Freedom Credit Union Adds 18-Month Promo CD, 3.50% APY
This morning, Pennsylvania-based Freedom Credit Union (Freedom CU) unveiled a new 18-month Promo CD, earning 3.50% APY. This limited-time offering requires a minimum opening deposit of $500 of new money and is capped at $250k. The 18-month Youth Promo CD (members 25 years and younger) earns the same 3.50% APY, but can be opened with a $250 minimum deposit (new money still applies).
The 18-month Promo CD is also offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Terms of 12 to 36 months – 180 days of dividends
Thanks to DA reader, Yaaaayhoo, for the heads-up about the 18-month Promo CD.
Add-On Feature Only Applies to Regular CDs
While Freedom CU permits additional deposits throughout the term on its regular CDs, there is no add-on feature for promo CDs. Freedom CU currently offers some long-term CDs with competitive rate, which qualify for,
Additional deposits allowed any time after opening or renewal, and prior to closing
If you’re going to open an 18-month Promo CD, you may also want to considering opening a 60-month CD (3.25% APY, $500 minimum deposit), as a safeguard against possible falling rates in the next few years. If rates have dropped when the 18-month Promo CD matures, being able to deposit those funds into the 60-month CD could be quite beneficial.
Availability
Headquartered in Warminster, Pennsylvania, Freedom Credit Union’s field of membership (FOM) has changed in the past year. At the beginning of 2018, the Credit Union offered a nationwide easy membership requirement (EMR) through the American Consumer Council (ACC). In August, the availability of EMR was narrowed, with only residents of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia now qualifying.
Even though the ACC is no longer listed as an SEG on the Credit Union’s website, membership in Freedom CU is still open to all residents of the above-mentioned states 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 250 SEGs.
Joining Freedom CU can be done online, or at any of four full-service Pennsylvania branches, located in Abington, Lansdale, Philadelphia, and Warminster.
Opening a CD
CDs cannot be opened online. After your application has been submitted and approved, you can open and fund the CD through an ACH transfer by calling 215.612.5912, the phone number provided on the 18-month CD landing page.
NOTE: I called that number three times. Each time I heard an outgoing message stating the mailbox was full and could not accept any new messages, and I should try my call later. I was able to speak to a CSR at the Call Center (215.612.5900) after a short hold time.
CDs can be funded through ACH or by using a CO-OP Shared Branch. Maturing funds are normally distributed by cashier’s check, but can also be transferred to a Freedom CU savings account and then withdrawn by ACH.
Credit Union Overview
Freedom Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.29% (excellent) based on September 30, 2018 data. In the past year, Freedom CU has increased its total non-brokered deposits by $86.94 million, an excellent annual growth rate of 12.75%. 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 more than 67,400 members and assets in excess of $870 million. 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 Promo CD Compares
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 19-month Promo CD APY currently ranks first.
The above rates are accurate as of 2/15/2019.
Looking for the best CD rates, either nationwide and state specific? Please refer to our CD Rates Table page.
Problem is I spoke to two and I don't remember the first one's name who was snippy with me. She had an attitude because I did not remember my call in password and I told her about not calling for three years since I had the CD but was able to sign in online with no problem. The second one was much nicer and she actually gave me a hint to help me remember it. So I did not want to get her in any trouble.
So this.., or the 15 month NASA CD @ 3.20%?
I'm thinking an extra 10 basis points per month might just be worth it...
This deal would have been better than my NASA 15 month but there are conflicting reports on if people outside their states can join.
#21 did it, #25 says no.
But when Keesler started their 5% CD there was no backdoor method mentioned. Someone found out otherwise and a lot of us got in.
When I opened my Keesler account, several reps told me I HAD to let it sit in the share account earning little or nothing waiting on the check to clear. Had I accepted that version, It would have reduced my earnings and delayed when I could open the CD.
My point is, DO NOT take something a single rep from a CU says as gospel.
Using the ACC, You were in the eligible states correct?
I hope this reply does not violate the comment policy. If it does, perhaps some explanation could be given.
ratechasers 0
At that time, I was only earning 2.25% on my checking, that has since increased to 2.50%.
Don't count out Keesler for coming up with a competitive deal. It's not going to be 5% but it could be good.
Many or even most CUs ask for "new money" for new special deals so it's a good idea to have some money set aside. NASA used to ask for $5k but now its $10k.
I am probably going all in but $20k for the 3.25% on 2/25. Because shortly after Keesler matures, I have a large Andrews maturing too. All we can do is make the best deal we can at the time our money is available.
I am setting aside $10k x 2 in case both Keesler and Andrews require new money for deals at that time.
Something else will come down the pike if one or both of them fail to offer anything competitive. I am trying to stick with places I already have accounts so as to avoid even more inquiries on my chexsystem. Several posters were rejected for membership on a CD deal for too many chexsystem inquiries. (And I was going to apply there too)
I am going to request a copy of my chexsystems here soon just to see what they are looking at.
That's odd. I live in California and called on Friday, asking if there was any way I could qualify for membership. CSR said, "If you live in Californian no way, no how. Good bye."
I decided to give this CD a shot. Wasn't a member so I filled out an online application and called the credit union. They said to email mg ACC certificate.
Using the ACC, You were in the eligible states correct?
To Comment #18 - Yes I live in Pennsylvania.
(1) where is the conflict? one person already a member a year ago got in with ACC in California no trouble gets CD..
(2) one guy in california doesnt cant join because not in valid state
(3) one guy in valid state with ACC gets CD
(PS, for the folks who are unable to type a "J", Navy Federal is not nationally available and a month ago they did not have the 6 month 3% either)
The ACC certificate I got by email several years ago is a png image. do you send the png image as an attachment to the email to freedom? or do you have to convert the png to pdf & attach the pdf to the email? or do you use a scanner (which i don't have, but do have smart phone which I have used to take/send pics in the past).
is the freedom cu email address listed in the online application? thanks.
You can attach any image format to an email: png, bitmap, jpg, jpeg, etc.
And there's no need to convert the image to PDF format ; so long as the image is legible.
Did get a Hard Pull notification on Experian from Capital One's credit monitoring...
Per phone call to freedom, I was told if you apply online, you have to wait for the welcome kit in the mail to get your member# (it would be in the welcome kit). If that's the case, then I wouldn't be able to fund the share/savings account nor open & fund the cd until after welcome kit comes in the mail.
Was this what happened to you? If not, how did you join & open cd?
From deposit accts article I expected to have to call to open/fund the cd, but I guess I didn't realize it would take a mailing before finalizing membership. Thanks.
Which is what you'll need if you decide to use a shared branch for your initial deposit.
Talk about cutting it close....!