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First Freedom Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First Freedom Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

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.

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 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

First Freedom Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

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.

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 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.

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 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

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: 1.50% 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 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.

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Find a First Freedom Bank Near Me

First Freedom Bank has six physical locations across the U.S.

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