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CD Rates in Rhode Island for June 2026

Updated June 21, 2026

Written by
Rhys Subitch
Edited by
Pippin Wilbers

Rhode Island savers looking to earn a guaranteed return on their money have a great option: certificates of deposit (CDs). While opening a CD is a relatively simple process, finding the right one will take some research. 

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How to compare the best CD rates in Rhode Island

  1. Term

    The term is the period your funds are locked in, and typically ranges from three months to five years. Consider how long you can park your cash without needing to tap into it, and what your savings goal is.

  2. Yield

    The rate portion of finding the best rate. The annual percentage yield (APY) is the total amount of interest you will earn on a CD over one year, taking into account compound interest.

  3. Minimum deposit

    When deciding which CD to take out, you'll need to keep in mind whether you can afford the minimum deposit. Sometimes the best rate won't fit what you're looking to save.

  4. Fees and penalties

    It's not uncommon for CDs to come with an early withdrawal penalty. That means if you need to pull your funds early, you may be charged several months' worth of interest.

Don't forget about credit unions

While local banks and credit unions may periodically offer higher CD rates, online banks and credit unions consistently provide the most competitive yields. Credit unions are nonprofit institutions, which means they can offer higher returns to their customers, rather than shareholders.

Rhode Island residents have a number of local credit unions to choose from. The three biggest that offer CDs have a combined membership of over 350,000 as of the fourth quarter of 2025.

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Keep in mind: Many credit unions call their CDs share certificates or just certificates. 

How to decide whether you want a long- or short-term CD

Typically shorter terms, especially those under a year, have significantly lower yields. If you can afford to keep your funds locked down for longer, you'll likely earn more. That said, you should be sure you don't need to touch the cash for the entirety of the term to avoid losing interest earned.

Next steps to take out a CD in Rhode Island

Compare the overall best CD rates

Bankrate's experts give their top picks for CDs every month so you can compare with ease.

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Check nationally available credit union CD rates

These credit unions have the best CDs available — just make sure you qualify for membership.

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Calculate how much you can save

Use Bankrate's CD calculator if you want to spend a little more time with the numbers.

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Learn about CD ladders

Ladder up your savings with ongoing CDs.

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Research methodology

Since 1976, Bankrate has been a leading publisher of rates and personal finance articles. We help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.

Part of Bankrate’s editorial team is made up of a group of banking experts. These experts have collectively researched over 100 banks and review current details at least monthly to make sure readers stay up to date on the latest rates and bank products. If you see a star rating next to a product, that has been established by one of our banking experts, and is not influenced by partner status.

Note: Bankrate doesn’t include callable CDs or brokered CDs on this page and compares regular CDs and no-penalty CDs separately.

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