Freedom Credit Union Continues Great 36-Month CD APY
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 is no longer required. All Freedom CU CDs can be opened with a minimum $500 deposit, with no stated balance cap. Both CDs are offered as Youth CDs (members 25 years and younger) earning the same APYs, but requiring a lower $250 minimum deposit.
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 12 to 36 months – 180 days of dividends
The amount of the penalty will not exceed dividends earned through the date of withdrawal.
Dividends are compounded and credited monthly. Automatic monthly transfers of credited dividends to a Freedom CU savings/checking account can be scheduled.
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funds are normally distributed by cashier’s check, but can also be transferred to a Freedom CU savings account and then withdrawn by ACH. There is a 10-day grace period before a Promotional CD automatically renews.
Unlimited beneficiaries (equal shares) can be designated, with Social Security numbers required for all named beneficiaries.
A soft pull credit check will be run as part of the application process.
Availability
Headquartered in Warminster, Pennsylvania, Freedom Credit Union’s field of membership (FOM) experienced significant changes 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 assured me that 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.
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.
Credit Union Overview
Freedom Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.42% (excellent) based on June 30, 2022 data. Freedom CU an excellent capitalization level (13.01%), the result of holding $1.1 billion in assets with $143.67 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 nearly 67,000 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 36-Month and 30-Month CDs Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available with the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Freedom Credit Union 36-month CD. The following table compares the 36-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
| APY | CD Term (Early Withdrawal Penalty) | Credit Union/Bank |
|---|---|---|
| 4.08% | 36-Month CD (EWP=180 days) | Freedom Credit Union |
| 4.00% | 30-Month Term Savings CD (EWP=3% of amount withdrawn) | Quorum Federal Credit Union |
| 3.82% | 30-Month CD (EWP=180 days) | Freedom Credit Union |
| 3.61% | 36-Month Certificate (EWP=180 days) | Connexus Credit Union |
| 3.56% | 36-Month Flex Index CD (EWP=180 days) | Merchants Bank of Indiana |
| 3.55% | 3-Year Bread Savings CD (EWP=180 days) | Bread Financial |
The above information and rates are accurate as of 9/25/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
Hopefully after November and December rate increases, this 4.08 % will seem like a low rate !
I took advantage of this offer a few weeks ago. I might wish I hadn't, about 6 months or a year from now. At least - in the meantime, we're earning the 4.08%.