Freedom First Federal Credit Union (Freedom First) is promoting its Fall Money Market Special, which earns 1.25% APY on balances of $100k+. The 1.25% APY is guaranteed for twelve months from account opening.
Beginning with the 13th month the account will continue earning
dividends at the then prevailing money market dividend rate.
At least $25k must “come from sources other than Freedom First accounts.”
If the balance should fall below $100k, the account will earn regular Money Market account rates (currently ranging from 0.20% APY to 0.50% APY). If the average balance is less than the required $100k, there is a $10 monthly fee. There is also a $5 fee for each withdrawal over the six pre-authorized withdrawals per month.
Headquartered in Roanoke in Southwest Virginia, Freedom First offers membership to individuals who live, work, worship, attend school, or own a business in Botetourt, Craig, Franklin, Montgomery, or Roanoke Counties or the cities of Radford, Roanoke, Salem, or Vinton.
Family members (child, grandchild, grandparent, parent, sibling, spouse) of current members are also eligible to join.
While there is a link on the promotion page to open the Fall Money Market Special online, the online application only lists the regular Money Market Account. CSR stated that the Fall Money Market Special would be added to the online application soon, but at this time, an in-branch visit is required to open this promotion.
Credit Union Overview
Freedom First (NCUA Charter # 11111) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.70% (excellent) based on June 30, 2016 data. In the past year, Freedom First has increased its total deposits by $60.9 million, an excellent annual growth rate of 21.69%. Please refer to our financial overview of Freedom First for more details.
Freedom First is celebrating its 60th anniversary this year, having been established in 1956 as the Roanoke General Electric Employees Federal Credit Union. The original seven members contributed a total of $40, and the “office” was a drawer in the desk of a plant employee. Seven mergers, three name changes, and one charter change later, Freedom First is Virginia’s 19th largest credit union, with more than 47,600 members and assets in excess of $443 million.
How the Fall Money Market Special Compares
When compared to the 166 Money Market Accounts tracked by DepositAccounts.com, that are available to residents within the FOM, First Freedom's Fall Money Market Special APY shares the top spot with State Bank of Texas’ Jumbo Money Market.
The above rates are accurate as of 9/17/2016.