As a mutual bank first chartered in 1825 in Middletown, Connecticut, Liberty Bank has a longstanding commitment to its customers, who come from all over central and southern Connecticut. However, its certificate of deposit (CD) rates are notoriously lower than those at credit unions or online banks when you compare CD rates. Offering lower CD rates is a common result of a bank's need to devote resources to its physical locations. But luckily, you will still find many term lengths to choose from, depending on when you’ll need the savings, how much you can afford in the present and how long you can afford to wait for the investment to mature.
You can open a CD at Liberty Bank from anywhere as short as 32 days to as long as five years—and potentially longer. These options, which may be best understood when communicated by a Liberty Banker at an in-person consultation, allow you to open the accounts that will best fit your financial prospects and savings goals. If you’re still unsure, Liberty Bank suggests directing all customer service queries to its toll-free phone line: (888) 570-0773.
|CD Term||Minimum Deposit||APY|
|32 Day||$500||0.10%||Compare CD Rates|
|3 Month||$500||0.35%||Compare CD Rates|
|6 Month||$500||0.65%||Compare CD Rates|
|1 Year||$500||0.75%||Compare CD Rates|
|2 Year||$500||0.90%||Compare CD Rates|
|30 Month||$500||1.25%||Compare CD Rates|
|3 Year||$500||1.25%||Compare CD Rates|
|4 Year||$500||1.25%||Compare CD Rates|
|5 Year||$500||1.25%||Compare CD Rates|
32-Day CD Interest Rate Comparison
Overview of Liberty Bank CDs
For such a small chain, Liberty Bank offers an impressive range of CD account term lengths, spanning from 32 days to five years. Unfortunately, though, the annual percentage yields (APYs) attached to Liberty Bank CDs aren’t that impressive, especially when you compare them to the best CD rates you can get elsewhere.
Whether you’re looking to park your money in a CD long-term or want access to your funds just a little bit down the road, Liberty Bank’s primary selling point is its vast array of options. It offers nearly ten CD terms, at steadily increasing APYs. The relatively inexpensive $500 minimum on each of its CD accounts can be a very attractive feature to investors without much cash to spare at the time of opening an account. Because it mainly serves a local population, Liberty Bank suggests an in-person consultation with one of its bankers so as to pair you with a CD that will best fit your financial goals.
Unfortunately, if you try to withdraw any amount of money before your CD reaches maturity, you will have to pay an early withdrawal penalty. Be sure to check with your local branch about early withdrawal penalties, which are typically worth 90 days’ interest on the amount withdrawn. But these figures may vary greatly depending on the terms of your account or which branch of Liberty with which you’re working, so consulting a banker in person is your best bet for a sure estimate.
How Much You Earn With Liberty Bank CDs Over Time
Their rates leave some to be desired, so it’s natural to wonder where exactly your finances will end up once they’ve matured. We’ve done the math on some of their most common starting deposits and most-used CD terms:
|Initial Deposit||6-Month CD||18-Month CD||5-Year CD|
How Liberty Bank CD Rates Compare to Other Banks
Liberty Bank’s CD rates don’t stack up quite as well to competitors like Ally Bank or Marcus by Goldman Sachs. However, it’s best to take into account that Liberty Bank operates solely in one state, and as such, its client count and total assets are far lower than at those nationwide competitors.
In fact, there aren’t any Liberty Bank branches far beyond Southern Connecticut, so the entirety of its business is small and local. All this considered, here’s how Liberty Bank measures up to Ally and Marcus by Goldman Sachs, two online banks, and Chase, a national bank with particularly low rates:
|CD Account||Liberty Bank||Ally Bank||Marcus by Goldman Sachs||Chase|
Compare Liberty Bank to Other Competitive Offers
Should You get a Liberty Bank CD Account?
If you live in southern Connecticut (especially near its headquarters in Middletown) and qualify for a CD account at Liberty Bank, opening a CD account may be an smart choice for your financial prospects. If you’re in the market for some assistance with picking which kind of CD account at Liberty is best for you, the bank has customer service reviews and testimonials from its customers on all bank review websites.
If you reside in Connecticut and are looking for a vast array of options in local banking—all of which can bring substantial savings down the line, Liberty Bank should be in the mix for your consideration.