Freedom Federal Credit Union (Freedom FCU) is continuing to promote a series of Certificate Specials with competitive rates. As I noted yesterday, finding a CD with a 3% yield has become more difficult, but they do exist. Of the three Jumbo CD Specials being offered, the 42-month, earning 3.00% APY, has the best rate. The Jumbo CD Specials all require a minimum $50k opening deposit.
All the Jumbo CD Specials are also available as IRAs (Traditional, Roth, CESA), earning the same APYs and requiring a $50k minimum opening deposit.
As stated in Freedom FCU’s Truth In Savings document, the Early Withdrawal Penalty (EWP) reads as follows:
For all accounts, the amount of the early withdrawal penalty is based on the term of your account.
Terms of 36 months, 9 months dividends.
Terms of 48 months, 12 months dividends.
CSR stated the EWP for the 42-month Jumbo CD Special is the same as that for a 48-month CD – 12 months of dividends on the amount being withdrawn.
Headquartered in Bel Air, Maryland, Freedom Federal Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, attend school, or volunteer in Harford County, 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. Freedom FCU’s definition of "immediate family member" is wide: 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 five Maryland branches located in Bel Air (2), Forest Hill, Gunpowder, and Havre de Grace. The Gunpowder branch is actually part of the Aberdeen Proving Ground Base, and access is 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 Jumbo 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.
Credit Union Overview
Freedom Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.58% (excellent) based on September 30, 2019 data. In the past year, Freedom FCU has increased its total non-brokered deposits by $3.01 million, an above average annual growth rate of 1.09%. 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 21st largest credit union, with more than 31,600 members and assets in excess of $311 million.
How the Jumbo CD Special Compares
When compared to 214 similar length of term CDs tracked by DepositAccounts.com that available to residents of northern Maryland, Freedom Federal Credit Union's 42-month Jumbo CD Special currently ranks first, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.00% APY||42-Month Jumbo CD Special ($50k min)||Freedom Federal Credit Union|
|2.70% APY||48-59 Month CD ($25k min)||Hiway Federal Credit Union|
|2.68% APY||4-Year Jumbo Certificate ($50k min)||Advancial|
The above rates are accurate as of 1/18/2020.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.