Freedom Credit Union Offers Competitive 36- And 30-Month CDs
Pennsylvania-based Freedom Credit Union (Freedom CU) is currently offering competitive rates on its 36-month CD (1.50% APY) and 30-month CD (1.30% APY). The minimum opening deposit is $500, with no stated balance cap. Both CDs are offered as Youth CDs (members 25 years and younger) earning the APYs, but requiring a lower $250 minimum deposit.
The CDs are also offered as IRA CDs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.75% | $500 | - | Freedom Credit Union (PA) | 36 Month IRA (Traditional, CESA, Roth) | |
| 0.65% | $500 | - | Freedom Credit Union (PA) | 30 Month IRA (Traditional, Roth, CESA) |
In the past, Freedom CU offered the “flexibility to add to your CD any time after opening.” According to CSR, the additional deposit option is not available on CDs opened after April 1, 2020.
As stated in the Rate and Fee Schedule page, the Early Withdrawal Penalty reads as follows:
Terms of 12 to 36 months – 180 days of dividends
Dividends are compounded and credit monthly, with withdrawals of dividends allowed.
CDs can be funded through an ACH transfer or through a CO-OP Shared Branch transfer. Maturing funds are normally distributed by cashier’s check, but can be transferred to a Freedom CU savings account and then withdrawn by ACH. There is a 10-day grace period before a CD will automatically renew.
Thanks to DA reader, alan1, for his Forum post about these CDs.
Availability
Headquartered in Warminster, Pennsylvania, Freedom Credit Union’s field of membership (FOM) experienced significant changes three years ago. At the beginning of 2018, a nationwide easy membership requirement (EMR) through the American Consumer Council (ACC) was established. In August 2018, the scope of EMR was narrowed, with only residents of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia now qualifying through ACC membership.
To join using ACC membership, you must either email ([email protected]) or fax (215.612.5939) your ACC eligibility certificate. According to the CSR, the online application details the process.
Local Residency: Freedom CU also offers membership to individuals who live, work, worship, attend school, or volunteer in the southeast Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, or Philadelphia.
Select Employee Groups: Community College of Philadelphia employees and students also qualify for membership, as do the employees/members of more than 290 participating SEGs.
Joining Freedom CU can be done online, or at any of four full-service Pennsylvania branches, located in Abington, Philadelphia (2), and Warminster. (The Lansdale branch is temporarily closed.) There is no mention of any branch COVID-related restrictions on Freedom CU’s website.
All Memberships are required to have a Freedom Savings account with a minimum
balance of $5.00 to be a member in good standing with Freedom Credit Union.
CDs can be opened at any of the above-mentioned branches, but not online. CSR stated that after your online membership application has been submitted and approved, opening and funding a CD can be done over the phone (215.612.5900).
Credit Union Overview
Freedom Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.18% (excellent) based on September 30, 2020 data. In the past year, Freedom CU has increased its total non-brokered deposits by $94.28 million, an excellent annual growth rate of 10.94%. Please refer to our financial overview of Freedom Credit Union (NCUA Charter # 60275) for more details.
Originally chartered in 1934, Freedom Credit Union is currently Pennsylvania’s eleventh largest credit union, with nearly 70,000 members and assets in excess of $1 billion. Between 2011 and 2014, Freedom CU merged with two Philadelphia area church-based credit unions, and also assumed Philadelphia-based Mayfair Credit Union’s members and deposits following an NCUA liquidation.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Freedom Credit Union’s 36- and 30-month CD APYs currently rank first and second, respectively.
The above rates are accurate as of 2/6/2021.
Looking for the best CD rates, either nationwide and state specific? Please refer to our CD Rates Table page.
