Banks and credit unions promote new and/or special products by using all kinds of occasions - holidays, anniversaries, a new branch opening. This is a first for me: marking a presidential election with special CDs.
Choose Financial Stability – Not Election Madness
The Freedom Bank of Virginia (Freedom Bank) has added a series of “Vote for a Great Rate” CD Specials, the most competitive of which is the 4-year CD (2.02% APY). The minimum deposit is $500, with a balance cap of $99k.
According to CSR, this is a limited-time special with no stated end date and “it will end when it ends.” CSR also stated the Early Withdrawal Penalty is 120 days interest.
Headquartered in Fairfax, Virginia, The Freedom Bank of Virginia is an indepently owned and operated bank, with Northern Virginia as its primary market area.
Opening a 4-year CD (or any other type of account) at Freedom Bank requires an in-person visit to any of three Virginia branches located outside the Beltway in Fairfax, Reston, and Vienna
Freedom Bank’s online banking platform is currently limited to account management and bill payment services.
The Freedom Bank of Virginia (FDIC Certificate # 57184) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.73% (excellent) based on June 30, 2016 data. In the past year, Freedom Bank has increased its total deposits by $48.86 million, an excellent annual growth rate of 13.47%. Please refer to our financial overview of The Freedom Bank of Virginia for more details.
Located in one of the country’s most densely populated areas, The Freedom Bank of Virginia markets itself as a community-oriented bank. Founded in 2001, Freedom Bank has grown to become Virginia’s 42nd largest bank, with assets in excess of $475 million. In a December 2015 article in American Banker, Freedom Bank announced that it had,
agreed to sell common stock to institutional investors led by Patriot Financial Partners. The
company had already sold $10 million of stock, with plans to sell another $6 million in the first quarter.
How the CD Compares
When compared to the 235 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in Northern Virginia, The Freedom Bank of Virginia’s 4-Year CD APY currently ranks first.
The above rates are accurate as of 10/28/2016.