In 2016, Freedom First offered a Fall Money Market Special, which earned 1.25% APY on balances of $100k+. The APY was guaranteed for twelve months.
Two years later, there’s a new (and definitely improved) Money Market Special at Freedom First, earning 2.13% APY on balances of $10k+, with a twelve month rate guarantee.
To earn the 2.13% APY, at least $10k must “come from sources other than Freedom First accounts.”
Beginning with the 13th month the account will continue earning
dividends at the then prevailing money market dividend rate.
If the balance should fall below $10k, the account will earn the regular Money Market account rate (0.45% APY). If the average balance is less than the required $10k, there is a $10 monthly fee. There is also a $5 fee for each withdrawal over the standard six withdrawals allowed per month.
Freedom First is also offering two Community Investment Certificate Specials with tiered APYs. New money is required to earn any of the stated APYs.
Headquartered in Roanoke in Southwest Virginia, Freedom First offers membership to individuals who live, work, worship, attend school, or are “involved with a charitable organization” in the Virginia counties of Botetourt, Craig, Franklin, Montgomery, or Roanoke Counties or the Virginia 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 Money Market Special online, the application only lists the regular Money Market Account. CSR stated that as long as the $10k minimum opening deposit requirement is met, the 2.13% APY automatically applies. He also said that any online application is followed up with a phone call from a Freedom First “banker” to confirm all terms and conditions.
Credit Union Overview
Freedom First has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.40% (excellent) based on March 31, 2018 data. In the past year, Freedom First has increased its total non-brokered deposits by $53.62 million, an excellent annual growth rate of 14.06%. Please refer to our financial overview of Freedom First (NCUA Charter # 11111) for more details.
Freedom First was 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 currently Virginia’s 18th largest credit union, with more than 52,800 members and assets in excess of $531 million.
How the Money Market Special Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available within the FOM, Freedom First’s Money Market Special APY currently ranks first.
|Interest Rate||Account Name||Credit Union/Bank|
|2.13% APY||Money Market Special ($10k min/no max)||Freedom First||2.01% APY||eMoney Market (no min/no max)||Virtual Bank|
|2.00% APY||iGOmoneymarket ($25k min/no max)||iGObanking|
The above rates are accurate as of 7/18/2018.
Searching for the best MMA rates, either nationwide or in your state? Please refer to our Money Market Accounts rates table page.