Coastal1 Credit Union: Rates, Features and Services
Written by
Rudri Patel
Edited by
Joe Evans
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Founded in 1928, Coastal1 Credit Union has established itself as a leading financial institution in Rhode Island. With 19 branches across the Ocean State and one Massachusetts location, Coastal1 caters primarily to local communities. Coastal1 Credit Union ended 2024 with over $3.3 billion in assets and a delinquency rate of just 0.29%, ranking it among the strongest performers nationally.
If you’re considering a new banking partner, here’s what you should know about Coastal1 Credit Union’s membership guidelines, product lineup and overall banking experience.
What Is Coastal1 Credit Union?
Coastal1 Credit Union (formerly Pawtucket Credit Union) rebranded in 2022 to reflect its broader focus beyond Pawtucket, aiming to serve a larger region under the motto “people helping people.”
According to its 2024 Annual Report, Coastal1 boasts over 139,000 members and controls roughly $3.3 billion in assets. Between 2023 and 2024, Coastal1 grew its member base by 6%, ending with 88,700 active member households and contributing $450,000 to over 300 local nonprofits.
Beyond banking products, Coastal1 is dedicated to community impact, contributing $450,000 in 2024 to over 300 local organizations like the Ronald McDonald House and The Autism Project.
Membership Requirements
Coastal1 Credit Union doesn’t list specific eligibility details on its website. Generally, credit unions restrict membership based on where you live, work, worship or study.
If you’re unsure about qualifying, contact Coastal1’s call center at 401-722-2212 or 800-298-2212 (Monday to Friday, 8:00 a.m. to 5:00 p.m.; Saturday, 8:30 a.m. to noon). They can confirm eligibility and outline the required documents, like a valid ID.
Key Services Offered by Coastal1 Credit Union
Coastal1 Credit Union provides a range of financial services, including checking and savings accounts, loans, credit cards and small business banking support.
Let’s take a closer look at each to see if this credit union aligns with your banking needs:
Checking Accounts
Coastal1 Credit Union offers four different checking account options. The standout checking account is the Advantage Checking, which offers on balances up to $20,000. This isn’t a typical offering by most banks.
Here are the features and benefits of each of these checking accounts:
| Type of Checking Account | Features |
|---|---|
| Free Checking | No minimum deposit $0 monthly fee No ATMs when you use another bank (restrictions may apply) |
| Direct Plus | $25 minimum opening deposit Direct deposit required Low APY on balances First check order free |
| Advantage | $25 opening deposit Offers an on balances over $20,000 Higher CD rates Free domestic wires Free cashier checks and money orders Free incoming domestic wires |
| Spectrum Checking | $25 opening deposit Requires $1,000 daily balance (or $5,000 across all Coastal1 accounts) Foreign ATM fees waived (up to 10 per month) No monthly service charge as long as you have a $12 minimum monthly balance |
Savings Accounts
Coastal1 Credit Union has a statement savings account, a money market account and CDs. Here’s a detailed breakdown:
| Savings Product | Features |
|---|---|
| Statement Savings | $5 minimum deposit Earns ATM access |
| Club Account | $5 minimum deposit Ideal for holiday or vacation savings |
| Money Market | $2,500 minimum deposit Earns between and Interest paid monthly |
| Certificates of Deposit (CDs) | $1,000 minimum deposit Terms range 6 to 60 months Competitive APYs between and |
Loan Options
If you’re looking for a specific loan, Coastal1 Credit Union has several options:
Auto Loans
- New Auto Loans: APR as low as .
- Used Auto Loans: APR varies based on vehicle year (e.g., for 2023-2025 models, for 2020-2021 models).
Personal Loans
- 48-month loans: APR for loan amounts up to $10,000.
- 60-month loans: APR for loan amounts between $10,001 and $15,001.
Mortgage Loans
- Fixed-rate mortgages are available for 10, 15, 20 and 30-year terms.
- Jumbo mortgage rates range from to .
Credit Cards
Coastal1 Credit Union provides eight different credit card options, including:
- Everyday Rewards Card: APR introductory offer; earns 4x points on dining, 2x points on groceries, gas, and streaming and 1x points on other purchases.
