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Westerly Community Credit Union Rates

At Westerly Community Credit Union, you’ll find we have the great deposit, loan & home financing rates you need to reach all of your financial goals!

Loan Rates

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Auto Loan Rates
Effective Date: Friday, September 18th, 2020
ProgramTermAPR*Monthly Payments per $1000 borrowed
New-Used Auto Loans 2018 and Newer
  6 years 2.740% $15.09
New Auto Loans 2019 and Newer
  3 years 2.240% $28.76
  4 years 2.240% $21.81
  5 years 2.240% $17.64
Used Auto Loans 2015 - 2018
  3 years 2.240% $28.76
  4 years 2.240% $21.81
  5 years 2.240% $17.64
Used Auto Loans 2014 and Older
  4 years 4.940% $23.02
Motorcycle Loan 2014 and Newer
  3 years 7.240% $31.01
  4 years 7.240% $24.08
  5 years 7.240% $19.93

*Annual Percentage Rate (APR) is subject to change without notice. Rates shown are for members with an “A” credit score of 680 or above. Rates also reflect a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Payments do not reflect any additional cost for Payment Protection. Refinancing for new loans only. Rates subject to change. Other rates and terms available.


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Home Improvement Loan
Effective Date: Friday, September 18th, 2020
TermAPR*Monthly Payments per $1000 borrowed
5 Years 5.250% $18.99
7 Years 5.500% $14.38
10 Years 5.750% $10.98

*Annual Percentage Rate (APR) is subject to change without notice. Rates shown are for members with an “A” credit score of 680 or above. Rates also reflect a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Loan terms up to 10 years. Maximum amount that can be borrowed is $50,000. To be used for home improvements. Estimate for the project or an invoice or scope of the completed project is required. See a Loan Representative for more details. Payments do not reflect the addition of Payment Protection.


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Personal Loans
Effective Date: Friday, September 18th, 2020
ProgramTermAPR*Monthly Payments per $1000 borrowed
Personal Loan
  3 years 5.990% $30.42
  4 years 5.990% $23.48
  5 years 5.990% $19.33
Personal Line of Credit**
    9.250% varies

*Annual Percentage Rate (APR) is subject to change without notice. Rates shown are for members with an “A” credit score of 680 or above. Rates also reflect a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Payments do not reflect any additional cost for Payment Protection. Other rates and terms are available.


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College Refinance Loan
Effective Date: Friday, September 18th, 2020
ProgramTermAPR*Monthly Payments per $1000 borrowed
Fixed Rate College Refinance Loan
  5 years 4.000% $18.42
  10 years 4.500% $10.37
Adjustable Rate College Refinance Loan**
  5 years 3.000% $17.97
  10 years 3.250% $9.78

*Annual Percentage Rate (APR) is subject to change without notice. Rates shown are for “A” credit scores of 680 or above. Rates also reflect a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Payments do not reflect any additional cost for Payment Protection. **The Adjustable rate APR will vary based on the Prime Rate as published in the Wall Street Journal. No minimum loan amount. College Refinance Loan is for refinancing existing education loans in repayment; not deferral. Maximum loan $75,000, maximum term 10 years. Applicant must be a graduate of an accredited two or four-year trade school, college or university and employed full time. College Refinance Loans are subject to credit qualification and verification of application information, outstanding loan amount(s), proof of employment and graduation. Fixed and adjustable rates available. New loans only. Other restrictions may apply.


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Mortgage Rates

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Mortgages
Rates subject to change at any time. Rates shown are as of September 18th, 2020.
ProgramTermInterest RateAPR*Monthly Payments per $1000 borrowed
Fixed Rate Mortgages*
(Loan amounts up to $484,350)
  15 years 2.875% 2.990% $6.85
  20 years 3.000% 3.089% $5.52
  30 years 3.000% 2.937% $4.22
Adjustable Rate Mortgages
5/1 Mortgage**
  30 years 3.125% 3.164% $4.29
7/1 First Time Homebuyer Mortgage***
  30 years 3.250% 3.290% $4.36

*The interest rates, annual percentage rates (APRs) and discount points are subject to change without notice. APR is based on 40% equity and credit score of 740 or greater. Your APR will vary based on your final loan amount and finance charges. All Mortgage rates listed are based on 0 discount points. The monthly amount shown includes principal and interest. Your actual monthly payment will be higher if an escrow/impound account is established. Property insurance (and flood insurance if applicable) required. **After the initial term of five years, the APR, interest rate, principal and interest payment will adjust based on market driven changes to the U.S. One Year Constant Treasury Rate – the “index” plus 2.75% - the “margin.” The maximum increase per adjustment period is 2% with a lifetime cap of 6%. Other restrictions may apply. ***After the initial term of seven years, the APR, interest rate, principal and interest payment will adjust based on market driven changes to the U.S. One Year Constant Treasury Rate – the “index” plus 2.75% - the “margin.” The maximum increase per adjustment period is 2% with a lifetime cap of 6%. Requires a minimum credit score of 720 with loan maximum of $484,350. Other restrictions may apply. WCCU NMLS ID # 518892.

