Liberty Bank (CT) Brings Back 18-Month Promo CD


Deal Summary: 18-month Promotional CD, 3.00% APY, $500 min/$250k max deposit, new money, 3.50% APY guaranteed renewal rate, checking relationship, limit of one per customer.

Availability: Available in-branch only at all Connecticut locations.

Over the weekend, Liberty Bank brought back its 18-month Promotional CD with a new APY of 3.00%. 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 $250k balance cap and a limit of one Promotional CD per customer.

Besides having a very competitive rate, the 18-month Promotional CD comes with fairly unusual renewal rate guarantee:

At maturity, customers may renew at a minimum guaranteed
rate of 3.50% APY, 3.445% Interest Rate for 18-Month term.

You can look at this CD as either a 36-month CD earning 3.25% APY (the average of 3.00% and 3.50% APY) if renewed, or as simply an 18-month CD with a really good rate.

According to CSR, the Early Withdrawal Penalty is a combination of a “flat fee of $25 and 3% of the amount being withdrawn.”

Unlike previous offerings, the 18-month Promotional CD now requires a Liberty Bank checking account, either new or existing. While on its face, the checking requirement might dampen any enthusiasm for the Promotional CD, but Liberty Bank is currently offering a High Rate Checking Special (HRCS), a $100 new checking account bonus, and a Savvy Savings special. More about those specials below.

High Rate Checking Special

In late May, Liberty Bank introduced its High Rate Checking Special, which earns 1.00% APY on balances of $5k and above; balances of $0.01-$4,999.99 do not earn any interest. The 1.00% APY is guaranteed through May 29, 2019 and then will be “subject to change without notice.”

This is not a rewards checking account, but a straightforward checking account with no hoops to jump through to earn the stated APY. The minimum opening deposit is $500, with no minimum balance requirement. Like all of Liberty Bank’s checking accounts, it has no monthly maintenance service charge, although there is a monthly $2 fee for paper statements (waived for account holders age 65 or older).

$100 Checking Bonus

Liberty Bank’s current new checking account $100 bonus expires on 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.

Savvy Savings

For a limited time, Liberty Bank is offering a Savvy Savings account, which earns 2.00% APY on balances up to $250k; remaining balances over $250k earn 0.20% APY. The stated APY is guaranteed through May 31, 2019.

According to the fine print on the Personal Savings page,

  • Opening minimum deposit is $2.5k.
  • Minimum balance to earn APY is $0.01.
  • Limited to consumer accounts and only one account per customer.
  • New money must be used to open this account or to make additional deposits.
  • Requires an active Liberty Bank Checking Account (minimum of 3 transactions within the last 30 days), a new Liberty Bank Checking Account with direct deposit within 90 days, or five Liberty Bank debit card transactions completed within 60 days.
  • $2.00 monthly paper statement fee waived with eStatements (account holders age 65 or older are exempt).


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 Promotional CD must be opened in-branch at any of 55 full-service Connecticut branches located throughout the state. The High Rate Checking Special and Savvy Savings must also be opened in-branch.

Bank Overview

Liberty Bank has an overall health grade of "A" at, with a Texas Ratio of 1.75% (excellent) based on March 31, 2018 data. The Bank has an excellent capitalization level (15.83%), holding $4.74 billion in assets with $749.69 million in equity. Please refer to our financial overview of Liberty Bank (FDIC Certificate # 17943) for more details.

How do you summarize Liberty Bank’s 193-year history in one or two short paragraphs? Perhaps with a few facts and a historical anecdote.

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 Promotional CD Compares

When compared to the 289 similar length-of-term CDs tracked by, which require a similar minimum deposit and are available to Connecticut residents, Liberty Bank’s 18-month Promotional CD APY currently ranks first.

The above rates are accurate as of 8/20/2018.

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

Related Pages: New York savings accounts, Hartford savings accounts, savings accounts, checking accounts, 1-year CD rates, bank bonuses

14344   |     |   Comment #1
What this means to me? Do i have an account in this bank?
oner   |     |   Comment #2
only good for CT residents per email response
Liberty Bank (CT) Boosts 18-Month Promo CD
Deal Summary: 18-month Promo CD, 2.00% APY, $500 minimum deposit, new money, limit of one per customer.

Availability: Available only in-branch at all Connecticut branch locations.

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.

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Availability: Available only in-branch at all Connecticut branch locations.

In the past year, Liberty Bank has offered a variety of good deals, including checking account bonuses and CDs. The Bank’s latest competitive product is its Max Money Market Promo, earning a guaranteed 1.50% APY on balances up to $100k through December 31, 2018.

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Deal Summary: 18-month Promo CD, 1.70% APY, $500 min/$250k max, new money.

Availability: Available only in-branch at all Connecticut branch locations.

Liberty Bank has added an 18-month Promo CD (1.70% APY) to the product line. The minimum opening deposit is $500 of new money, with a balance cap of $250k “per customer.” New money is defined simply as “funds not currently on deposit at Liberty Bank.”

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Liberty Bank (CT) Has 21-Month CD Special and $100 Checking Bonus

Deal Summary: 21-month CD Special, 1.75% APY, $500 min/$250k max, new customers only.

Availability: Available only in-branch at all Connecticut branch locations.

Liberty Bank is currently featuring a 21-month CD Special (1.75% APY). The minimum opening deposit is $500 of new money, with a balance cap of $250k “per household.”

Unlike other Liberty Bank CD Specials offered in the past, the 21-month CD Special is only available to new Bank customers.

Rate is not available for current customers of Liberty Bank,
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Liberty Bank (CT) Adds 18-Month CD Special
Availability: 18-month CD Special is available only in-branch at all Connecticut branch locations.

At the end of last week, Liberty Bank added an 18-month CD Special (1.50% APY). The minimum opening deposit is $500 of new money, with a balance cap of $250k.

A Liberty Bank personal checking account (either new or existing) is required to open the 18-month CD Special. The Bank offers three checking accounts: Quarter Back Checking®, PayBackSM Checking, and Interest Checking. Any of these accounts satisfy the checking relationship requirement.

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