- Platinum Card: 0.00% APR introductory offer for 18 months, followed by an APR of to .
Coastal1 supports modern digital tools, including:
- Mobile Wallets: Compatible with Google Pay, Apple Pay and Samsung Pay
- Zelle: Seamless peer-to-peer transfers
- Mobile Check Deposit: Deposit checks via smartphone
- Online Banking: eStatements, loan payments, member-to-member transfers and customizable alerts
Strong Small Business Support
Coastal1 Credit Union is a certified SBA preferred lender offering business loans for real estate, equipment, working capital, refinancing and start-up capital. Local business bankers are available for personalized guidance and to answer any questions.
Business savings, high-yield savings, money market accounts, as well as CDs are also available at Coastal1 Credit Union. Commercial loans and business credit cards are also products that Coastal1 Credit Union offers to its bank members.
The credit union actively supports local businesses and its mission is to put its members first when it comes to personal and business banking needs. Coastal1 is listed as an SBA Preferred Lender, enabling it to process small business (7(a) and CDC/504) loan approvals more quickly due to its trusted relationship with the SBA.
Comprehensive Digital Banking Experience
Coastal1 supports modern digital tools, including:
- Mobile Wallets: Compatible with Google Pay, Apple Pay and Samsung Pay
- Zelle: Seamless peer-to-peer transfers
- Mobile Check Deposit: Deposit checks via smartphone
- Online Banking: eStatements, loan payments, member-to-member transfers and customizable alerts
App Reviews
Coastal1 Credit Union is rated 4.2 out of 5 stars on Google Play. In the Apple Store, Coastal1 Credit Union is rated 4.5 out of 5 stars. The app offers full-service banking, which is better than most regional banks.
Coastal1 Credit Union Pros and Cons
Pros
- Multiple Checking Options: Includes a fee-free account.
- Diverse Product Range: From standard savings to mortgages and credit cards.
- Community Focus: Emphasizes local involvement and personalized service.
Cons
- Membership Criteria: Restricted; must meet certain local or organizational requirements.
- Geographic Footprint: Branches primarily in Rhode Island, plus one in Massachusetts.
- Website Transparency: Specific membership guidelines and rates can be challenging to find.
Final Take to GO
Coastal1 Credit Union stands out for its community-first mentality, extensive loan offerings, and variety of checking and savings accounts. If you’re eligible to join, it can serve as a one-stop shop for many financial needs — from everyday banking to loans and credit cards. Before making a decision, contact the credit union to confirm membership requirements and review the latest rates.
Ready to explore membership or open an account? Call 401-722-2212 or visit Coastal1 Credit Union’s official website to see if it aligns with your financial goals.
Coastal1 Credit Union FAQ
Here are the answers to some of the most frequently asked questions regarding Coastal1 Credit Union.- What types of accounts does Coastal1 Credit Union offer?
- Coastal1 Credit Union provides a variety of financial products, including checking and savings accounts, money market accounts, certificates of deposit (CDs), retirement accounts (IRAs), and youth savings accounts.
- Does Coastal1 Credit Union offer online banking services?
- Yes, Coastal1 Credit Union offers comprehensive online banking services. Members can manage accounts, transfer funds, pay bills, deposit checks remotely, and monitor their finances securely from anywhere.
- How do I join Coastal1 Credit Union?
- Joining Coastal1 Credit Union requires you to live, work, study, or worship within their designated community areas. You can apply easily online or visit any Coastal1 branch location to become a member.
- Does Coastal1 Credit Union offer loans and credit cards?
- Yes, Coastal1 Credit Union offers multiple loan products, including auto loans, home equity loans, personal loans, mortgages, and competitive-rate credit cards tailored to meet various financial needs.
- Are Coastal1 Credit Union accounts federally insured?
- All Coastal1 Credit Union deposit accounts are federally insured by the National Credit Union Administration (NCUA) up to $250,000, ensuring your money is protected and secure.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 1, 2025.
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- Coastal1 Credit Union "website"
- Coastal1 Credit Union "2024 Annual Report"
- Coastal1 Credit Union "Contact"
- Coastal1 Credit Union "Checking"
- Coastal1 Credit Union "Deposit Rates"
- U.S. Small Business Administration "Lenders"
