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.
|3.25%||$500||-||Freedom Credit Union (PA)||60 Month CD|
|3.20%||$500||-||Freedom Credit Union (PA)||48 Month CD|
|3.15%||$500||-||Freedom Credit Union (PA)||36 Month CD|
|3.05%||$500||-||Freedom Credit Union (PA)||24 Month CD|
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.
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.