In a landscape where financial decisions play a pivotal role in securing one’s future, finding the right investment avenues is crucial. Among the diverse array of options, Certificates of Deposit stand out as a secure and predictable form of investment. Freedom Bank, with its spectrum of CD offerings, provides a compelling opportunity for investors seeking stability and reliable returns.

This article delves into the intricacies of Freedom Bank’s CD rates, offering an insightful exploration of each term.

Freedom Bank CD Rates Offers

The most popular CD options by Freedom Bank are;

7-91 Day CD

  • Interest Rate: 1.65%
  • APY: 1.66%

Considerations

  • Ideal for individuals who need access to funds in the near future.
  • Lower interest rates may be less attractive for those seeking higher returns over a more extended period.

Pros & Cons

ProsCons
Short-term commitmentLower interest rate compared to longer terms
Quick access to fundsLimited opportunity for higher returns

181-364 Day CD

  • Interest Rate: 1.80%
  • APY: 1.81%

Considerations

  • Balances a higher return with a short-term commitment, suitable for those looking for a middle ground.

Pros & Cons

ProsCons
Higher interest rateShort-term commitment with some liquidity
Better balance of returnLimited opportunity for higher returns

9 Month (Special) CD

  • Interest Rate: 5.00%
  • APY: 5.09%

Considerations

  • Locking in funds for nine months with the potential for higher returns.

Pros & Cons

ProsCons
High-interest rateRelatively short-term commitment
Opportunity for good returnsLonger than traditional short-term CDs

1 Year CD

  • Interest Rate: 2.75%
  • APY: 2.78%

Considerations

  • Offers a balance between short-term liquidity and a competitive interest rate.

Pros & Cons

ProsCons
Moderate interest rateMedium-term commitment
Balances liquidity and returnNot as high return as some short-term CDs

15 Months (Special) CD

  • Interest Rate: 5.00%
  • APY: 5.09%

Considerations

  • Provides a higher return for investors willing to commit funds for a bit longer.

Pros & Cons

ProsCons
High-interest rateSlightly longer commitment
Opportunity for good returnsLonger than traditional short-term CDs

2, 3, 4, and 5 Year CDs

  • Interest Rates: 2.75%, 2.75%, 2.85%, 2.95%
  • APY: 2.78%, 2.78%, 2.88%, 2.98%

Considerations

  • Longer terms offer higher returns but lock in funds for a more extended period.
  • 5-year CD provides the highest interest rate in this set.

Pros & Cons

ProsCons
Gradually increasing interest ratesLonger-term commitment
Higher returns for longer termsLimited liquidity during the term
Potential for compound growthEarly withdrawal penalties apply

Are Freedom Bank CD Rates Competitive?

Freedom Bank offers a range of Certificate of Deposit (CD) terms with varying interest rates. The competitiveness of their CD rates depends on individual preferences and financial goals.

For short-term commitments, such as the 7-91 day and 92-180 day CDs, Freedom Bank provides quick access to funds, making them suitable for individuals with immediate liquidity needs. However, their interest rates for these terms may be considered relatively lower compared to longer-term CDs.

Investors seeking higher returns within a short time frame might find more attractive options with special offerings like the 9-month and 15-month CDs, which come with significantly higher interest rates, albeit with slightly longer commitments.

For those prioritizing a balance between return and liquidity, Freedom Bank’s 1-year CD offers a moderate interest rate, providing a middle ground for individuals comfortable with a medium-term commitment.

Meanwhile, the 2 to 5-year CDs present gradually increasing interest rates, making them appealing to investors willing to lock in their funds for an extended period for the potential of higher returns.

Overview Freedom Bank 

Freedom Bank is locally owned and operated. With several locations, we are ready to help you in your neighborhood in Indiana. We strive to make and support financial products that are usable by local personal customers as well as businesses that employ people locally. One of the goals of Freedom Bank is to offer the most flexible experiences possible, so in addition to fast, friendly local service, we also have a mobile banking app that allows customers to check their balances, pay bills, and make transfers from their phone at the touch of a button.

Freedom Banks wants to help you switch to us! We offer a Switch Kit, which takes much of the hassle of opening a new account away, with organized paperwork and instructions that will save you the time of going into a branch and making your account in person. We understand you live a busy life and like to help our customers get back to their families and work without worrying much about the time they’ve spent banking.

Freedom Bank proudly offers a large variety of products for personal banking too. In addition to checking and savings accounts, we provide home loans to secure your dream of home ownership as well as IRA setups to help you plan for the future and retirement. Consider us your partner in the lifelong process of money management. We offer bankers who understand your needs and can help put together a plan.

Eligibility

Customers must first open a checking or savings account at Freedom Bank to be eligible to open a certificate of deposit. Freedom Bank makes it easy to switch to a new bank by gathering much of the info for you, along with the ability to make an account online.

Locations Freedom Bank

Locations in Indiana

The branches in Indiana are:

Freedom Bank offers several locations, including in Rockport, Jasper, Dale, and Huntingburg. All locations are eager to serve your banking needs.

Frequently Asked Questions

What is the difference between a standard CD and a special CD at Freedom Bank?

Special CDs, such as the 9-month and 15-month options, offer higher interest rates compared to standard CDs, providing an opportunity for potentially increased returns within a specified timeframe. Standard CDs offer more conventional interest rates with varying terms.

Are there any fees associated with Freedom Bank’s CDs?

Yes, there may be fees or other conditions that could reduce earnings on some accounts.

Can I withdraw my funds from a CD before the maturity date?

While possible, early withdrawal may incur penalties.

How often does Freedom Bank compound the interest on their CDs?

The compounding frequency can vary. You will get precise information about the specific terms of each CD from the official website, as compounding may occur monthly, quarterly, or annually.