Greenwood Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Greenwood Credit Union checking account options

Absolutely Free Checking

Like the name says, this checking account is always free and doesn’t charge a monthly fee. It only comes with the basics and doesn’t earn interest.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Absolutely Free Checking is Greenwood Credit Union’s most basic account. You only need to deposit $5 to open this account and after that, there is no balance requirement. This account also does not charge a monthly fee. The credit union advises that this is a promotional account and may not always be available.

Absolutely Free Checking balances do not earn interest. The account only provides a debit card, online banking and one free order of checks. You can use the debit card to make free withdrawals from ATMs owned by Greenwood Credit Union as well as any credit union in its partnership network. If you use an out-of-network ATM, Greenwood Credit Union will not charge anything, but it does not refund fees from out-of-network ATM owners.

You can sign up for an Absolutely Free Checking account online or by visiting the Greenwood Credit Union headquarters in Rhode Island. You will need to provide your Social Security number, a government-issued ID, your address information and your deposit to fund the account. The credit union accepts deposit by credit card, debit card or transfer from another bank.

When you sign up, you will also need to become a Greenwood Credit Union member at the same time by opening a standard credit union Share Savings account. You only need to deposit $5 in this account to become a member.

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Traditional Checking

This account only offers the basics but will charge a monthly fee unless you meet the deposit/balance requirements. Not a great deal.
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

You can open a Greenwood Credit Union Traditional Checking account with a deposit of only $5. However, this account charges a $5 monthly maintenance fee unless you either:

  • Always keep your balance at least $400 during the month, or
  • Set up a direct deposit for any amount

This account does not earn interest. It only offers the basics like a debit card, online banking and one free order of checks. You can use the debit card to make free withdrawals from ATMs owned by Greenwood Credit Union as well as any credit union in its partnership network. If you use an out-of-network ATM, you will not be charged anything but the credit union does not refund fees from out-of-network ATM owners.

You can sign up for the Traditional Checking account online or by visiting the sole Greenwood Credit Union office. You will need your Social Security number, a government-issued ID, proof of your address and your deposit to fund the account. Greenwood Credit Union accepts deposits by credit card, debit card or transfer from another bank.

When you sign up, you will also need to become a Greenwood Credit Union member at the same time by opening a Share Savings account. You only need to deposit $5 in this account to join.

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on Greenwood Credit Union’s secure website

Interest Checking

Earns interest at a rate better than at most large national banks. It’s not high enough, though, to justify the $1,000 balance requirement.
APYMinimum Balance Amount to Earn APY
0.25%
$1,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $7 (can be waived)
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Greenwood Credit Union’s Interest Checking account requires an opening deposit of just $5 but, realistically, you’ll need to keep much more in this account to gain much benefit. This account charges a $7 monthly fee if your balance falls below $1,000 at any point during the month.

The interest rate is above average for a checking account, but you only earn it if you keep a minimum balance of $1,000. This account also offers a debit card, online banking and a free first order of checks.

You can use the debit card to make free withdrawals from ATMs owned by Greenwood Credit Union as well as any other credit union in its partnership network. If you use an out-of-network ATM, you won’t incur a charge, but the credit union does not refund fees from out-of-network ATM owners.

You can sign up for the Interest Checking account online or at the credit union’s Rhode Island location. You’ll need your Social Security number, a form of official ID, your address information and your deposit to fund the account, which can by credit card, debit card or transfer from another bank.

Credit union membership is required to sign up for this account; you can join by opening a Share Savings account with as little as $5 in this account.

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How Greenwood Credit Union’s checking accounts compare

Greenwood Credit Union’s checking accounts do not offer enough to make up for the extra effort of joining a credit union. Interest Checking is the only one that earns interest. While the rate is okay, it’s still well below what the top online checking accounts offer. It’s also annoying that you need to keep at least $1,000 in the account or else you’ll be hit with a $7 monthly fee and won’t earn interest.

The other accounts only offer the bare minimum for checking services. Finally, it’s disappointing that the Greenwood Credit Union checking accounts do not refund out-of-network ATM fees. This could be a costly inconvenience if you don’t live close to one of its partner ATMs. Chances are you would be better off with these online checking accounts instead.

