Freedom Credit Union Boosts Long-Term CD Rates

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UPDATE 1/23/2023: Easy Membership Requirement is no longer in effect. See Availability section below.

Deal Summary: CDs – 48-month (4.60% APY), 60-month (4.86% APY), $500 minimum deposit.

Availability: Easy Membership Requirement for residents of DE, MD, NJ, PA, VA, WV, and DC; residents of five SE Pennsylvania counties; nearly 300 SEGs.

In early October, Pennsylvania-based Freedom Credit Union (Freedom CU) went “uni-rate,” offering 4.08% APY on all of its CDs. While the shorter-term CDs continue to earn 4.0% APY, Freedom CU recently raised the rates on its 48-month and 60-month CDs. Following increases of 52 bps and 78 bps, respectively, the 48-month CD currently earns 4.60% APY, with the 60-month CD earning 4.86% APY. The minimum opening deposit is $500, with no stated balance cap. The CDs are also offered as Youth CDs (members 25 years and younger) earning the same APYs, but requiring a lower $250 minimum deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.86%$500-Freedom Credit Union (PA)60 Month CD
4.86%$500-Freedom Credit Union (PA)60 Month IRA (Traditional, CESA, Roth)
4.60%$500-Freedom Credit Union (PA)48 Month CD
4.60%$500-Freedom Credit Union (PA)48 Month IRA (Traditional, CESA, Roth)
Rates as of January 28, 2023.

The CDs are also offered as IRA CDs (Traditional, Roth, ESA), earning the same APYs with the same deposit requirements.

As stated in the Rate and Fee Schedule page, the Early Withdrawal Penalty reads as follows:

Terms of 48 to 60 months – 360 days of dividends

The amount of the penalty will not exceed dividends earned through the date of withdrawal.

Funding and Other Particulars

According to CSR,

  • Funding – ACH or shared branch transfer.
  • Interest – Compounded/credited monthly and can automatically be transferred to a Freedom CU savings/checking account.
  • Maturing Funds – Wire ($20 fee), cashier’s check, or internal transfer to an existing savings/checking account.
  • Grace Period – 10 calendar days before automatic renewal.

Availability

UPDATE 1/23/2023: Joining Freedom Credit Union through a membership in the American Consumer Council is no longer an option. According to CSR, affiliations with any third party no longer qualifies for membership eligibility.

Headquartered in Warminster, Pennsylvania, Freedom Credit Union’s field of membership (FOM) experienced significant changes more than four years ago. A nationwide easy membership requirement (EMR) through the American Consumer Council (ACC) was established at the beginning of 2018. By August 2018, the scope of EMR had narrowed, with only residents of Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia qualifying through ACC membership.

Even though the EMR is not listed on the About Us page, CSR stated it is still in effect. To join using ACC membership, you must either email ([email protected]) or fax (215.612.5939) your ACC eligibility certificate.

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 nearly 300 participating SEGs.

Account Opening

Joining Freedom CU and/or opening a CD can be done online, or at any of four full-service Pennsylvania “access centers” (branch locations) in Abington, Philadelphia (2), and Warminster.

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.

Freedom CU participates in both the CO-OP Shared Branch network and the ATM network.

Unlimited beneficiaries, with equal shares, can be designated and Social Security numbers required for all named beneficiaries.

A soft pull credit check will be run as part of the application process.

Credit Union Overview

Freedom Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.35% (excellent) based on September 30, 2022 data. Freedom CU an excellent capitalization level (13.05%), the result of holding $1.11 billion in assets with $145.34 million in equity. Please refer to our financial overview of Freedom Credit Union (NCUA Charter # 60275) for more details.

Chartered in 1934, Freedom Credit Union is currently Pennsylvania’s eleventh largest credit union, with more than 68,000 members and assets in excess of $1.1 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 48-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the Freedom Credit Union 48-Month CD. The following table compares the 48-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 60-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Freedom Credit Union 60-month CD. The following table compares the 60-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 12/15/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Philadelphia CD rates, 5-year CD rates

Comments
Robb
  |     |   Comment #1
Anyone have luck getting through their phone system today? I was on hold for 45 minutes and went from 10 to 14 in the queue. Finally gave up. Crazy.
max100
  |     |   Comment #2
with this inflation it makes no sense to open 5 year cd , 2 or 3 year is much butter .
sharon907
  |     |   Comment #3
buying dried beans, makes the most sense.
CharleyRay
  |     |   Comment #12
I'll be 71 y/o in April. I want a good rate (now) and for 5 or 6 years. I'll be able to call it quits with CDs after that. Too much paperwork with the IRA accounts! I don't like begging for my own money!
fred_b
  |     |   Comment #5
I am an existing member at Freedom CU. It's a pain setting up a link to Freedom CU from an external account because instant verification with Plaid doesn't work. I had to go with trial deposits.

