Freedom Credit Union Offers 24-Month CD, 3.05% APY

Pennsylvania-based Freedom Credit Union (Freedom CU) is currently offering a competitive 3.05% APY on its 24-month CD. The minimum opening deposit is $500, with no stated balance cap. There is also a 24-month Youth CD (members 25 years and younger) earning the same 3.05% APY, but only requiring a $250 minimum deposit.

The 24-month CD is also offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.

Additional Deposits

The Certificates of Deposit page lists this gem – “Flexibility to add to your CD any time after opening.” The Truth-in-Savings disclosure confirms this very nice feature.

Additional deposits allowed any time after opening or renewal, and prior to closing

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

Availability

Headquartered in Warminster, Pennsylvania, Freedom Credit Union’s field of membership (FOM) has undergone significant changes 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.

The EMR has a new wrinkle: ACC is no longer listed as an SEG on the Credit Union’s website, putting the EMR in question. According to CSR (who double-checked with a supervisor), 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 215.612.5919. CDs can also be funded by using a CO-OP Shared Branch. Maturing funds are normally distributed by cashier’s check, but can 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 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 24-Month CD APY currently ranks second.

The above rates are accurate as of 1/17/2019.

Looking for the best CD rates, either nationwide and state specific? Please refer to our CD Rates Table page.