Greenwood Credit Union savings account options

Share Savings

You need to open this account to join the Greenwood Credit Union. It has a low balance requirement and earns an above-average interest rate. Not bad for a mandatory account.
APYMinimum Balance Amount to Earn APY
0.35%
$25
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Anyone who wants to join Greenwood Credit Union must open a Share Savings account. You can open this account alone or in tandem with another Greenwood Credit Union account.

This account requires a minimum opening deposit of $5. There is no minimum balance requirement and no monthly fee. The Share Savings account earns interest but only if you keep a minimum balance of $25. The interest rate is respectable for a no-frills savings account.

As a savings account, it limits withdrawals and transfers per Federal Reserve Regulation D. You are allowed to make up to six of the following transfers/withdrawals per statement cycle: checks, account transfers, ATM point-of-sale withdrawals and electronic debits. If you try make more than six, Greenwood Credit Union will deny the transaction. However, you can make unlimited ATM and bank withdrawals.

You can sign up for the Share Savings account online or by visiting the Greenwood Credit Union in Rhode Island. You will need to provide your Social Security number, a form of government ID, your address information and your deposit to fund the account. Greenwood Credit Union accepts deposits by credit card, debit card or transfer from another bank.

SEE DETAILS Secured

on Greenwood Credit Union’s secure website

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Deposit Savings

Earns less than the mandatory Share Savings account, so there’s no real incentive to open this alternative.
APYMinimum Balance Amount to Earn APY
0.25%
$1
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

You can open a Greenwood Credit Union Deposit Savings account with a deposit of only $5. After that, there is no minimum balance requirement and this account does not charge a monthly fee. It will earn interest so long as you have at least $1 in the account, though the rate is lower than what you earn through a Share Savings account.

Since this is a savings account, you’re limited in your withdrawals and transfers because of a government rule, Federal Reserve Regulation D. You are allowed to make up to six of the following transfers/withdrawals per statement cycle: checks, account transfers, ATM point-of-sale withdrawals and electronic debits. If you try make more than six, Greenwood Credit Union will deny the transaction. However, you can make unlimited ATM and bank withdrawals.

You can sign up for the Deposit Savings account online or by visiting the Greenwood Credit Union in Rhode Island. You will need to provide your Social Security number, a government-issued ID, your address information and your deposit to fund the account. Greenwood Credit Union accepts deposits by credit card, debit card or transfer from another bank.

When you sign up, you will also need to become a Greenwood Credit Union member at the same time by opening a Share Savings account. You only need to deposit $5 in that account to join the credit union.

SEE DETAILS Secured

on Greenwood Credit Union’s secure website

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Club accounts

Put money aside for a specific goal like Christmas or a vacation.
APYMinimum Balance Amount to Earn APY
0.25%
$1
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Greenwood Credit Union offers Club accounts designed to help you save for future goals. It has one for Christmas and another designed for vacations. When you start the account, you pick a target date in the future, like the holidays at the end of the year.

You can add money to the account whenever you want and it will earn interest, so long as you have a balance of at least $1. When you reach your target date, Greenwood Credit Union will pay out all your Club account savings to another account where you can withdraw and spend. You can take money out before your goal without incurring a fee.

Since these are savings accounts, there’s a limit on how often you can make withdrawals and transfers because of a government rule, Federal Reserve Regulation D. Try to make more than six and Greenwood Credit Union will both deny the transaction and possibly charge a fee. There’s no limit, though, on ATM and in-bank withdrawals.

You can sign up for the Club accounts online or by visiting the Greenwood Credit Union in Rhode Island. The credit union’s standard documentation is required: Social Security number, government-issued ID, address information and the deposit to fund the account, which can be by credit card, debit card or transfer from another bank.

Also standard is the membership requirement, which is accomplished at the same time by opening a Share Savings account. You only need to deposit $5 in this account to join Greenwood Credit Union.

SEE DETAILS Secured

on Greenwood Credit Union’s secure website

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How Greenwood Credit Union’s savings accounts compare

As with all credit unions, joining Greenwood Credit Union means you’ll need to sign up at least for its Share Savings account. That’s the good news since the account is by far its best savings account, paying a high interest rate, avoiding a monthly fee and requiring a balance of only $25 to earn interest.

