal penalties are decent
• FDIC insured bank with investment covered to the max
• Terms ranging from 3 months to 5 years

Rules:

• Interest on CDs is compounded monthly and added to the account at the month’s end.
• Early withdrawal incurs a penalty amounting to:
• 1- 90 days interest for a 3-month term
• 2- 180 days interest for a 6-18 month term 3- 365 days interest for 24-60 month term

Best 1 Year CD Rates

When it comes to locking in savings for a bit longer, the best 1-year CD rates in Rhode Island stand out for providing a sweet spot between yield and accessibility.

1. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.60% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
• The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

Best 2 Year CD Rates

For medium-term savers, the 2-year CD rates in Rhode Island present an attractive option to earn more significant interest without tying up funds for an extended period.

1.  North American Savings Bank

Minimum Amount: $5000.00

APY / Rate: 4.81% APY

Pros:

• Reputed Bank in the region
• High APY on CDs
• eBook, “Everything You Need To Know About Certificate of Deposit Accounts” available
• No limit on beneficiaries
• FDIC insured.

Rules:

• Minimum balance must be maintained
• Early withdrawal penalty equalling 6 months interest
• 7 days grace period before CD gets auto renewed
• Terms range from 3 months to 5 years.

2. America’s First Credit Union

Minimum Amount: $500.00

APY / Rate: 4.75% APY

Pros:

• Low minimum deposits and high yields
• Automatic renewals
• NCUA insured up to $250,000
• Terms from three months to five years

Rules:

• To open a CD with AFCU, you must deposit a minimum amount of money, which varies depending on the term length of the CD. For example, as of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
• AFCU offers CDs with terms ranging from 6 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
• AFCU offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid monthly, and the rate is fixed for the term of the CD.
• If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD.
• Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
• AFCU is a federally insured credit union, which means that your deposits are insured

Best 3 Year CD Rates

Investors who are willing to commit their savings for a little longer can benefit from the 3-year CD rates in Rhode Island. It  typically offers higher interest rates to reward the longer lock-in period.

1.  Alliant Credit Union

Minimum Amount: $1000.00

APY / Rate: 4.60% APY

Pros:

• Funds are insured up to $250,000 by NCUA
• Low minimum deposit of only $1,000; no maximum
• Great dividend rates

Rules:

• Dividends compounded every month and at maturity.
• Incur an early withdrawal penalty

2.  North American Savings Bank

Minimum Amount: $1000.00

APY / Rate: 4.60% APY

Pros:

• Reputed Bank in the region
• High APY on CDs
• eBook, “Everything You Need To Know About Certificate of Deposit Accounts” available
• No limit on beneficiaries
• FDIC insured.

Rules:

• Minimum balance must be maintained
• Early withdrawal penalty equalling 6 months interest
• 7 days grace period before CD gets auto renewed
• Terms range from 3 months to 5 years.

Best 5 Year CD Rates

5-year CD rates in Rhode Island are the pinnacle of long-term savings strategies. These rates are ideal for those with a long-term financial outlook and a desire to maximize earnings.

1. Popular Direct

Minimum Amount: $10000.00

APY / Rate: 4.55% APY

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

2. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

Rhode Island Economic Statistics

Rhode Island, with its rich history and strategic location, presents a unique landscape for investors and savers. As of recent statistics;

• The state has a population of approximately 1.1 million people, reflecting a diverse and vibrant community.
• The average household income in Rhode Island stands at around $ 80,650, showcasing the state’s moderate economic standing in comparison to the national average.
•  Additionally, the average home value in Rhode Island is approximately $388,976, indicating a robust real estate market that could influence investment strategies, including the attractiveness of CD rates.

Statistic	Rhode Island (2023)
Population	~1.1 million
Average Income	$ 80,650
Average Home Value	$388,976

For investors and savers, these statistics underline the importance of seeking out the best CD rates in Rhode Island. The state’s economic indicators suggest a stable yet dynamic environment for personal finance decisions.

How to Get Best CD Rates in Rhode Island?

Securing the best CD rates in Rhode Island involves a thorough investigation and comparison of what local banks and credit unions offer.

• Initially, it is required to review a broad spectrum of financial institutions to understand the range of rates available.
• For an effective analysis, consider factors such as the term lengths, minimum deposit requirements, early withdrawal penalties, and the financial stability of the institution. Utilizing online comparison tools can streamline this process. It provides a quick overview of the best rates across different terms.
• Additionally, don’t overlook the value of smaller, local banks and credit unions, which often offer competitive rates to attract members within the community.
•  Moreover, building a relationship with these institutions can sometimes lead to better rates and more personalized service.

The key aspect is Staying informed about economic trends and Federal Reserve rate changes, as these can impact CD rates. Finally, diversifying your CD investments across different terms can maximize returns while ensuring some level of liquidity.

CD Rates Methodology

Our methodology for identifying the best CD rates in Rhode Island involved a comprehensive review of CD offerings from 89 banks and credit unions.

This extensive analysis aimed to capture a wide variety of CD products, including those from large, national banks as well as smaller, local institutions. To be considered for our list, we evaluated the CD rates based on their annual percentage yield (APY), terms, minimum deposit requirements, and the ease of account management.

Out of the 89 financial institutions reviewed, 62 made the list, distinguished by their competitive rates, favorable terms, and overall customer value. This selection process ensures that our recommendations reflect the best opportunities for savers to maximize their returns on investment.

Conclusion

Ultimately, the key to maximizing your CD investment lies in selecting the right terms and rates, staying adaptive to economic changes, and diversifying your portfolio to balance risk and return effectively.

This disciplined approach can lead to a successful and rewarding investment strategy in Rhode Island’s dynamic financial landscape.

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