Liberty Bank (CT) Unveils 12-Month CD Special

Liberty Bank has added a limited-time 12-month CD Special that earns 3.00% APY. The minimum opening deposit is $500 of new money, which is defined simply as “funds not currently on deposit at Liberty Bank.” There is a $500k balance cap and a limit of one CD Special per customer.

Three months ago, Liberty Bank was offering 3.00% APY on an 18-month Promo CD; that promotion lasted less than a month.

According to CSR, the Early Withdrawal Penalty is a combination of a “flat fee of $25 and six months interest on the amount being withdrawn.”

Thanks to DA reader, SYC, for the Forum post about Liberty Bank’s latest great deal.

$100 Checking Bonus

If you’re looking to open a checking account, Liberty Bank is offering a $100 bonus on new checking accounts through December 31, 2018. The details can be found in the fine print of the ”Compare Our Checking Accounts page. The restrictions and limitations are 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.

The Quarter Back and Pay Back checking accounts qualify for the $100 bonus, but the High Rate checking account does not. Either qualifying checking accounts can be opened online. Details for all Liberty Bank checking accounts can be found on the Bank's website.

Availability

Headquartered in Middletown, Connecticut, Liberty Bank’s market area is primarily Connecticut, but the Bank’s online application 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 12-month CD Special must be opened in-branch at any of 55 full-service Connecticut branches located throughout the state.

Given the relatively small size of Connecticut and its close proximity to New York and Massachusetts, I was curious if out-of-state residents could open a 12-month CD Special if they came into a branch. According to CSR, Liberty Bank is a “Connecticut community bank” and only Connecticut residents may open accounts.

Bank Overview

Liberty Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.93% (excellent) based on September 39, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $175.89 million, an excellent growth rate of 5.03%. Please refer to our financial overview of Liberty Bank (FDIC Certificate # 17943) for more details.

Founded in 1825 as The Middletown Savings Bank, Liberty Bank is currently Connecticut’s fourth largest bank with assets in excess of $4.9 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.

No matter how many times I write about Liberty Bank, I still find this account fascinating.

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 CD Special Compares

When compared to 297 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Connecticut residents, Liberty Bank’s 12-month CD Special APY currently ranks second.

The above rates are accurate as of 11/29/2018.

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