Freedom Credit Union (Freedom CU) has added a 36-month CD earning 3.04% APY. This limited-time offer requires a minimum deposit is $500 of new money, with no stated balance cap. There is also a 36-month Youth CD (3.04% APY) for members 25 years and younger, which only requires a $250 minimum deposit.
The 36-month CD is also offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
UPDATE: DA reader, Ginzy, commented, “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.” I did call and the additional deposit feature does not apply to any CD Specials, like the 36-month CD. I told CSR that limitation should be listed in the fine print, or on the promotion page. She told me it was covered with the following statement.
Promotion cannot be combined with other offers.
As stated in the Rate and Fee Schedule, the Early Withdrawal Penalty reads as follows:
Terms of 12 to 36 months - 180 days of dividends
Many thanks to DA reader, NTPanaccio, for posting this hot deal in the Forum.
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, Maybe
I noticed that one of the SEGs listed is the American Consumer Council (ACC), so I did a Live Chat with the Credit Union to see if the ACC membership was dependent on residency. Here’s a portion of the Live Chat:
Me - I do not live in one of the counties you listed, but I am an ACC member. Can I join?
CSR - As long as you have an Eligibility certificate for ACC you can apply for membership on our website. You will just have to fax us the certificate for review also a photo ID. Our Fax number is 215-612-5939.
It’s possible that Freedom CU may have intended for the ACC option as a way for more Pennsylvania residents to join. If a large number of out-of-state ACC members apply to join, the Credit Union’s management could decide to limit the ACC eligibility based on residency. Caveat emptor.
Credit Union Overview
Freedom Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.24% (excellent) based on September 30, 2017 data. In the past year, Freedom CU has increased its total non-brokered deposits by $33.15 million, an excellent annual growth rate of 5.11%. Please refer to our financial overview of Freedom Credit Union (NCUA Charter # 60275) for more details.
Originally chartered 1934, Freedom Credit Union is currently Pennsylvania’s eleventh largest credit union, with more than 62,800 members and assets in excess of $770 million. Between 2011 and 2014, Freedom CU merged with two Philadelphia area church-based credit unions and assumed Mayfair Credit Union’s members and deposit after a NCUA liquidation.
How the CD Compares
When compared to the 330 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 2/5/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.