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The Redwood Credit Union Community Fund is dedicated to supporting the wellness of their community. It is a non-profit fund, and all donations are 100% tax deductible. Redwood Credit Union also has 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.

Meanwhile, the Redwood Credit Union Community offers the most trustworthy CD rates horizon, to design the investment in a highly secure way.

Redwood Credit Union CD Rates Offers

The commendable CD offers by Redwood CU are as follows;

Certificate of Deposit Rates

Term Duration: 18-21 month certificates

Interest Rates

  • APY: 4.25%

$1,000 is required to open a savings certificate

A minimum of $5 in a regular savings account is required to open a savings certificate

Considerations

  • The monthly minimum balance fee can be avoided by maintaining at least $75
  • Fixed-term commitment with favorable interest rates.

Pros & Cons

ProsCons
Tiered interest rates based on checkingRequirement of $5 in regular savings
account statusPenalty for early withdrawal
Higher APY for active checking customersLimited access to funds until maturity

Are Redwood Credit Union CD Rates Competitive?

Redwood Credit Union’s CD rates are competitive, especially for those with active checking accounts. The flexible term options and relationship benefits contribute to the appeal of RCU’s CD offerings.

However, prospective investors should carefully consider the minimum deposit requirements and account conditions to ensure alignment with their financial objectives.

Moreover, Customers with an active checking account enjoy higher APY rates, presenting an incentive for members to consolidate their banking with RCU. Members should be aware of potential fees, such as the monthly minimum balance fee, which can be avoided by maintaining at least $75.

Overview Redwood Credit Union 

Redwood Credit Union was founded in 1950 and is committed to serving its members. RCU has 445,000 members and $8 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.

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.”

Availability

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

Locations Redwood Credit Union

 The 7 North Bay counties are:

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.

Frequently Asked Questions 

How can I avoid the monthly minimum balance fee for my CD?

To avoid the monthly minimum balance fee, maintain a balance of at least $75 in your associated regular savings account.

Is there a difference in the application process for active checking and non-checking account holders?

The application process is generally the same for both, but active checking account holders may enjoy higher APY rates on their CDs.

Are the CD rates fixed for the entire term, or can they change?

CD rates at Redwood Credit Union are typically fixed for the entire term, providing predictability for investors.

Can I add additional funds to my CD after the initial deposit?

In most cases, once a Redwood Credit Union CD is opened, additional funds cannot be added until maturity.

Can I use my Redwood Credit Union CD as collateral for a loan?

Yes, most generally, certificates of deposit can be used as collateral for loans.