Freedom Blog

High Yield Savings Accounts

1. Liquidity: One of the primary advantages of a high yield savings account from Freedom Credit Union is liquidity. These accounts are highly liquid, meaning you can access your funds easily without penalties or restrictions. You can make withdrawals at any time, which is ideal for unexpected expenses or emergencies.
2. Interest Rates: Our high yield savings account offers competitive interest rates, currently 4.50% annual percentage yield on up to $250,000. While the rates are variable and subject to change, a high yield savings account with Freedom Credit Union provides a good balance between accessibility and growth.
3. Flexibility: Our high yield savings accounts have no minimum deposit requirements, making them accessible to a wide range of savers. Additionally, with no fixed terms, you're not committed to keeping your money locked away for a predetermined period.
4. NCUA Insurance: All deposits at Freedom Credit Union are insured by the National Credit Union Administration up to $250,000 per depositor.

Share Certificates

1. Fixed Interest Rates: Share Certificates offer fixed interest rates for a specified term, which can range from six months to five years. This means you'll know exactly how much interest you'll earn over the certificate’s duration, providing a level of predictability and security.
2. Penalty for Early Withdrawal: One drawback of share certificates is the penalty for early withdrawal. If you need to access your funds before the certificate matures, you'll incur an early withdrawal penalty of 90-180 days’ interest, depending on the term of your certificate.
3. Limited Liquidity: Certificates are not as liquid as high yield savings accounts. You'll have to commit your money for the certificate’s entire term.
4. NCUA Insurance: All deposits at Freedom Credit Union are insured by the National Credit Union Administration up to $250,000 per depositor.

So, Which Is Right for You?

The choice between a high yield savings account and a share certificate ultimately depends on your financial goals and circumstances.

Choose a High Yield Savings Account If:

• You want easy access to your money.
• You prefer flexibility and don't want to commit to a fixed term.
• You want to take advantage of competitive interest rates without tying up your funds for an extended period.
• You need a safe and insured place to park your savings.

Choose a Share Certificate If:

• You have a specific savings goal and can commit your money for a fixed term.
• You're willing to lock in the interest rate for the duration of the certificate.
• You have an emergency fund in place and won't need to access the funds during the certificate's term.
• You're comfortable with the risk of a penalty for early withdrawal.Top of Form