Home Equity Loan Rates

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Flex Equity Line of Credit
Effective Date: Friday, September 18th, 2020
ProgramTermAPR*Loan SizeMonthly Payments per $1000 borrowed
Line of Credit        
    4.000% $10,000 - $99,999.99 varies
    4.000% $100,000 and above varies
Fixed Rate Advance
  5 years 3.500%   $18.20
  10 years 3.990%   $10.13
  15 years 4.250%   $7.53

*The Annual Percentage Rate (APR) is variable based on the Prime Rate as published in the Wall Street Journal on the last day of each billing cycle and tiered as follows: $10,000-$99,999.99 is Prime - 0.25%, $100,000 and over is Prime - 0.50%. APR will never be more than 18%. 1-4 family owner occupied properties only. 80% maximum combined loan to value. Minimum loan $10,000 (line of credit) $5,000 (fixed rate portion). Maximum loan is $350,000. The plan allows two fixed rate advances from your line at any given time during the 10 year draw period (15 years to repay). Fixed rate advance rates will be those in effect at time of draw. Flood insurance may be required. Property insurance is required. Consult a tax advisor about the deductibility of interest. Other restrictions may apply. A cancellation fee will apply for loans terminated within two years of origination date. Other rates and terms available. Available for new lines only. $50 annual fee will be waived for the 1st year. WCCU NMLS ID # 518892. 

Home Equity Loan (First Lien Position)
Effective Date: Friday, September 18th, 2020
ProgramTermAPR*Monthly Payments per $1000 borrowed
7 Year Home Equity Loan
  7 years 2.750% $13.11
10 Year Home Equity Loan
  10 years 3.000% $9.66
15 Year Home Equity Loan
  15 years 3.125% $6.97
20 Year Home Equity Loan
  20 years 3.250% $5.68

*Annual Percentage Rate (APR) subject to change without notice. Rates shown require an “A” credit score of 680 or above. Rate also reflects a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Owner occupied only. Minimum loan amount is $10,000. Maximum loan amount is $350,000. Not available for New Purchases. Other rates and terms available. Maximum loan-to-value 80%. Other restrictions may apply. Flood insurance may be required. Property insurance is required. Requires First Lien Position. A termination fee not to exceed the lesser of $500 or 2% of the loan amount will apply for loans terminated within two years of origination date. Recording, trust review, and advisory fees apply where applicable. Consult a tax advisor regarding the deductibility of interest. WCCU NMLS ID # 518892.

Deposit Rates

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Deposit Rates

Checking Accounts
Effective Date: Friday, September 18th, 2020
ProgramRateAPY*Minimum Daily Balance to earn APY
Free Checking 0.00% 0.00% $0.00
Interest Checking 0.00% 0.00% $0.00 to $2,499.99
  0.05% 0.05% $2,500 to $9,999.99
  0.05% 0.05% $10,000 to $49,999.99
  0.10% 0.10% $50,000 and above
eChecking** 1.98% 2.00% $0.00
eChecking & Interest Checking require $10 min. to open.

*Annual Percentage Yield (APY) is subject to change without notice. Fees may reduce earnings. **Rate shown is for balances $0 - $19,999.99, balances of $20,000 or greater will earn .50% APY. To receive the higher rates, members must meet the following requirements: use their debit card a minimum of 10 times per month as a PIN or signature based transaction, sign up and activate eStatements, and complete 1 or more direct deposit or ACH transfers per month totaling a minimum of $500. If account does not meet the criteria, the monthly rate will be .10% APY.

Savings & Money Market Accounts
Effective Date: Friday, September 18th, 2020
ProgramRateAPY*Minimum Daily Balance to earn APY
Share Account
  0.05% 0.05% $5.00 to $4,999.99
  0.05% 0.05% $5,000.00 to $49,999.99
  0.05% 0.05% $50,000.00 and above
Includes WCCU Money Mammals Kids Club and Youth Share Savings Account. $5 min. to open - establishes membership.
IRA Savings Account
  0.10% 0.10% $25 to $4,999.99
  0.10% 0.10% $5,000.00 to $9,999.99
  0.25% 0.25% $10,000.00 and above
$25 Minimum balance to open. Consult your tax advisor to make sure you qualify for tax deductibility of IRA contributions.
Rewards Savings Account
  0.10% 0.10% $5.00 to $9,999.99
  0.10% 0.10% $10,000.00 to $49,999.99
  0.10% 0.10% $50,000.00 to $99,999.99
  0.10% 0.10% $100,000.00 to $199,999.99
  0.15% 0.15% $200,000.00 and above
No monthly service charges. Rate based on total balances under Primary Owner’s number- savings and loans (excluding 1st Mortgages). Interest is compounded & posted monthly based on total balances shown on last business day of the month. $5 min. to open - establishes membership.
#Goals Savings Account
  2.48% 2.50% $0.00
Rates are fixed for 12 months. After 12 months all accrued savings plus earnings will be transferred into your WCCU Savings (other than #Goals Savings) or Checking Account. Only 1 #Goals Savings Account per membership. At account opening automatic transfers will be scheduled from your WCCU checking account, $5 min. per month, $500 max. per month. Amount and date of transfer can be changed at any time. Auto transfers are the only deposits that can be made into this account. Closing the account early will result in the loss of 90 days of interest. Interest is compounded monthly and credited to your account monthly. 
Interest Money Market Account
  0.10% 0.10% $0.00 to $2,499.99
  0.10% 0.10% $2,500.00 to $4,999.99
  0.10% 0.10% $5,000.00 to $24,999.99
  0.10% 0.10% $25,000.00 to $74,999.99
  0.15% 0.15% $75,000.00 and above
Minimum to open is $2,500. No monthly service charge if minimum balance of $10,000 is maintained, otherwise there is a $25.00 monthly fee.

