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First Freedom Bank Review

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First Freedom Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Freedom Bank started in 2006 and is headquartered in Lebanon, Tennessee. It handles assets of $444 million and deposits totaling $370 million, which makes it a medium-size bank. First Freedom Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated First Freedom Bank 4.2 stars out of 5, suggesting it is a great bank that you should seriously consider. First Freedom Bank provides customers with the complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Freedom Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, First Freedom Bank's ordinary checking account does not have a monthly fee. Locating an institution with no-fee checking and a high savings APY is the best option for accruing the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.25%, First Freedom Bank ranks poorly in comparison to other U.S. banks. Its CDs feature a rate of 0.75% and 3.05% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.55%. Given First Freedom Bank's below average savings rate, you should think about other options to earn more on your deposits.

How First Freedom Bank's Savings Rates Compare

First Freedom Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Freedom Bank generally has extremely low fees in comparison to other U.S. banks. With no monthly fee, First Freedom Bank's checking account is perfect for those who need an easy banking experience. First Freedom Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will have to locate a First Freedom Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

First Freedom Bank is a brick-and-mortar bank, with six total bank locations in Tennessee. It also offers access to mobile and web apps for simple access and banking on the go. First Freedom Bank receives unsatisfactory feedback from users for its mobile app. The First Freedom Bank mobile app rates a 3.3 out of 5 (out of 18 reviews on iOS and Android) compared to the national average of 3.8. You can access First Freedom Bank's mobile app to manage your finances by reviewing account balances, sending and receiving money as well as accessing customer service. First Freedom Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

First Freedom Bank is a medium-size bank owning assets totaling $444 million and deposits totaling $370 million. First Freedom Bank's Texas Ratio is 6.21%, indicating a small chance 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

6.21%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare First Freedom Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.35% APY
  • 60 Month: 3.05% APY
$500 for all terms
Money Market Account 0.3% APY $10000

First Freedom Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Freedom Bank does not have the best savings rate, which means you should think about taking a look 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 other U.S. banks.

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Find a First Freedom Bank Near Me

First Freedom Bank has six physical branches in the U.S.

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