I know some users here don't trust Plaid. Understand that Plaid doesn't store your credentials. It doesn't even see them. It simply presents them to the FI you are trying to link.
SamFam
  |     |   Comment #7
Is anyone here who is already a member, willing to give me their name as a referral??
I applied for an account, I live in Virginia, I sent them the ACC certificate and they said, they no longer accept JUST that. The only way, one can become a member is if they have an ACC certificate AND a name of an existing member who is referring them.
SamFam
  |     |   Comment #8
Never mind.... Now they want referring FAMILY member...When I spoke to the rep, it was just any member....
rockies
  |     |   Comment #6
Regarding the Easy Membership Requirements listed by Ken, have any folks in DA Nation been able to establish membership in the last week using these criteria?

I tried via phone and via chat today and both times I was told that Freedom is basing membership only on "Anyone who lives, works, worships, performs volunteer service, or attends school in Bucks, Chester, Delaware, Montgomery, or Philadelphia Counties is eligible for Membership." This is the same criteria listed on the About Us page. 

They said ACC does not work.   I even asked if I would qualify if I made a donation to one of the Participating SEGs listed and the answer was "no". 

Anyone out there have a different experience with establishing easy membership?
deeMatrix
  |     |   Comment #9
I was officially denied yesterday as they indicated that they no longer accepted ACC and I had to live in one of above locales you outline to qualify OR have a referring family member.
slimjimmy51
  |     |   Comment #10
I just got off the phone with the CSR. I live in Delaware and I’m a member of the American Consumer Council. I was hoping to open the 5 year CD for 4.86%. The CSR informed me that they no longer accept the ACC membership and that you must live, work or worship in the 5 qualifying counties in Pennsylvania to join the credit union. The membership information on this page is incorrect and should be corrected.
CharleyRay
  |     |   Comment #11
I was told by this credit union that there are additional requirements in order to join. Just because I live in New Jersey is not one of them. It's not that easy!
Freedom Credit Union Short-Term CD Rates Jump Upward
Deal Summary: CDs – 6-month (4.08% APY), 12-month (4.08% APY), and 18-month (4.08% APY), $500 minimum deposit.

Availability: Easy Membership Requirement for residents of DE, MD, NJ, PA, VA, WV, and DC; residents of five SE Pennsylvania counties; more than 290 SEGs.

Pennsylvania-based Freedom Credit Union (Freedom CU) has gone “uni-rate,” offering 4.08% APY on all of its CDs. This rate change has made the short-term CDs quite competitive and the long-term CD not so much. All Freedom CU CDs can be opened with a minimum $500...

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Freedom Credit Union Continues Great 36-Month CD APY
Deal Summary: CDs – 36-month (4.08% APY) and 30-month (3.82% APY), $500 minimum deposit.

Availability: Easy Membership Requirement for residents of DE, MD, NJ, PA, VA, WV, and DC; residents of five SE Pennsylvania counties; more than 290 SEGs.

I wrote about Pennsylvania-based Freedom Credit Union’s (Freedom CU) limited-time, new money Fall CDs about three weeks ago. As DA readers, hank and johncharles, noted in a Forum post today, the competitive APYs are still available, but the rates now apply to the regular CDs and new money...

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Freedom Credit Union Has Great But Limited-Time CD Rates
Deal Summary: Promotional CDs – 24-month (3.56% APY), 30-month (3.82% APY), and 36-month (4.08% APY), $500 min/$250k max deposit, new money required.

Availability: Easy Membership Requirement for residents of DE, MD, NJ, PA, VA, WV, and DC; residents of five SE Pennsylvania counties; more than 290 SEGs.

As DA reader, NTPanaccio, noted in a Forum post yesterday, Pennsylvania-based Freedom Credit Union (Freedom CU) is offering three extremely competitive limited-time Fall CD rates.

The 24-month (3.56% APY), 30-month (3.82% APY), and 36-month (4.08% APY) Promotional CDs can be opened with...

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Freedom Credit Union Boosts Long-Term CD Rates To Competitive Levels
Deal Summary: Long-term CDs – 36-month (1.26% APY), 48-month (1.31% APY), and 60-month (1.41%), $500 minimum deposit.

Availability: Easy Membership Requirement for residents of DE, MD, NJ, PA, VA, WV, and DC; residents of five SE Pennsylvania counties; more than 290 SEGs.

Pennsylvania-based Freedom Credit Union (Freedom CU) substantially increased the rates on its long-term CDs this week. With increases of 26 bps, the 36-month (1.26% APY), 48-month (1.31% APY), and 60-month (1.41%) are currently offering competitive rates. The minimum opening deposit is $500, with no...

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Freedom Credit Union Offers Competitive 36- And 30-Month CDs
Deal Summary: 36-month CD (1.50% APY), 30-month CD (1.30% APY), $500 minimum deposit.

Availability: Easy Membership Requirement for residents of DE, MD, NJ, PA, VA, WV, and DC; residents of five SE Pennsylvania counties; more than 290 SEGs.

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,...

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