Updated
Fact Checked
Nathan Alderman
Through its partnership with the financial platform Raisin, Freedom Bank is offering competitive CD rates for high-yield and no-penalty CDs. In fact, its entire suite of CDs are yielding above 5%. If that has you intrigued, keep reading to find out what these CDs entail and if they're right for your savings.
Freedom Bank CDs from Raisin rates for 2024
Freedom Bank High-Yield CDs from Raisin
Freedom Bank High-Yield CDs from Raisin
- 1 APY: 5.06%
- 3 APY: 5.00%
- 6 APY: 5.10%
- 9 APY: 4.95%
Rates as of April 25, 2024
APY = Annual Percentage Yield
Term
Freedom Bank High-Yield CDs from Raisin
1 Mo.
3 Mo.
6 Mo.
9 Mo.
5.06%
5.00%
5.10%
4.95%
Freedom Bank No Penalty CDs from Raisin
Freedom Bank No Penalty CDs from Raisin
- 9 APY: 4.85%
- 12 APY: 4.85%
Rates as of April 25, 2024
APY = Annual Percentage Yield
Term
Freedom Bank No Penalty CDs from Raisin
9 Mo.
1 Yr.
4.85%
4.85%
Compare Freedom Bank CD rates
Freedom Bank CD rates through Raisin are competitive but not always the highest for certain terms. Nevertheless, they're still several times higher than the national average. For comparison, here's how they stack up against top-paying CD providers.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Freedom Bank CD review
To be clear, this is a review for Freedom Bank CDs offered through the Raisin platform, not for those offered directly through Freedom Bank itself. If you get a CD through Freedom Bank directly, you'll likely get a lower APY than those offered through the Raisin platform. With that in mind, let's look at two CD products that Freedom Bank and Raisin have cooked up for you.
High-Yield CDs
Pros
- High APY
- Low minimum deposit
- FDIC insurance
Cons
- Severe early withdrawal penalty
Freedom Bank offers four terms through Raisin, ranging from one to nine months. Each CD term requires a low minimum deposit of $1 and can be funded with an electronic transfer from an external account.
Though all of its CDs are yielding above 5%, they're not all the best rate for that specific CD term. For example, at the time of writing this, Ponce Bank has a 9-month CD (also through Raisin) that's yielding 3.00%, while Freedom's 9-month CD is at 4.95%. On the other hand, Freedom has a lucrative deal on a 1-month CD, boasting one of the highest APYs for that rare term.
One potential drawback with these CDs is the early withdrawal penalties. For example, the 1-month CD has an early withdrawal penalty of 30 days simple interest. Yes, that means, if you break this CD contract before its maturity, it will cost you money off your principal. Be sure you understand the terms in your contract and know what it will cost to withdraw early.
Rates as of April 25, 2024
APY = Annual Percentage Yield
Freedom Bank High-Yield CDs from Raisin
MINIMUM DEPOSIT $500
| 1 Mo. APY | 3 Mo. APY | 6 Mo. APY | 9 Mo. APY |
|---|---|---|---|
| 5.06% | 5.00% | 5.10% | 4.95% |
No Penalty CDs
Pros
- High yield
- No penalty for early withdrawals
Cons
- No-penalty kicks in after 30 days
The partnership between Freedom Bank and Raisin has produced two of the highest yielding no-penalty CDs that we've found.
These CDs will let you access money penalty-free after 30 days. While that means you still have to wait 30 days before you can waive the penalty, it also means you don't have to wait nine to 12 months. That's a great value, especially when the APY is yielding several times higher than the national average.
Rates as of April 25, 2024
APY = Annual Percentage Yield
Freedom Bank No Penalty CDs from Raisin
MINIMUM DEPOSIT $1
| 9 Mo. APY | 1 Yr. APY |
|---|---|
| 4.85% | 4.85% |
Keep reading about Freedom Bank
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
If you're looking for the highest-paying CDs, Freedom Bank CDs from Raisin should be on your radar. It's still important to compare them with other CD providers, especially those who have partnered with Raisin, as Freedom Bank may not have the highest APY for the specific term you're looking for.
-
Raisin is a marketplace for finding today's top-paying bank accounts. When you open a CD through Raisin, you'll transfer money from an external account, like a checking account, to your CD provider. Raisin partners with several banks, like Freedom, to help people find higher APYs for their money.
-
Yes, it is. Whether you open this account through Raisin, or you choose to open a CD directly with Freedom Bank, your deposit is FDIC insured up to $250,000.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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