Freedom Bank (NJ) Raises Rate on 12-17 Month CD - Local Only

Earlier this week, Freedom Bank (NJ) raised the rate on its 12-17 month CD (1.30% APY). This CD can be opened with a $500 minimum deposit and has no maximum balance cap. It is also available as an IRA (Traditional, Roth and SEP). According to CSR, the Early Withdrawal Penalty is 180 days interest.

Freedom Bank is also offering a 36-47 month Bump-Up CD (1.50% APY) and a 60-month Bump-Up CD (1.75% APY). Both Bump-Up CDs require "new" money and have a $500 minimum deposit; there is a $100K cap per customer on these promos. The 36-57 month Bump-Up CD allows for two rate bump-ups during the term of the CD, and the 60-month Bump-Up CD allows for three rate bump-ups.

Another promotion at Freedom Bank is their new Choice Money Market Account (0.75% APY). This is another "new" money account, and has neither minimum or maximum balance requirements. There is a $10 fee if more than six withdrawals or transfers occur during the statement cycle.

Availability

Freedom Bank is located in northern New Jersey (Bergen County) and currently offers its services and products to residents of New Jersey.

At this time, any account opened at Freedom Bank requires an in-person visit to either the Maywood or Guttenberg location. While Freedom Bank does have online transactional banking features, opening an account is not one of them. The CSR also mentioned that accounts cannot be opened via mail either.

Bank Overview

Freedom Bank (FDIC Certificate # 58712) has an overall health rating of A+ at DepositAccounts.com, with a Texas Ratio of 0.39% (excellent) as of June 30, 2014. In the past year, Freedom Bank has increased its total deposits by $31.14 Million, an excellent growth rate of 18.98%. Please refer to our financial overview of Freedom Bank for more details.

While Freedom Bank is a young bank (established in 2008), its management team has over 125 years of combined banking experience. Freedom Bank’s senior management was chosen not only for their extensive banking experience, but also for their involvement in Bergen County, New Jersey, business and civic communities.

How the Rate Compares

Of all the products mentioned above, Freedom Bank’s 12-17 month CD is the most competitive, particularly as a 12-month CD. When compared to other similar length-of-term CDs tracked by DepositAccounts.com, with a $500 minimum deposit, no maximum balance cap, and available to New Jersey residents, Freedom Bank's 12-17 month CD fares well:

The above rates are accurate as of 9/12/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.