CD Discussion Thread

CD Discussion Thread


Yes, shinobi, this was a good offer.

But, they lowered the rate the first day it was offered. I e-mailed them last night to tell them if the $100K 4.03% CD was now 3.28% then cancel the whole deal. I received an answer this morning, yes I was right about the lowered rate.

They said for me to keep them in mind for future deals. You can bet, that this is one I will remember…to never bother with…:wink:


Aren’t they required by law to honor the rate listed at the time the applicant applied? If you had screenshots showing the rate along with a date/timestamp and the start of your application was anywhere near there they should honor it.

I had money being sent into Garden a week after their offer had closed but because I’d started the app prior to that they honored it.


I’m not sure that any CD rate is legally guaranteed until they receive the funds and the CD is actually funded. Some banks may honor the rate at the time of application but I think it’s more courtesy (and PR) than legal obligation to do so.


what does boilerplate mean in this context?


Just a shorthand way of saying those words apparently appear in every disclosure/offering and they can be disregarded. You are permitted to invest any amount you please, provided the minimum requirement is met and the maximum, if any, is respected.


This is for all you Freedom Credit Union mugglers. You people know who you are! :rofl:

Commencing tomorrow, February 15th, Freedom CU will be offering a special promotional certificate of deposit. The deal is 3.5% APY for a term of 18 months. Several things:

  1. Deal is good for IRA as well as non-IRA money.
  2. There is a $250,000 maximum deposit allowed.
  3. Because this is a special promotional CD, it does not include the add-on feature which is otherwise commonplace with Freedom Credit Union certificates.

Q: Shin, exactly when does this deal go live?

The deal will become available at 8:00 am ET on Friday, February 15, 2019.

On a personal note, Freedom Credit Union has been a piggy bank for me recently. No signs of that trend disappearing are in evidence at this time. It’s a good place to be a member.


shinobi, Thanks so much for the heads up.

Hope it is indeed a CD. I don’t see this promotion listed on FCU site. So I am adding Freedom CU to my EBSB transfer accts. Probably to late today to make it for tomorrow. As usual if there is something decent coming along, we have another holiday on Monday.


Oh my goodness I missed that!


Thank you so much for bringing this to my attention. And I agree, it’s a terrible day for a holiday in light of the Freedom deal. Only can hope for the best, that money will arrive in time. At least we have early warning.


What happens when CDs mature? I’m sure it varies by institution. I’ve only had a handful of CDs in my life because the last few years interest rates have been so low it hasn’t been worthwhile. The last few months I’ve been buying CDs.

I think one I had matured and the CD principal went right into the savings account.

But I think the NFCU CD I have said something in the CD terms that at the end, it would auto renew into a new CD unless I contacted them within like one week of maturity. I really don’t like that. Because I want the default to be go into savings account. I haven’t tried to call them yet to find out if I can trigger it to go into savings account now (for when it eventually matures).

NFCU aside, please tell me in general what are the different possibilities that exist (maybe it’s only two? reinvest in a new CD of same duration or deposit into savings?)

Any gotchas that banks try to screw you over with if you aren’t paying attention? The re-deposit into a new CD seems like a gotcha for me, but that’s because I’m limiting my CD purchases to special rate promo deals. And also because I am structuring my CDs to pay for certain future bills. I have a CD expiring on April 10th to pay my 2018 tax bill and 2019 Q1 Estimated payment. If they auto-renewed that I’d be upset, although I suppose I could always “break it early” and take a virtually zero penalty, but I think some banks make it up to their discretion if they allow you to break it early (at least in the fine print).

Any pro tips on CD maturities? Perhaps related to laddering or anything else?


In most cases you can specify your preferences ahead of time…it might be online like it is for Ally cd’s or you might have to call them and have it setup during the call. Typically you have 10 days from date of maturity to specify what you want done and the normal default is to go to a new cd with the same length of time but at current rates.

Sometimes banks will also offer an option to issue a new cd at the SAME terms vs current rates.

  • Even if you break a cd 1 day before it would normally mature in most cases a bank will STILL charge you the FULL early withdrawal penalty. If it’s a year or over this could be as little as 90 days interest or as much as the whole YEAR of interest. Typically it’s somewhere in the middle of those extremes.


NFCU gives you three choices:

  1. Close to share savings
  2. Renew with new instructions
  3. Cash Out

Go to the certificate page and click on the maturity date. This takes you to the “Certificate Maturity Instructions” page. There you can frolic to your heart’s delight as to what you want.


