Liberty Savings Bank Review: Pros, Cons, And Alternatives

Liberty Savings Bank offers a great high yield savings account and more!

The right bank can make a world of difference in your personal finances. But finding a great bank can be like finding a needle in a haystack. After all, hundreds of banks out there charge a deluge of fees while letting their customer’s deposits collect dust instead of earning interest. 

If you want to find a bank that strikes a balance between low fees and reasonable interest rates, Liberty Savings Bank could be the right fit. 

Let’s take a closer look at what Liberty Savings Bank has to offer. See how it compares to the best high yield savings accounts here.

What Is Liberty Savings Bank?

Liberty Savings Bank was originally founded in 1889 in Ohio. At first, the bank filled a gap in the local community to help make home ownership a reality for families in the area. Since then, the bank has grown to over $637M in assets.

Although the bank has grown, it still claims a small-town feel that prioritizes the customer experience. With Liberty Savings Bank, you’ll find a suite of deposit products to serve as a lynch pin for your financial management. 

What Does It Offer?

Curious about what this bank has to offer? Here’s what you can expect when working with Liberty Savings Bank. 

Free Checking Accounts

Paying for the privilege of keeping your money in a checking account can be frustrating. But many big banks make it difficult to avoid paying a fee for the ability to easily spend funds out of a checking account. 

That’s not the case when you work with Liberty Savings Bank. Instead of paying a hefty monthly fee, you can enjoy free use of a worthwhile checking account. Although there are a few checking accounts to choose from, the best option is likely is the Big Interest Bundle. You won’t have to pay any monthly fees or maintain a minimum balance. But you’ll earn a solid APY on some balances over $25,000. 

However, you won’t enjoy this account quite as much if you don’t plan on keeping over $25,000 in the account. If you don’t meet that benchmark, you’ll only earn 0.05% APY on your funds. 

Even though not everyone can earn a significant amount of interest through this account, it's still free. If you want a checking account to use without a monthly fee, then this is still an option worth considering.

Related: Best Free Checking Accounts

High-Yield Savings Account

Liberty Savings Bank offers a competitive high-yield savings account.

It offers a great 3.86% APY interest rate on balances starting at just $1.

This account has no monthly maintenance fees or minimum balance requirements. You get the full interest rate on your balance - no tiers or other gimmicks.

Open a Liberty Savings Bank High-Yield Savings Account here >>

Certificates Of Deposit (CDs)

Through Liberty Savings Bank, you can open a CD that ranges from 6 to 62 months. The highest APYs are extremely competitive, but they do require a minimum deposit of $25,000. 

Unfortunately, the high minimum for an attractive APY means that you can find more useful savings opportunities elsewhere.

Related: Best Bank CD Rates

Are There Any Fees?

Although you won’t find a monthly maintenance fee at Liberty Savings Bank, there are other fees to keep in mind. A few of the fees to consider include:

• Stop Payment Fee: $37
• Rushed Debit Card Fee: $60
  
• Dormant Account Fee: $15/mo (after 6 months of no activity and less than $10,000 balance)
  
• Overdraft Fee: $36
  

These are just the tip of the iceberg. You can find a full list of the Liberty Savings Bank fees here. 

How Does Liberty Savings Bank Compare?

If you are looking for a place to stash your savings, but don’t have thousands of dollars to meet the minimum threshold for a reasonable APY, then Liberty Savings Bank might not work for you. The good news is that there are banks that offer attractive APYs without requiring such a large deposit. 

Consider working with Live Oak Bank to score a reasonable APY on a high yield savings account. If you are looking for a fee-free interest-bearing checking account, then check out Chime.

How Do I Open An Account?

You’ll need to open your account with Liberty Savings Bank either online, by phone, or in person. There are eight physical branches across Ohio, Colorado, and Florida. But you can call in from anywhere to set up your account. 

Be prepared to provide personal details such as your Social Security Number and address. Plus, you’ll need to provide information about your current bank account to set up the initial transfer of funds.

Is It Safe And Secure?

Liberty Savings Bank is a member of the FDIC.  That means the deposit accounts are insured for up to $250,000. With that, you should feel comfortable storing your savings with this bank. 

The privacy policy states that the bank will not share your personal information with any affiliates. However, your information may be shared with bank partners for shared marketing activities.

How Do I Contact Liberty Savings Bank?

Need to get in touch, you can call the ‘Freedomline’ at 800-436-6300 or email [email protected].

Additionally, you can reach out via Twitter @Liberty_Savings, Facebook @LibertySB, or LinkedIn @liberty-savings-bank.

Is It Worth It?

Liberty Savings Bank offers relatively attractive APYs. The downfall is that you’ll need to have a substantial amount of cash to deposit with the bank to unlock the best rates. If you do have that cash and want to keep it in a deposit account, Liberty Savings Bank could be the right option. 

Additionally, those looking for a free checking account option will not be disappointed with this bank. However, those looking to maximize their earned interest on a smaller amount of savings will find higher APYs elsewhere.

Liberty Savings Bank Features