The credit union’s other savings accounts earn a much lower interest rate, so we don’t see the value of opening any of the other accounts when you could just deposit more in your Share Savings account.

Finally, while Share Savings may be the best account Greenwood Credit Union has to offer, there are other online savings accounts which pay much more. Be sure to check them out before making a decision.

Greenwood Credit Union CD rates

Certificates of Deposit

Some exceptional deals mixed in with other run-of-the-mill CDs. Pay attention when you sign up.
TermAPY
3 months0.50%
6 months0.50%
12 months0.75%
13 months0.50%
15 months0.85%
18 months0.80%
24 months0.90%
30 months0.95%
36 months1.00%
48 months1.00%
60 months1.10%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Six months’ worth of interest on the amount withdrawn.

Greenwood Credit Union offers CDs with terms ranging from 3 months all the way up to 60 months (five years.) You need to deposit at least $1,000 to open these CDs and earn the APY.

If you take out money before the maturity date, these CDs charge a hefty penalty: the equivalent of six months’ worth of interest on the amount taken out. That penalty is the same regardless of the CD length.

You cannot add more money to the CD during the term. After it matures, you have seven days — three days less than most — to decide whether to withdraw or deposit money before the CD automatically renews.

You can open all the CDs online or by visiting Greenwood Credit Union in Rhode Island. You will need to provide your Social Security number, a government-issued ID, your address information and your deposit to fund the account. The credit union accepts deposits by credit card, debit card or transfer from another bank.

When you sign up, you’ll also need to become a Greenwood Credit Union member at the same time by opening a Share Savings account, which requires only a $5 deposit to join the credit union.

SEE DETAILS Secured

on Greenwood Credit Union’s secure website

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How Greenwood Credit Union’s CD rates compare

Greenwood Credit Union has a few exceptional deals with its CDs. The current rates on 15, 24 and 30 month CDs are competitive with the very best CDs on the market today. The rest of Greenwood Credit Union’s CDs are not as generous.

Pay close attention to rates when you sign up; a longer term won’t necessarily have a better rate. For example, the 15 month CD currently pays nearly triple the rate of the 18 month CD.

Also, you need to be careful with early withdrawals, especially from the short-term CDs. These charge the same penalty of 6 months’ worth of interest, regardless of the CD term. Other companies adjust the penalty based on CD length. This flat penalty hurts a lot more on a 3 month CD than with a 60 month CD.

With a little planning, you can find an excellent CD at Greenwood Credit Union, but if you want more options to compare, we’ve listed the best CD rates here.

Greenwood Credit Union money market account option

Money Market account

This money market account earns an OK interest rate, but has high balance requirements. Watch out because if your balance falls below $2,500, Greenwood Credit Union will close your account.
APYMinimum Balance Amount to Earn APY
0.35%
$2,500
0.50%
$50,000
0.75%
$150,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: None
  • ATM fee refunds: None
  • Overdraft fees: $30 per item

Greenwood Credit Union’s Money Market account requires an opening deposit of at least $2,500. This account does not charge a monthly fee. However, if your balance falls below $2,500, the credit union will close your account.

This account earns interest on all balances $2,500 and over. The rate increases as you deposit more, before maxing out at a balance of $100,000.

Since this is a money market account, Federal Reserve Regulation D limits your monthly transactions up to six of the following: checks, account transfers, ATM point-of-sale withdrawals and electronic debits. Try and make more than six, and Greenwood Credit Union will deny the transaction and could charge a fee. However, you can make unlimited ATM and in-bank withdrawals.

You can sign up for the Money Market account online or by visiting Greenwood Credit Union’s Warwick, R.I. office. You will need to provide your Social Security number, a government-issued ID, your address information and your funding deposit, which can be made by credit card, debit card or transfer from another bank.

You’re required to become a Greenwood Credit Union member to open this account, which is accomplished by opening a Share Savings account and requiring a $5 deposit.

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on Greenwood Credit Union’s secure website

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How Greenwood Credit Union’s money market account compares

Greenwood Credit Union pays a moderate interest rate on its money market account but we don’t think it’s enough for the high balance requirement. You don’t start earning more than the regular Share Savings account unless you have a balance of $50,000. It will also close your account if your balance falls below $2,500.

