GOBankingRates

Interest Rates in Every State: Best Interest Rates in Rhode Island

Rhode Island Credit UnionThis installment of the “Best Interest Rates in Every State” series is focusing on the state of Rhode Island, comparing interest rates from local Rhode Island banks and credit unions with the rest of the U.S. and highlighting the top banking rates in the state.

Because Rhode Island is our nation’s smallest state, the number of banks and credit unions local to the state is quite a bit smaller than others, providing a somewhat skewed sample. Even so, the few local Rhode Island financial institutions in the Go Banking Rates database are offering, on average, deposit interest rates that are higher than the national average — and most other states as well.

So while Rhode Island residents have fewer options if they wish to bank locally, the good news is that the options that are available are competitive. See below for the state’s ranking for average savings account and CD rates, as well as the institutions offering the best interest rates in Rhode Island.

National Interest Rate Averages

Account Type Average Rate
6-Month CD 0.31% APY
1-Year CD 0.46% APY
2-Year CD 0.69% APY
Savings Account 0.21% APY

Rhode Island Interest Rate Averages

Account Type Average Rate
6-Month CD 0.40% APY
1-Year CD 0.59% APY
2-Year CD 0.96% APY
Savings Account 0.32% APY

Ranking: Rhode Island Rates Vs. U.S. States and Washington DC

  • 6-Month CD: 5th
  • 1-Year CD: 4th
  • 2-Year CD: 1st
  • Savings Account: 2nd

Rhode Island Credit Unions & Banks with Best CD Rates

rhode island credit union

Institution 6-Month CD Rate
Community FirstBank of Charleston 0.20
Freedom National Bank 0.25
Coastway Community Bank 0.40
Cranston Municipal Employees Credit Union 0.45
Alliance Blackstone Valley Credit Union 0.50
Greenwood Credit Union 0.50
Providence Postal Credit Union 0.50

banks in rhode island

Institution 1-Year CD Rate
Freedom National Bank 0.35
Coastway Community Bank 0.50
Community FirstBank of Charleston 0.50
Kent County Memorial Hospital Emp. Credit Union 0.50
Cranston Municipal Employees Credit Union 0.65
Alliance Blackstone Valley Credit Union 0.75
Greenwood Credit Union 0.75
Providence Postal Credit Union 0.75

rhode island banks

Institution 2-Year CD Rate
Freedom National Bank 0.55
Coastway Community Bank 0.75
Community FirstBank of Charleston 0.75
Cranston Municipal Employees Credit Union 1.10
Greenwood Credit Union 1.10
Providence Postal Credit Union 1.20
Alliance Blackstone Valley Credit Union 1.25

Top Savings Rates at Credit Unions and Banks in Rhode Island

rhode island credit union 1

Institution Savings Rate
Freedom National Bank 0.20
Coastway Community Bank 0.25
Cranston Municipal Employees Credit Union 0.25
Kent County Memorial Hospital Emp. Credit Union 0.25
Providence Postal Credit Union 0.25
Alliance Blackstone Valley Credit Union 0.30
Greenwood Credit Union 0.75

More About This Rhode Island Interest Rates Study

The information used in this study is compiled from Go Banking Rates’ interest rates database of more than 4,000 online, national and local banks and credit unions. Interest rates are based on individual institutions’ published online rates as of December 31, 2012. Please note that interest rates used in the study above may have changed since this date. Anyone wishing to open an account with any of the above banks or credit unions should verify rates in advance with the institution.

Share This Article