*Annual Percentage Yield (APY) is subject to change without notice. Fees may reduce earnings.

Certificates of Deposit
Effective Date: Friday, September 18th, 2020
TermRateAPY*Minimum Daily Balance to earn APY
3 Months 0.10% 0.10% $500.00
6 Months 0.15% 0.15% $500.00
12 Months 0.20% 0.20% $500.00
18 Months 0.40% 0.40% $500.00
24 Months 0.60% 0.60% $500.00
36 Months 0.70% 0.70% $500.00
48 Months 0.70% 0.70% $500.00
60 Months 0.70% 0.70% $500.00

*Annual Percentage Yield (APY) is subject to change without notice. A penalty will or may be imposed for early withdrawal. $500 minimum balance to open. Those in the Members Advantage program, please contact a Financial Services Representative for rates.

IRAs
Effective Date: Friday, September 18th, 2020
TermRateAPY*Minimum Daily Balance to earn APY
3 Months 0.10% 0.10% $500.00
6 Months 0.15% 0.15% $500.00
12 Months 0.20% 0.20% $500.00
18 Months 0.40% 0.40% $500.00
24 Months 0.60% 0.60% $500.00
36 Months 0.70% 0.70% $500.00
48 Months 0.70% 0.70% $500.00
60 Months 0.70% 0.70% $500.00

*Annual Percentage Yield (APY) is subject to change without notice. A penalty will or may be imposed for early withdrawal. $500 minimum balance to open. Those members in the Members Advantage program, please contact a Financial Services Representative for rates.

Premier 3 Month CD Special
Effective Date: Friday, September 18th, 2020
TermRateAPY*Minimum Daily Balance to earn APY
3 Months 0.20% 0.20% $500 to $24,999.99
  0.20% 0.20% $25,000 to $49,999.99
  0.45% 0.45% $50,000 and above

*Annual Percentage Yield (APY) is subject to change without notice. Other rates and terms available. $500 minimum deposit and balance is required for the 3 month tiered CD. A penalty will be imposed for early withdrawal. Members Advantage does not apply. Requires a WCCU checking account at opening and direct deposit within 60 days of opening to receive the premier rate, if account does not meet those criteria, the traditional cd rate as listed on the website at the time of default will be applied for the duration of the term. Other rates and terms available. One penalty free withdrawal allowed during CD term, unless the withdrawal occurs within 6 days of initial deposit or within 6 days of a previous withdrawal.

13 Month CD/IRA Special
Effective Date: Friday, September 18th, 2020
TermRateAPY*Minimum Daily Balance to earn APY
13 Months 0.25% 0.25% $500 to $24,999.99
  0.50% 0.50% $25,000 to $49,999.99
  0.75% 0.75% $50,000 and above

*Annual Percentage Yield (APY) is subject to change without notice. Other rates and terms available. Minimum deposit $500 for the 13 month tiered CD/IRA. A penalty will be imposed for early withdrawal. Members Advantage does not apply.

Business Deposit Rates

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Business Accounts
Effective Date: Friday, September 18th, 2020
ProgramRateAPY*Minimum Daily Balance to earn APY
Free Business Checking with Interest
$10 minimum deposit to open
  0.05% 0.05% $10.00 to $9,999.99
  0.15% 0.15% $10,000.00 and above
Share Savings for Business
$5 minimum to open - establishes business as a member
  0.05% 0.05% $0.00 to $4,999.99
  0.05% 0.05% $5,000.00 to $49,999.99
  0.05% 0.05% $50,000.00 and above
Business Money Market Account
$2,500 minimum deposit to open. No monthly service charge if minimum balance of $2,500 is maintained, otherwise there is a $10.00 monthly fee.
  0.25% 0.25% $0.00 to $24,999.99
  0.25% 0.25% $25,000.00 to $99,999.99
  0.50% 0.50% $100,000.00 to $249,999.99
  0.75% 0.75% $250,000.00 and above

*Annual Percentage Yield (APY) is subject to change without notice. Fees may reduce earnings.

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