Freedom Fed Credit Union (MD) 25-Mo CD Special Has Market-Leading Rate

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Deal Summary: CD Specials – 25-month (5.35% APY) and 7-month (5.50% APY), $300 minimum deposit.

Availability: Maryland counties of Baltimore and Harford.

Freedom Federal Credit Union (Freedom FCU) has been offering a series of CD Specials for a few years. The two most competitive CD Specials currently available are the 25-month (5.35% APY) and 7-month (5.50% APY). Either CD Special can be opened with a $300 minimum opening deposit, but the 7-month requires new money, defined as “funds not currently on deposit with Freedom FCU.” There is a 25-month Jumbo CD Special that requires a $50k minimum deposit, but it earns the same 5.35% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.50%$300-Freedom Federal Credit Union (MD)7 Month CD Special - New Money
5.35%$300-Freedom Federal Credit Union (MD)25 Month CD Special
5.35%$50k-Freedom Federal Credit Union (MD)25 Month Jumbo CD Special
Rates as of April 17, 2024.

The CD Specials are also available as IRA CD Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.50%$300-Freedom Federal Credit Union (MD)7 Month IRA Special - New Money (Traditional, Roth, CESA)
5.35%$300-Freedom Federal Credit Union (MD)25 Month IRA Special (Traditional, Roth, CESA)
5.35%$50k-Freedom Federal Credit Union (MD)25 Month Jumbo IRA Special (Traditional, Roth, CESA)
Rates as of April 17, 2024.

Early Withdrawal Penalty

As stated in the Freedom FCU Truth-in-Savings (TIS) disclosure, the Early Withdrawal Penalty (EWP) reads (in part) as follows:

For all accounts, the amount of the early withdrawal penalty is based on the term of your account.

Terms of less than 12 months, 3 months dividends.

[…]

Terms of 25 months, 6 months dividends.

CSR confirmed that partial withdrawals are allowed, but as stated in the TIS,

If the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.

Availability

Headquartered in Bel Air, Maryland, Freedom Federal Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live, work, worship, attend school, or volunteer in the Maryland counties of Baltimore and Harford eligible to join.

Immediate family members of a current Freedom FCU member or a membership-eligible individual also qualify for membership, regardless of where they reside. "Immediate family member" is defined as spouse, domestic partner, parent, step-parent, children, step-children, grandparent, step-grandparent, sibling, step-sibling, grandchild, and grandchild.

Joining Freedom FCU can be done online or in-person at any of six Maryland branches located in Bel Air (2), Forest Hill, Gunpowder, Havre de Grace, and Perry Hall. (The Gunpowder branch is actually part of the Aberdeen Proving Ground Base, with access restricted to Base personnel and visitors.)

$1 minimum to create your ownership share (Regular Savings and Youth Savings).

Opening a Jumbo CD Special can be done at any of the above-mentioned branch locations. The Certificates page has a “Request for Information/Application for a Certificate Special” form, which asks for your name, email address, and Freedom FCU member status.

Funding and Other Details

The following information is from the Freedom FCU website and a conversation with a CSR.

  • Funding – ACH, wire, check, or internal transfer. Funds must be on deposit before opening a CD Special
  • CO-OP Shared Branch Participant – No.
  • Ownership – Individual, joint, or trust.
  • Dividends – Compounded/credited quarterly; cannot be withdrawn without penalty.
  • Maturing Funds – Internal transfer to a Freedom FCU Share Savings Account.
  • Beneficiaries – Unlimited and percentages can be assigned. Social Security numbers are required.
  • Grace Period – 7 calendar days before automatic renewal (7-month CD Special renews as a 6-month Regular CD and 25-month CD Special renews as a 24-month Regular CD).
  • Credit Check – Soft pull when joining using Equifax.

Credit Union Overview

Freedom Federal Credit Union has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 12.39% (above average) based on September 30, 2023 data. In the past year, Freedom FCU’s total non-brokered deposits decreased by -$10.7 million, a below average annual growth rate of -2.79%. Please refer to our financial overview of Freedom Federal Credit Union (NCUA Charter # 8550) for more details.

Freedom Federal Credit Union was established in 1953 as MATCOM Federal Credit Union and originally based in Baltimore. The move to Harford County was in support of the Edgewood Arsenal, which later became part of the Aberdeen Proving Ground. The change to a community charter occurred in 1999, with the name changed to Freedom Federal Credit Union in 2000. Today, Freedom FCU is Maryland’s 18th largest credit union, with more than 33,000 members and assets in excess of $430 million.

How the 25-Month CD Special Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, have fixed rates, and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Freedom Federal Credit Union 25-Month CD Special. The following table compares the 25-Month CD Special to the four highest-rate 2-year CDs from other banks/credit unions.

How the 7-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that available within the FOM and have minimum deposit requirements of $10k or less, two credit unions have higher rates than currently offered on the Freedom Federal Credit Union 7-Month CD Special. The following table compares the 7-Month CD Special to the four highest-rate short-term CDs from other banks/credit unions.

The above information and rates are accurate as of 2/12/2024.

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

Related Pages: Baltimore CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates

Comments


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For all accounts, the amount of the early withdrawal penalty...

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