First Freedom Bank was founded in 2006 with its headquarters in Lebanon, Tennessee. First Freedom Bank handles assets of $444 million and deposits totaling $370 million, making it a medium-size bank. First Freedom Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, First Freedom Bank is a great choice and should warrant serious consideration, with a rating of 4.2 out of 5 stars from the SmartAsset experts. First Freedom Bank has a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First Freedom Bank's standard checking does not carry a monthly charge. Locating a bank with free checking, in addition to a high savings APY is the best option for accruing the highest income on your deposits while having convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.25%, First Freedom Bank ranks poorly in comparison to other U.S. banks. Its CD rates are 1.50% and 3.05% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.60%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.
How First Freedom Bank's Savings Rates Compare
On average, First Freedom Bank charges its customers extremely low fees as compared against the national average. With no monthly fee, First Freedom Bank is ideal for people who want a simple banking experience. First Freedom Bank doesn't reimburse out-of-network ATM fees, which means you will be required to locate a First Freedom Bank ATM or eat the fee.
First Freedom Bank is a brick-and-mortar bank, with six total branches in Tennessee. With mobile and web apps, First Freedom Bank makes mobile banking convenient, even on the go. First Freedom Bank gets inferior reviews from customers for its mobile app. With 18 ratings on iOS and Android platforms, the First Freedom Bank mobile app rates a 3.3 out of 5 (compared to the national average of 3.8). You can access First Freedom Bank's app to manage your bank accounts by reviewing monthly statements, transferring funds as well as reaching customer service. First Freedom Bank gets an exceptional consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
First Freedom Bank is currently a medium-size bank and owns assets totaling $444 million as well as deposits totaling $370 million. First Freedom Bank's Texas Ratio is 6.21%, denoting a small opportunity of failure. Additionally, First Freedom Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare First Freedom Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$1|
|Checking Account||0.15% APY||$2500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.45% APY 0.6% APY||$10000 $15000|
First Freedom Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Freedom Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Freedom Bank's CD rates are fair in comparison to the national average.Back to Overview
Find a First Freedom Bank Near Me
First Freedom Bank has six physical locations across the U.S.Back to Overview