Liberty Bank has added 30 bps to its 18-month Promo CD, boosting the APY up to 2.00%. The minimum opening deposit is $500 of new money, which is defined simply as “funds not currently on deposit at Liberty Bank.” While there is no stated balance cap, there is a limit of one Promo CD per customer.
The 18-month Promo CD was introduced in June and, at the time, its 1.70% APY was the top rate for any 18-month CD available in Connecticut. Five months later in the current rising rate climate, a 1.70% APY would be the eighth highest APY for a 18-month CD. In other words, not that impressive.
According to CSR, the Early Withdrawal Penalty is a combination of a “flat fee of $25 and 3% of the amount being withdrawn.”
$100 Checking Bonus
There are about six weeks left before Liberty Bank’s new checking account $100 bonus expires on December 30, 2017. The details can be found on the promotion page and are summarized as follows:
- All account holders on the new account must be new consumer checking customers, defined as not having “had a checking account within the past 365 days.”
- Direct Deposit (payroll, pension, or government benefits) required within 90 days of account opening.
- $100 will be deposited in new checking no later than 60 days following first Direct Deposit transaction.
All of Liberty Bank’s four checking accounts (PayBank, Quarter Back, Basic, and Interest) qualify for the $100 bonus. Details for all four checking accounts can be found on the Bank's website.
Headquartered in Middletown, Connecticut, Liberty Bank’s market area is primarily Connecticut, but the Bank’s website does state that residents of Hampden, Hampshire, and Worcester Counties, Massachusetts, and Washington County, Rhode Island are “invited to apply.”
While Liberty Bank does offer a variety of online CDs, the 18-month Promo CD must be opened in-branch at any of 55 full-service Connecticut branches, which are located throughout the state.
Liberty Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.47% (excellent) based on June 30, 2017 data. In the past year, Liberty Bank has increased its total non-brokered deposits by $97.4 million, an excellent annual growth rate of 2.8%. Please refer to our financial overview of Liberty Bank (FDIC Certificate # 17943) for more details.
How do you summarize Liberty Bank’s 192-year history in one or two short paragraphs? Perhaps with a few facts and a historical anecdote.
Originally founded in 1825 as The Middletown Savings Bank, Liberty Bank is currently Connecticut’s fourth largest bank with assets in excess of $4.7 billion. The Bank is also the State’s oldest mutual bank and is still maintains its original location on Main Street in Middletown. In the past 40 years, there have been two name changes and six acquisitions.
In 1844, Frederick Sheffield, a young merchant from Old Saybrook, rode his horse to Middletown to deposit $8. Six months later, he made an additional deposit of $18. In 1994, Sheffield's relatives decided to close the account. It had been maintained over the years, handed down through the generations, and had grown through compounding interest to more than $32,000. At the time it was the oldest individually owned savings account in America.
How the Promo CD Compares
When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Connecticut residents, Liberty Bank’s 18-month Promo CD APY currently shares the top spot with Connex Credit Union’s 18-month CD Special APY.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||18-Month Promo CD||Liberty Bank|
|1.81% APY||15-Month Special CD||Veridian Credit Union|
|1.80% APY||18-Month Promotional CD||Washington Trust|
The above rates are accurate as of 11/17/2017.