You’re right! Now I remember why I couldn’t do this in the past. I no longer have an “IRA Savings” account, it seems. Once I put all of the savings account money into the CD, it seems like it closed out the savings portion so my only options for maturity are to transfer to my taxable checking, taxable savings, or have them cut me a check.

I guess a pro tip for NFCU would be to keep 1 cent in the IRA Savings account going forward.


Second things first, with NFCU and any credit union, I believe, you always have a basic share account. I see you have referred to that as taxable savings, right? Why not transfer into that? Or are you saying the CDs were within a qualified retirement account?

As for maturity options, the good places let you set that at account open. Some let you set it online anytime during the life of the CD. The worst I’ve encountered is Synchrony. Not only can you not specify disposition when you open the account, you have to call in and try to get a hold of someone to change the disposition within 30 days of maturity. But then the best part is that they continue to send you messages, both in email and on your account page, claiming you haven’t set the disposition. Why? “That’s just how it works”, they say.


Just received email from Freedom Credit Union containing official announcement of 18 month 3.5% APY special CD. Here are the complete terms as provided in that email:

*Limited time offer, 18-month CD and IRA CD with a 3.50% Annual Percentage Yield (APY). NEW MONEY ONLY. LIMITED TO $250,000 PER MEMBER. Minimum deposit of $500 ($250 for Youth CD 25 or younger) with a maximum of $250,000 is required to open the account and earn the promotional APY. After the promotional term, the CD will auto-renew for a 18-month term at the applicable rate. Primary Savings Account required for Membership with a $5 minimum balance. For Members under age 12, a Joint Savings Account Owner 18 or older is required. Regulations prohibit payment in excess of available earnings. Penalty will be applied for early withdrawal. Fees may reduce earnings. Promotion cannot be combined with other offers. Rates accurate as of 02/15/19. Offer is subject to change without notice. For additional rates and terms visit


Ken still does not have this deal. When he does post it I’m a little concerned there could be a significant response.

3.5% is NOT 4%. But 4% CD deals are not numerous right now and 3.5% is a respectable rate of interest. I’m thinking “move fast” on this one. Early bird gets the worm. :wink:

Q: Shin, are you crazy? Not numerous? Can you name just one 4% CD deal?

Sure. I’m always willing to accept a challenge :grinning:

Link to 4% CD deal. Of course you probably do not qualify!


Thanks shinobi for informing us all of Freedom CU’s great deal.

I had planned to ach transfer my funds to open the CD today, knowing the money would not arrive until Tuesday. But, I called Freedom to tell them when my funds would arrive. The nice agent said she would do the transferring for me & open the CD tomorrow. (no charge)

I’m very happy that I already had an account with Freedom.


Pretty much the same here, pattyb53. I was promised funding at 7:00 pm ET this evening with new CD account commencing to earn interest today. Either way it’s a great deal because we get several days of double interest. I’m a big fan of double interest. I was not liking the holiday prior but right now I’m a BIG supporter of our Presidents and their special day! :grinning:

For anyone else seeking to double dip, Freedom CU will be taking requests until 7:00 pm ET this evening.

Also, the Freedom CU funding scheme avoids both the unworkable limit at Alliant and the four day hold at PurePoint. My funds are at Ally and Freedom CU will reach right into Ally itself and suck those dollars out without using a middleman of any sort. Very efficient.

Ken has the deal now but there is not much excitement over there so far. Perhaps I anticipated more interest in this deal than actually exists. Regardless I’m content to take my 3.5%, and of course I’m a long way from betting the farm; still have dry powder and a full canteen.


Just off telephone with Freedom CU. Account is open and funded. Spoke with Ivana on ext. 6212. She is the go-to person for instant account opening and funding. She will need your routing number, account number, and account type.

Ivana said they are extremely busy. Also I note Ken does not appear to have the toll-free telephone number for Freedom CU. Here is that number:


Good luck to all. :smile:


no love for people in Cali from Freedom CU


shinobi, same here. Freedom CU 18mo 3.5% open & funded today…

losid, what do u mean by comment. “no love for people in Cali from Freedom CU” ?


My guess is that losid doesn’t meet any of these requirements for membership. (Posting here for benefit of others wondering what they are):

You can join Freedom Credit Union if you:

  • Live, work, worships or go to school in Philadelphia, Bucks, Chester, Delaware, or Montgomery County
  • Are a family member of a current member. (Spouse, children, parents, siblings, grandchildren, grandparents, stepparents or stepchildren.)
  • Employed by one of our Select Employee Groups