UPDATE 8/16/2018: This 30-month CD special (3.56% APY) has ended and is no longer available.
UPDATE 8/14/2018: Easy membership requirement through ACC is limited to residents of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, or Washington DC .
This is the way to start out the week: a 30-month CD earning 3.56% APY. This limited-time CD offered by Pennsylvania-based Freedom Credit Union (Freedom CU) requires a minimum $500 deposit of new money, with no stated balance cap. There is also a 30-month Youth CD (3.56% APY) for members 25 years and younger, which requires a $250 minimum deposit of new money.
The 30-month CD is also offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
In February, DA reader, Ginzy, commented on my blog post about Freedom CU’s 36-month CD, “If you look at their disclosure page it states that you can add funds at any time. You may want to call and verify this.” Unfortunately, the fine print on the promotion page for the 30-month CD states,
Additional deposits are not permitted during the promotional term.
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
Many thanks to the DA readers who emailed me about this new and very hot deal at Freedom CU.
Headquartered in Warminster, Pennsylvania, Freedom Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, attend school, or volunteer in the southeast Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, or Philadelphia eligible for membership.
Community College of Philadelphia employees and students also qualify for membership, as do the employees/members of more than 290 SEGs.
Easy Membership Requirement
UPDATE 8/14/2018: One of the SEGs listed is the American Consumer Council (ACC). While there was some uncertainty about the easy membership requirement (EMR) when I last wrote about Freedom CU in February, after two phone conversations and a Live Chat this morning, EMR through ACC is indeed available, but only for residents of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, or Washington DC.
ACC members, regardless of residency, can join Freedom CU. You must either fax (215.612.5939) or email (firstname.lastname@example.org) a scan of your ACC eligibility certificate. According to the CSRs, the online application details the process.
Opening the 30-month CD
The 30-month CD 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. That phone number is specifically for opening or obtaining information about the 30-month CD. The person I spoke with was knowledgeable and was able to answer my questions without hesitation. He stated that while the 30-month CD can be funded via ACH, maturing funds are normally sent by cashier’s check. Another option is to have the maturing funds transferred to a Freedom CU savings account and then withdrawn by ACH.
In summary, if you are not already a Freedom CU member,
1. Join Freedom CU through online application.
2. Send proof of ACC membership.
3. Call 215.612.5912 to open and fund 30-month CD.
4. Contact Freedom CU sometime in February 2021 to make arrangements for the maturing CD.
UPDATE 8/6/2018: DA reader, me1004, raised a good point in the comments section below. Freedom CU is indeed a member of the CO-OP Shared Branching Network, and using a Shared Branch certainly streamlines the funding process. Thanks, me1004.
Credit Union Overview
Freedom Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.19% (excellent) based on March 31, 2018 data. In the past year, Freedom CU has increased its total non-brokered deposits by $47.24 million, an excellent annual growth rate of 6.88%. 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 65,200 members and assets in excess of $829 million. Between 2011 and 2014, Freedom CU merged with two Philadelphia area church-based credit unions, and assumed Mayfair Credit Union’s members and deposits after a NCUA liquidation.
How the CD Compares
When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Freedom Credit Union’s 36-Month CD APY currently (and clearly) ranks first.
The above rates are accurate as of 8/6/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.