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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
4.00% - 5.15%(Verified 12/04/2024)
Minimum Opening Deposit
Starting at $1
Certificate Term
- 1 month
- 3 months
- 6 months
- 9 months
- 12 months
Freedom Bank High-Yield CDs Review
Freedom Bank High-Yield CDs are offered by Freedom Bank, a bank founded in 2008 and based in Maywood, NJ. Freedom Bank High-Yield CDs are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Only one CD type available. Freedom Bank High-Yield CDs only offers CD accounts.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 5.15%, which is much higher than the national average for a CD account.
- Small minimum initial deposit. You only need $1 to open an account.
- Wide selection of CD terms. Freedom Bank High-Yield CDs allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Freedom Bank High-Yield CDs
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Freedom Bank High-Yield CDs FAQ
Are CD from Freedom Bank federally insured?
Yes, your Freedom Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What types of CDs does Freedom Bank offer?
Freedom Bank High-Yield CDs provides the following types of CDs.- Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
What rates does Freedom Bank offer on its CDs?
Freedom Bank High-Yield CDs offers an APY starting at 4.00% and ranging up to 5.15%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.
What terms does Freedom Bank High-Yield CDs offer?
Freedom Bank offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Month APY | 4.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 5.00% - 5.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 4.00% - 5.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9-Month APY | 5.10% - 5.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1-Month APY | 5.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with Freedom Bank?
Freedom Bank High-Yield CDs require a minimum deposit of $1 to open an account.
What is the grace period for Freedom Bank High-Yield CDs?
Freedom Bank High-Yield CDs does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Freedom Bank charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.
Freedom Bank charges an early withdrawal fee.
Freedom Bank does charge any of the fees we track.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
8:30AM - 5:00PM
Tuesday
8:30AM - 5:00PM
Wednesday
8:30AM - 5:00PM
Thursday
8:30AM - 5:00PM
Friday
8:30AM - 5:00PM
Saturday
Closed
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