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Redwood Credit Union divides their CDs and IRAs into 4 categories:

  • Short term certificates/IRA with a checking account
  • Long term certificates/IRA with a checking account
  • Short term certificates/ IRA without a checking account
  • Long term certificates/IRA without a checking account

The CD with a checking account means a checking account that is active and has at least 3 transactions per month excluding telephone teller or dividend transactions. The interest rate varies based on your length of term and whether you have a checking account attached. 

The best interest rate goes to the CD/IRA with a 5-year maturity with a checking account. The rate is 1.00% APY with a minimum deposit of $1,000 and maximum of $100,000. The interest rate for the 5-year CD or IRA without a checking account is 0.75% APY. The minimum and maximum deposit for all certificates is the same.

Redwood Credit Union has CDs and IRAs available for short terms of 3-5 months. The 3-5-month interest rate with a checking account is 0.20% APY and without a checking account is 0.10% APY. 

Redwood Credit Union has 7 balance tiers of $1,000, $2,500, $5,000, $10,000, $25,000, $50,000, and $100,000. So, each category has a total of 28 options based on your term length and amount you can invest. As with all CDs and IRAs, there is a penalty for early withdrawal.

APY= Annual Percentage Yield. Certificate Yields assume dividends remain in account until maturity; penalty imposed for early withdrawal. Fees may reduce earnings. Rates effective 10/16/19 and are subject to change. To open, obtain, and maintain the advertised rate for the certificate, you must have a $1,000 deposit and an active checking account at RCU. Active checking is defined as a checking account having 3 or more transactions per month (excluding telephone teller or dividend posting transactions).

Availability

At Redwood Credit Union, you must be a member to open any account. You must be living, working or own a business in the 7 North Bay counties.

Branches of Redwood Credit Union

 The 7 North Bay counties are:

  • Lake
  • Marin
  • Contra Costa
  • Sonoma
  • Solano
  • Napa
  • San Francisco

There are 19 branches in the North Bay Area. They have agreements with multiple other financial organizations to provide ATM access to their depositors. Redwood Credit Union also has mobile and online banking.

Redwood Credit Union’s Overview

Redwood Credit Union was founded in 1950 and is committed to serving its members. RCU has 344,000 members and $5.7 billion in assets. Earnings are returned to the members by low or no fees, better interest rates and funding the Redwood Credit Union Community Fund. It is the 38th largest Credit Union out of about 5200 Credit Unions.

The Redwood Credit Union Community fund is dedicated to support the wellness of their community. It is a non-profit-fund, and all donations are 100% tax deductible. Redwood Credit Union also has The Fire Relief Assistance for those who have lost their primary residences. The counties that are affected are Lake, Marin, Napa, and Sonoma. They have raised $111,035.54 as of 10/01/2020, all through donations.

This assists them in fulfilling their Mission statement, “Be the financial services leader for the communities we serve by helping people achieve their goals and dreams.”