If you keep at least $100,000 in the account, it starts to pay out a competitive interest rate but that’s quite a high threshold. For a better option, these money market accounts pay even more than Greenwood Credit Union’s top rate and won’t require a six-figure deposit to make it happen.

Greenwood Credit Union IRA options

IRA Certificates

A mix of excellent, OK and mediocre IRA CD rates, depending on the term. Pay attention to the rates when you sign up.
TermAPY
3 months0.50%
6 months0.50%
12 months0.75%
13 months0.50%
15 months0.85%
18 months0.80%
24 months0.90%
30 months0.95%
36 months1.00%
48 months1.00%
60 months1.10%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Six months’ worth of interest on the amount withdrawn

All of Greenwood Credit Union’s CDs can be opened through an IRA. The terms range from 3 months up to 60 months, and require a deposit of at least $1,000 to open the IRA CD and earn the APY.

If you take out money before the maturity date, these CDs charge a penalty of six months’ worth of interest on the amount taken out. The penalty is the same regardless of the CD length.

You cannot open Greenwood Credit Union’s IRA CDs online. The credit union requires that you either visit its bank branch or contact the credit union by phone or email to get the paperwork started. You will need to provide your Social Security number, a form of government ID, your name and address information and your deposit to fund the account.

SEE DETAILS Secured

on Greenwood Credit Union’s secure website

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Day to Day IRA Savings account

This IRA savings account only requires a deposit of $100 and you can take out money anytime. However, it earns a lower interest rate than the typical IRA CD.
APYMinimum Balance Amount to Earn APY
0.50%
$100
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

The Day to Day IRA Savings account earns a flat interest rate regardless of how much you deposit. You must deposit at least $100 to open the account and earn the APY.

This account is not a CD, so you have the flexibility to take money out without owing an early withdrawal penalty. However, you cannot earn a higher rate by depositing a larger amount of money.

Also, you can’t open Greenwood Credit Union’s Day to Day IRA Savings account online. The credit union requests that you either visit the bank branch or contact the credit union by phone or email to get the paperwork started. You will need to provide your Social Security number, a form of government-issued ID, your name and address information and your deposit to fund the account.

SEE DETAILS Secured

on Greenwood Credit Union’s secure website

NCUA Insured

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How Greenwood Credit Union’s IRA CD rates compare

Greenwood Credit Union’s IRA CDs are a bit of a mixed bag. You’ve got some that are below average, some that are decent and a few that pay exceptional rates. It’s important to study the rates before signing up because there’s not a clear pattern of which will pay the most. The longest terms are not necessarily the ones that pay the highest amount.

Its best IRA CDs currently are the 15, 24 and 30 month terms, with some of the highest rates you will find for these terms. The other Greenwood Credit Union IRA CDs are just okay and you could do better elsewhere.

Greenwood Credit Union also offers a Savings IRA, which you can open for just $100. The interest rate is not as high as what you’d receive on an IRA CD, though, so you’re giving up some earning power for the flexibility.

We recommend using higher-earning IRA CDs at Greenwood Credit Union over the Savings IRA. Or if you can’t find a term that matches your goals, check out this list of the best IRA CDs for every length of time.

Overall review of Greenwood Credit Union’s banking products

When you sign up for a small credit union, it takes a little more effort than a regular bank because you need to become a member first. Fortunately, Greenwood Credit Union keeps it simple: The only requirement is to open a Shared Savings account for $5.

In our opinion, its top CD and IRA CD deals are well worth this effort. Greenwood Credit Union currently offers a few terms that pay just as much — if not more — than the best options out there. Just be warned that not all of its CDs pay competitive rates. You need to review the numbers to find the best rates.

Other than those, we would not recommend Greenwood Credit Union’s products. The checking accounts offer very little, while the money market product has a large balance requirement and doesn’t earn enough interest. The mandatory Shared Savings account is actually the best account outside of the CDs and IRA CDs because it earns an above-average interest rate. It’s nice that Greenwood doesn’t force new members to open a mediocre account.

Still, when it comes to Greenwood Credit Union, your best bet is to keep as little as possible in Shared Savings so you can focus on the top-performing CDs and IRA CDs.

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