Liberty Bay Credit Union (Liberty Bay) is currently offering a 15-month Bump-Up CD Special, which earns 0.70% APY. The minimum opening deposit is $10k, with no stated balance cap.
|0.70%||$10k||-||Liberty Bay Credit Union||15 Month CD w/ One-Time Bump Up Special|
As stated in the fine print on the CD Rates page,
Bump-Up rate change is based upon the WSJ published Federal Funds rate change. In the event of a published rate increase, existing 15-month CD holders have the opportunity to request a one-time matching rate increase of up to 0.25%.
15-month CD holders are responsible for contacting Liberty Bay to redeem the rate-increase feature prior to initial maturity date.
The Early Withdrawal Penalty can also be found on the CD Rates page and read as follows:
A 180 day interest penalty will be imposed for early withdrawals.
Funding and Maturing Funds
Funding a Bump-Up CD Special can be done by ACH, wire transfer, check, or internal transfer, with the rate locking in when funds are received. Maturing funds will be distributed by wire, by check to the address on file, or transferred to a Liberty Bay savings or checking account. There is a ten-day grace period before a CD automatically renews.
At maturity, CD automatically renews at the then current market rate for the same term and will no longer offer the bump up feature. In the event the same term is not offered, CD will automatically renew into the closest term greater than the existing term.
Massachusetts Share Insurance
In addition to the NCUSIF insurance, Liberty Bay’s deposits are also covered by the Massachusetts Share Insurance Corporation.
MSIC now fully insures excess shares and deposits above the federal insurance limit of $250,000 at ALL of member credit unions. As a result of the new law, MSIC will now fully insure excess shares and deposits without limits that exceed NCUSIF coverage.
Headquartered in Braintree, Massachusetts, Liberty Credit Union’s field of membership is primarily residency-based, with individuals who live, work, or attend school in 97 named towns in Middlesex, Norfolk, Plymouth, and Suffolk Counties (includes the greater Boston metropolitan area) eligible to join.
Employees and members of Liberty Bay’s 25 Partner Organizations (including the Massachusetts State Police) qualify for membership.
Immediate family and household members of existing Liberty Bay members are welcome to apply. Liberty Bay defines “immediate family” as spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchildren, stepsibling and anyone in an adoptive relationship. “Household member” is defined as anyone living in the same residence, maintaining a single economic unit.
As stated on the COVID-19 Preparedness & Precautions page, appointments are not required but are recommended.
Branch lobbies are open for all transaction types.
Members who wish to make an appointment in advance to meet with a Member Service Representative, Loan Officer, or any other staff member may submit an appointment request form.
According to Liberty Bay’s How to Join page, “it’s ridiculously easy” to join.
Open your Savings Account with a $5 deposit. This account is the foundation of your membership with us; that $5 deposit makes you a member-owner and gives you a say in the credit union’s decision. You can fund this account with either a credit card, debit card, checking account, or savings account.
Liberty Bay participates in both the CO-OP Shared Branch and ATM networks
Credit Union Overview
Liberty Bay Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.29% (excellent) based on March 31, 2021 data. In the past year, Liberty Bay has increased its total non-brokered deposits by $62.72 million, an excellent annual growth rate of 12.77%. Please refer to our financial overview of Liberty Bay Credit Union (NCUA Charter # 67541) for more details.
Founded in 1917 as the Telephone Workers’ Credit Union, Liberty Bay Credit Union is one of the oldest and most established credit unions in New England. The original FOM was exclusive to the employees of New England Telephone (now known as Verizon New England, Inc.). With more than 26,000 members and assets in excess of $702 million, Liberty Bay Credit Union is currently the 20th largest credit union headquartered in Massachusetts.
How the Bump-Up CD Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the FOM, Liberty Bay Credit Union’s 15-month Bump-Up CD Special APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|0.80% APY||20-Month CD ($250 min)||Consumers Credit Union (IL)|
|0.75% APY||18-Month CD ($10k min)||NexBank|
|0.70% APY||15-month Bump-Up CD Special ($10k min)||Liberty Bay Credit Union|
The above information and rates are accurate as of 6/7/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.